BusinessMirror October 02, 2020

Manufacturing sector regains traction in Sept

A

FTER months of ups and downs, the local manufacturing sector showed signs of stabilization in September on higher new orders and improved overall business sentiment.

In a report on Thursday, IHS Markit said the Philippines’s PMI rose to enter the growth threshold at 50.1 in September from the 47.3 index in the previous month.

The PMI is a composite index aimed to gauge the health of the country’s manufacturing sector. It is calculated as a weighted average of five individual

THE familiar long lines of passengers queueing up at the UN Station of LRT-1 on Taft Avenue in Manila are back, as the government eases quarantine measures, allowing industries to resume their operations and increase their work capacity. BERNARD TESTA

ROTARY CLUB OF MANILA JOURNALISM AWARDS

2006 National Newspaper of the Year 2011 National Newspaper of the Year 2013 Business Newspaper of the Year 2017 Business Newspaper of the Year 2019 Business Newspaper of the Year

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

“The latest Philippines manufacturing data showed that operating conditions stabilized at the end of the third quarter. New business expanded for the first time since February, albeit tentatively, while production levels dropped only slightly,” IHS Markit Economist Shreeya Patel said.

New orders rose for the first time since February, led by improving

customer demand as more parts of the economy reopened following the easing of coronavirus disease 2019 (Covid-19) restrictions. At the same time, output contracted at the weakest pace for three months, falling only marginally overall.

Business sentiment also improved to the highest since February, with upbeat forecasts often attributed to hopes of rising demand and the passing of the Covid-19 pandemic.

“Stronger business sentiment and efforts to rebuild stocks suggest panelists are preparing for an improvement

in demand over the coming months, although optimism continues to rest on the development of the pandemic,” Patel said.

However, IHS Markit said the PMI survey indicated that employment continued to fall significantly, which manufacturers often linked to the non-replacement of voluntary leavers and sufficient capacity.

Production volumes fell for the third month running in September, with firms indicating that ongoing Covid-19 restrictions continued to hamper activity.

See “Manufacturing,” A2

BusinessMirror A broader look at today’s business

EJAP JOURNALISM AWARDS

BUSINESS NEWS SOURCE OF THE YEAR (2017, 2018)

DEPARTMENT OF SCIENCE AND TECHNOLOGY

2018 BANTOG MEDIA AWARDS

PHILIPPINE STATISTICS AUTHORITY

DATA CHAMPION

BSP CLEARS P540-B NEW ADVANCE TO NATL GOVT www.businessmirror.com.ph

n

Friday, October 2, 2020 Vol. 15 No. 358

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

PARENTS and guardians are seen outside the Antipolo National High School on Olalia Road, Barangay Santa Cruz, Antipolo City, waiting for their turn to receive learner’s modules for their children about to embark on the new normal of blended learning. Classes begin on October 5. BERNARD TESTA

T

By Bernadette Nicolas

HE Monetary Board approved on Thursday the national government’s request for a new tranche of provisional advances, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno announced.

Diokno told reporters that the new tranche of provisional advance was in the amount of P540 billion, pursuant to Section 89 of Republic Act 7653, as amended.

In March, the Monetary Board authorized the Bangko Sentral ng Pilipinas (BSP) to purchase government securities from the Bureau of the Treasury (BTr) under a repurchase agree-

ment in the amount of P300 billion with a maximum repayment period of six months. The fund generated from the said agreement shall be used to support the national government’s programs to counter the impact of coronavirus disease 2019 (Covid-19).

Diokno said the Bureau of the Treasury had fully settled the previous P300 Continued on A2

DTI to let some businesses run full capacity

By Elijah Felice Rosales

T

HE Department of Trade and Industry (DTI) is set to authorize business establishments, mostly engaged in professional services, to operate at full capacity in areas under general community quarantine (GCQ), including Metro Manila, the epicenter of the virus.

Trade Secretary Ramon M. Lopez on Thursday said the DTI is crafting a memorandum circular adjusting the

operational capacity of industries in GCQ areas. The order will allow most firms in the services sector to call all of their workers back to office as part of the government’s policy to reopen the economy.

The BusinessMirror learned the DTI is now in the final stages of drafting the memorandum, and will release the document either this weekend or next week.

Lopez in September proposed to the Interagency Task Force for the

PESO EXCHANGE RATES n US 48.4220

Management of Emerging Infectious Diseases (IATF) to slide Metro Manila to modified GCQ, the most lenient quarantine level enforced by the government. However, President Duterte on Monday decided to keep the region under GCQ until October 31.

In spite of this, Lopez insisted the DTI will pursue the direction of allowing industries to resume their operations and increase their work capacity.

“Now that we are in GCQ, our move is still to reopen the economy. It’s okay

if we enforce GCQ until now as long as we will be opening up the other sectors that remain to be partially closed,” Lopez said in a televised interview.

With this, the trade chief announced he will permit the full resumption of work in firms offering professional services, citing legal and accountancy, architecture and engineering, management consultancy and computer programming as among them.

MB KEEPS KEY RATES UNCHANGED ON ‘MORE STABILIZED’ ECONOMY

T

HE Bangko Sentral ng Pilipinas (BSP) maintained its policy rates unchanged for the second time this year, on the back of a “more stabilized” local and global economy.

BSP Governor Benjamin Diokno on Thursday announced that the Monetary Board decided to keep the interest rate on the BSP’s overnight reverse repurchase (RRP) facility at 2.25 percent. The interest rates on the overnight deposit and lending facilities were likewise kept at 1.75 percent and 2.75 percent, respectively.

Diokno said the current rate remains “appropriate” for the country’s evolving needs.

“The Monetary Board noted that global economic activity has stabilized in recent weeks.

However, uncertainty remains elevated with the resurgence of Covid-19 cases in some jurisdictions.

At the same time, the Monetary Board observed encouraging signs of recovery in domestic economic activity, supported by ample liquidity in the financial system,” Diokno said.

See “MB,” A2

Continued on A2

n JAPAN 0.4593 n UK 62.5709 n HK 6.2483 n CHINA 7.1053 n SINGAPORE 35.4740 n AUSTRALIA 34.6702 n EU 56.7748 n SAUDI ARABIA 12.9108

Source: BSP (October 1, 2020)

News BusinessMirror

A2 Friday, October 2, 2020

www.businessmirror.com.ph

With revenues still declining, Fitch Solutions sees wider budget deficit

F

By Tyrone Jasper C. Piad

ITCH Solutions is seeing a wider budget deficit for the Philippines this year, revising its previous outlook as revenues are expected to decline further.

In a commentary, Fitch Solutions Country Risk and Industry Research said on Thursday that the Philippines is anticipated to record a budget deficit of 9.3 percent of GDP this year, higher than the previous forecast of 8 percent.

The London-based think tank, in addition, expects the budget deficit to average at 7.6 percent of GDP from 2020 to 2023 from 4.3 percent previously.

“The Covid-19 pandemic has resulted in a sharp slowing of domestic economic activity and required fiscal stimulus measures to support households and businesses amid lockdowns and a sudden loss of income,” it explained.

As of end-August, the national government’s budget deficit grew by more than sixfold to P740.7 billion from P120.4 billion in the previous year for the same period, according to the latest data from the Bureau of the Treasury.

Government spending was up 20.79 percent, while revenues fell by nearly 8 percent during the period.

“That said, unlike in other Southeast Asian economies, such as Thailand and Singapore, the Philippines has opted to withhold large fiscal

stimulus packages while the economy remained in lockdown. Indeed, Secretary of Finance Carlos Dominguez III has stated his intention to maintain fiscal policy space to support the economy over the coming years, with uncertainty over the pandemic still high,” Fitch Solutions said.

The think tank noted that the government announced in March the Bayanihan to Heal As One Act stimulus package to help an economy bound for a recession after imposing strict lockdown measures. Around P200 billion—or 1 percent of GDP—was earmarked to support 18 million lowincome households.

This was followed by another stimulus, which included a P120-billion credit guarantee scheme for the micro, small and medium enterprises.

Second stimulus

MEANWHILE, the second stimulus package amounting to P166 billion was approved last month to aid the healthcare efforts and businesses.

“This has come alongside monetary and macroprudential easing measures, which have sought to ensure credit supply to the private sector, ease broader financial conditions and ease existing loan conditions, to

loosen repayment requirements and nonperformance recognition,” the Fitch unit said.

In addition, the group said the P300-billion government bond purchase program of the Bangko Sentral ng Pilipinas—equal to 1.5 percent of the GDP—eased the financing of the wider budget deficit.

Despite the stimulus packages and widening budget deficit, Fitch Solutions noted that the government was still pressured to provide more relief measures with the P1.3-trillion package filed by the House of Representatives in June.

This covers wage subsidies, financing for infrastructure projects and financial aid for small enterprises.

“However, the government has taken a more prudent approach, deciding not to extend the Bayanihan Act 1 through to when Act 2 was passed,” the think tank said.

“Indeed, policy-makers have cited a need to maintain fiscal space to support the economy over a multiyear period, noting uncertainty remained over how long the pandemic would continue to affect the economy, the availability of a vaccine and the effectiveness of such stimulus while the economy was under lockdown,” it added.

Compared to neighbors such as Singapore and Thailand, the Philippines’s stimulus packages are “relatively small,” the Fitch unit said. The said countries have stimulus measures amounting to around 19 percent and 10 percent of GDP, respectively.

Last year, the budget gap stood at P660.2 billion.

BSP CLEARS P540-B NEW ADVANCE TO NATL GOVT Continued from A1

billion on September 29, 2020.

Both Treasurer Rosalia V. De Leon and Finance Undersecretary Mark Dennis Y.C Joven told the BusinessMirror that the newly approved P540-billion short-term loan that the government secured from the BSP is already part of this year’s P3-trillion borrowing program.

“It’s part of P3 trillion,” De Leon said in a message.

Joven, who also heads the International Finance Group of the Department of Finance, said the new loan is already included in the borrowing program that the economic team has set this year.

“Should be part. The P3 trillion is gross borrowing,” he said.

Finance Undersecretary and Chief Economist Gil S. Beltran earlier

BSP Governor Benjamin Diokno

told the BusinessMirror that this year’s borrowing program is already an all-time high in terms of nominal value.

But in terms of ratio to GDP, Beltran said this is not the highest.

The Development Budget Coordination Committee (DBCC) 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 of end-August, the country’s debt stock has already swelled to P9.6 trillion as it secures more borrowings to finance its spending needs amid the Covid-19 pandemic.

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

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

DTI to let some businesses run full capacity Continued from A1

Living with virus

“WE believe that after six months, we learned how to live with the virus in terms of managing it, protecting ourselves, wearing mask, we even added shield,” Lopez argued. “These measures improved our numbers in the recent past.”

Further, he pointed out consumers are now returning,

although with caution, to malls and retail stores; as such, business owners should be given the option to summon their workers back to site to attend to buyers.

“As consumers return to their usual activities, at least they [business owners] have a free hand if they want their workers to return to work already. What we are going after here is to provide more jobs, more income, for our countrymen,” Lopez explained.

Local leaders, for their part, oppose the DTI’s plan to permit business establishments operating at half their capacity to go full gear even under GCQ. Metro Manila Council Chairman Edwin L. Olivarez on Wednesday said the number of people in commercial areas, such as malls, should still be moderated. As a compromise to the business sector, he disclosed Metro Manila mayors are evaluating the option of lifting the curfew to allow firms to operate in extended hours.

The quarantine restricting commerce on all fronts, from work to travel to trade, has caused the economy in the second quarter to shrink 16.5 percent—the worst reading since 1981—increasing the number of hungry and jobless Filipinos.

The country’s unemployment rate in July nearly doubled to 10 percent, from 5.4 percent during the same period last year, based on the Labor Force Survey. This translated to some 4.6 million Filipinos without work in a time of economic crisis.

Notably, regions with the highest jobless rates are mostly placed under GCQ up to now, such as Metro Manila, 15.8 percent, and Southern Tagalog, 12.4 percent.

MB… Continued from A1

“Given these considerations, the Monetary Board is of the view that a continued pause will allow prior measures by the BSP to further work their way through the economy. The gradual easing of restrictions, along with sustained efforts by the government to protect human health and livelihood, should also help lift market sentiment and aid the recovery of the economy in succeeding months,” he added.

The BSP also said inflation is expected to trend lower than earlier anticipated.

The local monetary authority adjusted its inflation forecast to 2.3 percent for this year, from 2.6 percent in the previous forecast.

For next year, inflation is expected to average at 2.8 percent from the previous 3-percent projection, while for 2022, inflation is expected to hit 3 percent from the earlier forecast of 3.1 percent.

“The factors that contributed to the adjustment in the inflation path include the lower oil prices for this projection round, as well as the impact of the lower-thanexpected inflation rate for August,” BSP Deputy Governor Francisco Dakila said.

“As we know, we projected an inflation range of 2.5 to 3.3 percent for August, whereas the actual outturn was at 2.4 percent. That causes an adjustment, it carries over in the forecast to the succeeding rounds,” he added. The appreciation of the local currency was also a factor as the peso averaged at P48.506 to a dollar in September this year, from P52.105 to a dollar in September last year.

BSP officials said the balance of risks to the inflation outlook also continues to lean toward the downside from 2020 until 2022, owing largely to the risk of potential disruptions to domestic and global economic activity amid the ongoing pandemic.

The BSP has been aggressive in pumping the economy with stimulus to keep it running amid the disruptions caused by the global pandemic. Aside from easing regulatory restrictions, releasing billions in liquidity into the cash stream via the reserve requirement ratio (RRR) cuts and remittances to the national government, the BSP has cut its rates four times in the last eight months.

In February, at its first meeting of the year, the Central Bank cut its rates by 25 basis points as the threat of Covid-19 emerges in other countries. In March, just days after the first implementation of community quarantine in Luzon, the BSP cut its interest rates by 50 basis points. This was supplemented by another 50-basis-point cut in an off-schedule monetary board meeting in April, and another 50-basis-point cut in June.

Despite keeping monetary policy rates unchanged for two meetings in a row, Diokno said the BSP still stands ready to deploy its “full arsenal” of instruments as needed to maintain price and financial stability conducive to sustainable economic growth.

Manufacturing…

Continued from A1

Across Asean, the Philippine manufacturing sector was the second best performing during the month, next only to Vietnam, which recorded a headline PMI index of 52.2.

Thailand followed the Philippines at 49.9 and Malaysia at 49. Singapore’s PMI clocked in at 48. Indonesia and Myanmar were the worst performing during the month, with a PMI of 47.2 and 35.9, respectively.

The average Asean PMI for September fell to 48.3 in September from 49 in August.

“Conditions across the Asean manufacturing sector remained challenging at the end of the third quarter.

The headline PMI signalled a seventh consecutive deterioration in the health of the sector, amid a renewed decline in factory production and a further fall in total new orders,” IHS Markit Economist Lewis Cooper said.

www.businessmirror.com.ph

The Nation BusinessMirror

DepEd reports 24.72-million enrollees, three days before SY 2020-2021 opens on Oct. 5

By Claudeth Mocon-Ciriaco Correspondent

T

HE Department of Education (DepEd) reported on Wednesday that it has already registered a total of 24.72 million enrollees in basic education in both public and private schools nationwide, three days before the expected opening school year (SY ) 2020 -2021 on October 5, 2020.

The DepEd said the enrollment figures represent 89.01 percent compared to last year’s enrollment.

For the public schools, the enrollment has been recorded at 22.50 million, representing 99.68 percent of SY 2019-2020 students’ population.

For private schools there were 2.16 million enrollees, or 50.30 percent, while 394,274, or 53.28 percent, of last year’s enrollees.

The DepEd, however, added it is still anticipating that the number of student enrollees will increase since late enrollees would still be accepted until as late as November.

Undersecretary for

Planning, Human Resource and Organizational Development and Field Operations Jesus Mateo stressed that late enrollees will be accepted as stated in Department Order 003, Series of 2018. “[They will still be accepted until] November 21, 2020 based on DO3 series 2018,” Mateo told the BusinessMirror as he also appealed to the parents, or guardians, not to wait until November 21 to enroll their children.

Mateo cited that a school may accept late enrollees provided that the learner will be able to meet 80 percent of the prescribed number of school days for each school year and the quarterly requirement to pass the grade level as governed by the latest existing applicable DepEd issuances.

Earlier, Education Secretar y Leonor Magtolis Briones said that enrollment numbers for the SY are encouraging because, “ despite the challenges posed by the economic impact of Covid-19, a clear majority of our parents have decided that the education of their children must continue.”

Editor: Vittorio V. Vitug • Friday, October 2, 2020 A3

Flipside of pandemic: Covid-19 may hasten PHL’s technological, statistical innovations

A

By Cai U. Ordinario

@caiordinario

CRISIS of pandemic proportions like the Covid-19 devastation could also serve as an opportunity to undertake reforms such as technological and statistical innovations, according to the National Economic and Development Authority (Neda).

In his speech at the opening ceremonies of the National Statistics Month, Acting Socioeconomic Planning Secretary Karl Kendrick T. Chua said the contagion highlighted the challenges facing the Philippine Statistics Authority (PSA).

In order to respond to the challenge of quality statistics amid lockdowns, health protocols and restricted mobility, Chua said the PSA must fully automate its data collection and processing.

“Sometimes it really takes a crisis to do a reform and our history shows so many examples. We hope that we can use this present crisis to improve the digital power of this country and our statistical system,” Chua stressed.

“I think we should proceed with utmost urgency and haste to complete, or to transition fully, from manual processing and collection of data to full

automation beginning with the work that we’re doing in the LFS [Labor Force Survey], part of the census, the National ID [system], and so on,” he added.

National Statistician Claire Dennis S. Mapa told the BusinessMirror that the PSA is already preparing for full automation. He revealed the agency has started using computer-assisted personal interviewing (CAPI) and the computer-assisted web interviewing (CAWI) in data collection.

Mapa said the CAPI was partially used in the conduct of the LFS and the Census of Population and Housing (CPH). CAWI, on the other hand, was also used for the CPH. The use of CAPI and CAWI has been included in the 2021 budget request of the PSA. The national budget is currently being deliberated in the House of Representatives and

the Senate of the Philippines.

“We started using the CAPI and the CAWI in the labor force surveys and the 2020 CPH—use of CAPI is selected provinces and option on the use of CAWI for households. We are planning to escalate the use of these in our 2021 operations,” Mapa told the BusinessMirror.

Chua added that the pandemic brought major challenges for the PSA, explaining that the demand for timely and useful statistics has become greater with Covid-19.

But if PSA will fully automate, Chua said this will not only lead PSA to overcome its challenges but also help spur economic activities.

Chua said quality and timely statistics facilitate the delivery of social services and information communications technology (ICT) will allow the PSA to reach all data producers and users that can lead to better development results.

“I think it is not just enough to adopt all this digital change, or processes, but also to review the way we manage the delivery of our statistics—how we reengineer the business process,” he said.

“So, in other words, if we are to use digital technology to aid our production and processing of statistics, then we must see some efficiency such as faster turnaround, and more skills of our people to help deliver using this technology,” Chua added.

CPH, civil registry

MAPA said that as of September 25,

2020, the PSA’s census operations have begun in 98.65 percent of the country’s cities and municipalities. This means 1,612 of the 1,634 localities have been visited by PSA enumerators.

While operations are still ongoing in several areas, Mapa said, the PSA has already completed enumerations in 30,181 out of the 131,565 enumeration areas.

“The data collection operations are still ongoing. But there is a substantial percentage of Enumeration Areas [EAs] where data collection is complete,” Mapa told the BusinessMirror.

Meanwhile, the pandemic has initially prompted the PSA to close its doors for civil registry applications due to the imposition of the enhanced community quarantine earlier in the year.

However, to date, Mapa said, all 41 Civil Registry System (CRS) outlets nationwide have resumed operations.

The volume of transactions has also increased by about 50 to 70 percent of the pre-pandemic volume, depending on the location of the outlets.

He also assured that the PSA has sufficient manpower in CRS outlets to attend to the needs of Filipinos.

This despite the reduction in the number of personnel assigned at the CRS outlets by the private partner of the PSA due to low demand.

However, Mapa said the PSA outlet supervisors are constantly monitoring various indicators to make sure no delays in the processing of civil registration documents.

A4 Friday, October 2, 2020

BusinessMirror

www.businessmirror.com.ph

www.businessmirror.com.ph

BusinessMirror

Friday, October 2, 2020 A5

A6

Friday, October 2, 2020 • Editor: Angel R. Calso

Opinion

BusinessMirror

www.businessmirror.com.ph

editorial

Last two minutes

T

he first nine months of 2020 have been difficult and not fun at all.

The Philippine stock market index is down some 25 percent and that is not nice at all. However, the second quarter trading was up and volatile, which active traders like. The Philippine peso appreciated about 4.5 percent against the US dollar, which normally would help keep gasoline prices stable or even lower. But who cares? No one has been driving his car much anyway.

While this is not the main concern of the average person, the basic interest rate has been lowered from 4 percent to the current 2.5 percent, or a 35 percent drop. That is an important development for corporations, banks, and other large borrowers. Much like driving, however, no one has been doing any borrowing. And banks have not been doing much lending, even to their five-star clients.

Unemployment is way up, of course, as economic growth is way down, (again) of course. That is obviously due to the pandemic and the government’s response. Unfortunately, and we say this with all due respect, alternatives to the government’s economic policies are all wonderful in 20/20 hindsight.

So here we are moving into the last quarter of 2020, the “Year Everyone Got It Wrong.”

Let us note a couple of things. While pessimism for the future is strong as it should be, it will not take much to turn things to positive thought. Mall tenants are reporting sales back to about 60 percent of pre-Covid numbers. That is positive. What is needed is to get employment back to that same level, and that is not going to be quick or easy. Hopefully, we are moving in the right direction after the shut down in early August.

IHS Markit reported: “September data indicated that operating conditions faced by Filipino manufacturing firms were broadly stable.” New orders expand for the first time since February. Further, “output contracted at the weakest pace for three months, falling only marginally overall.” What that means is the contraction of manufacturing is still ongoing, but at least it is declining at a slower pace. You have to stop going down before you can start going up, and actually we are going higher.

Only three Asean economies saw an increase in the Purchasing Managers’ Index in September, and only two—Vietnam and the Philippines—saw their manufacturing PMI above 50, an indication of manufacturing growth.

The one thing that the Philippines still has going for it is attitude. One “progressive” media outlet profiles in a 2,000-word article all the people that have moved back with their parents due to the economic downturn. Forty-year-old Mina says, “I felt like my dreams imploded.” Charlotte, 32, said, “I don’t have a career or a family. But I’ve kept myself and my dog alive for the last seven years.” Young Americans are being encouraged to lower their expectations and forget their dreams of financial independence.

In the Philippines, one 20-year-old Filipino wrote this about the “New Normal:” “One student was forced to climb a mountain in the middle of a storm to take an online quiz on a laptop she had borrowed from someone, trying to connect to the Internet via cell data.” We may be down but we never give up.

Since 2005

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

Online Editor Creative Director Chief Photographer Chairman of the Board & Ombudsman President Advertising Sales Manager Group Circulation Manager

Sonny M. Angara

Better Days

T

he Philippines’s performance in the recently released 2020 Global Innovation Index (GII) is encouraging, as we ranked 50th out of 131 economies—our best showing ever, in this regard. This ranking also marks the second year that we have been identified as an innovation achiever, performing at a much higher level than what is expected given our level of economic development.

Despite this success, we remain unable to maximize the potential benefits that would accrue from innovation. Consider that according to the 2020 GII, we are first when it comes to high-tech imports as a percentage of our total trade, and third in terms of high-tech net exports. However, we are 81st place in terms of patents by origin per billion of gross domestic product, and 91st place for PCT patents. It appears that even though some of the world’s top technologies pass through our factories, we are not developing new knowledge or technology ourselves.

And if we are, we may not be earning from it.

Currently, the Senate is working to correct this situation. Earlier this week, during the interpellations on the Corporate Recovery and Tax In-

centives for Enterprises (CREATE) Act, the bill’s sponsor, Senate Ways and Means Committee Chairman Pia Cayetano, and I discussed at length on how and why research and development (R&D) should be given incentives in our country.

While the Senate’s working draft of CREATE already gives incentives to R&D activities, I raised that some amendments could be made so that registered business enterprises have more room to branch out into other products and services. In short, a company’s R&D activities eligible for incentives should not be limited only to the products or services that they are currently offering.

We also brought up the idea of incorporating aspects of an “intellectual property [IP] box” or “patent box” tax regime, common among many

No more lifestyle checks?

T. Anthony C. Cabangon Lourdes M. Fernandez

Rev. Fr. Antonio Cecilio T. Pascual

SERVANT LEADER

Jennifer A. Ng Vittorio V. Vitug Lorenzo M. Lomibao Jr., Gerard S. Ramos Lyn B. Resurreccion, Dennis D. Estopace Angel R. Calso Ruben M. Cruz Jr. Eduardo A. Davad Nonilon G. Reyes Judge Pedro T. Santiago (Ret.) Benjamin V. Ramos Aldwin Maralit Tolosa Rolando M. Manangan

BusinessMirror is published daily by the Philippine Business Daily Mirror Publishing, Inc., with offices on the 3rd floor of Dominga Building III 2113 Chino Roces Avenue corner De La Rosa Street, Makati City, Philippines.

Tel. Nos. (Editorial) 817-9467; 813-0725. Fax line: 813-7025.

(Advertising Sales) 893-2019; 817-1351, 817-2807.

(Circulation) 893-1662; 814-0134 to 36. E-mail: news@businessmirror.com.ph.

www.businessmirror.com.ph

Printed by brown madonna Press, Inc.–Sun Valley Drive KM-15, South Superhighway, Parañaque, Metro Manila MEMBER OF

Ensuring Filipinnovation becomes a growth driver

B

rothers and sisters, the Ombudsman is the sole agency that ensures that our public servants remain true to their duties and not involved in corruption. Recently, Ombudsman Samuel Martires declared that his office will stop conducting lifestyle checks on government officials. Before this, Ombudsman Martires also declared that they restricted releasing copies of the Statement of Assets, Liabilities, and Net worth (SALN) to citizens requesting for copies.

Ombudsman Martires’ declarations will weaken the people’s ability to check or investigate our officials and hold them accountable for any possible involvement in corrupt acts, which we know are rampant in government bureaucracy. And this is not good; this is not right. Until now, those involved in the latest corruption scandal in PhilHealth have yet to be held accountable. And corruption allegations in the Bureau of Immigration have again been given light by what is called the pastillas scheme, wherein members of the agency

allow foreigners to enter the country in exchange for money wrapped a la pastillas style. And not long ago, there was a discussion about the Bureau of Corrections, where allegations that some officials are receiving bribes to release high-profile inmates were not yet fully explained or cleared.

Restricting the release of SALNs being requested by the public and stopping lifestyle checks are ways to allow the corrupt to easily hide their unexplained wealth. It is good that the Presidential Anti-Corruption Commission declared that it will

For Secretary de la Peña, the approach is basically the Bayanihan community spirit as applied to developing homegrown technologies through a countrywide network for innovation where government researchers, the academe, and industry are closely collaborating. Such an approach resonates very closely with the core ideas of our Tatak Pinoy initiative. Specifically, Filipinnovation will be essential in our attempts to empower our industries to move further up the value chain and offer more sophisticated and complex products.

European Union countries, where companies that earn from IP that they’ve helped create or co-own are given preferential rates. Thankfully, Senator Cayetano has expressed openness to our suggestions.

Meanwhile, during the public hearing on the 2021 budget of the Department of Science and Technology (DOST), many of the senators present, including myself, acknowledged how the funding for government R&D has historically been lackluster.

And so as Finance Committee Chair, we asked DOST Secretary Fortunato de la Peña to submit to us a priority list so that we in the Senate can determine where scarce public funds would be allocated best.

continue conducting lifestyle checks on government officials.

How important are lifestyle checks, even more when they are backed by the release of the SALNs to the public? Ombudsman Martires justified that anyone has the right to choose the lifestyle they want, whether they wish to buy an expensive car or personal belongings. This may be true, but conducting lifestyle checks and releasing SALNs to the public that asks for them are acts not meant to judge the lifestyle of any official. The matter is, if the officials can explain that the money they spend to maintain their lifestyle comes from their salary or assets acquired through legal means.

If ever the people—and especially the Ombudsman—monitor the lifestyles of officials, it is due to our very high expectations and standards for our officials. This is because in some instances, the money used to sustain their lifestyles comes from the people. Our taxes pay for their salary. This is more important now with the widespread poverty in our country. Even the poor pay their taxes, however small, and it would be an injustice if the officials being paid by our taxes do not explain

We then asked the Department to help us identify which among the so-called 21st century industries the Philippines could excel in so that as early as now we could already make strategic investments and prepare ourselves for whatever opportunities that may emerge.

We also requested the Philippine Space Agency (PhilSA) to demonstrate to us how their proposed satellite development programs could spillover to other science and industrial spaces—as justification for a bigger budgetary allocation for them. PhilSA Director General Joel Marciano did say that the technological know-how that would be gained from building our own satellites could then be leveraged into developing high-value electronics, while the data science needed would strengthen our foundations to excel in an information-driven future.

Secretary de la Peña wrote a chapter in the GII, where he described “Filipinnovation,” a whole-of-government approach crafted by key government agencies such as the DOST, the Department of Trade and Industry (DTI), and the National Economic and Development Authority (Neda). For Secretary de la Peña, the approach is basically the Bayanihan community spirit as applied to developing homegrown technologies through a countrywide network for See “Angara,” A7

that they are using their own honest money for the luxurious lives they enjoy. It is clear in Jesus’ teaching to us in the book of Matthew 20:26, “Not so with you. Instead, whoever wants to become great among you must be your servant.” Those greatly higher have a responsibility to be more humble and accountable to those they serve.

Brothers and sisters, the problem of corruption is recognized by the Church as a plague that many people suffer from. Pope Francis himself in his Encyclical Laudato Si said that even if corruption violates the law, the weak implementation of the law is the reason why corruption is not stopped. Because of this, he encourages the people to assert public pressure on their leaders in order for them to make stricter rules and policies. Why is it that instead of the Ombudsman seeing the strict implementation of laws, it further loosens it?

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

Opinion

www.businessmirror.com.ph

BusinessMirror

Blips and turns

Decoding the Conjugal Dictatorship Alvin Ang

Tito Genova Valiente

annotations

EAGLE WATCH

A

S the Third Quarter ends and the more relaxed general community quarantine continues for another month, people are wondering if the economy is now recovering and are we regaining back confidence. As my colleague, Dr. Aldaba, wrote last week, the critical signs that need to bring back confidence hinge on addressing the health aspects immediately. Beyond that, we are also monitoring leading economic indicators that signal its trajectory whether continuing downtrend or reversals. We consider the following latest data releases from the Philippine Statistics Authority and the Bangko Sentral ng Pilipinas (BSP)—employment, manufacturing output, overseas Filipino workers (OFW) remittances, and real estate price index. These four indicators are showing reversals from the economic downtrend but we need to validate if these are blips or they are indeed turns from the corner.

The unemployment rate fell from about 17 percent in April to 10 percent in July. That lowered the number of people without jobs to about 4.5 million—still a substantial number but definitely an improvement. However, if you look into the details of job creation, it was mostly an improvement in self-employment rather than actual jobs created. The number of new jobs created was mostly in trade, which generally remained muted.

The share of self-employed has reached almost 30 percent of total employed and those wage employed even went down from 51 percent in January 2020 to 47 percent in July.

It is possible that increases were due to people going online selling. Hence, while unemployment indeed went down, new job creations were not wage employment but rather selfemployment. This is neutral for the economy, but we need to see wage employment increase as this signals that firms are hiring again.

Manufacturing production as reported in July 2020 has reflected a significant improvement in the past months. The decline in production output had steadily decreased from a peak of -41 percent in April to -15 percent in July. This shows that the gradual reopening of the economy allowed for firms to restart operations and production albeit at still slower pace, as several industries remained restrained from opening. Machineries also reported the highest capacity utilization, while beverages reported the lowest at below 50 percent. Overall capacity utilization is still 10 percent lower than pre-Covid levels of 85 percent. These data show that the manufacturing sector has probably turned the corner. Machineries are largely related also to the improvement of trade as being pulled up by the global value chain due to China’s recovery. Nonetheless, as manufacturing’s contribution to the economy is not as large as services, the impact will be limited mostly to those in exports and its job generation will be limited to the highly skilled, which is unlikely to hire the most affected sectors of accommodations, transportation and retail services.

Data from the BSP also showed that remittances pulled up again in July, the second consecutive month of increases this Covid period. This was after posting double digit declines in April and May of close to 20 percent. The recovery of remittances is critical for the economy as it is roughly about 10 percent of total GDP and contributes approximately 20 percent to total consumption.

Angara. . .

continued from A6

innovation where government researchers, the academe, and industry are closely collaborating.

Such an approach resonates very closely with the core ideas of our Tatak Pinoy initiative. Specifically, Filipinnovation will be essential in our attempts to empower our industries to move further up the value chain and offer more sophisticated and complex products.

The book The Atlas of Economic Complexity, has this line: “Knowledge

With domestic consumption severely pulled down by the lockdowns, remittances are much more needed support. However, we initially estimated that remittances this year will also be severely affected by the pandemic as the global lockdowns have pushed unemployment in many countries including those where OFWs are concentrated. As of this writing, the Department of Foreign Affairs has already accounted for about 200,000 OFWs being repatriated. Our estimate is that about 400,000 could have lost their jobs and that remittances could fall from $3 billion to $6 billion this year. If people have lost their jobs abroad, why is it that remittances are increasing? It is likely because OFWs who still have jobs were unable to send money during the lockdowns and thus were able to send money again recently. Also, it is possible that those who have been sent home or repatriated also remitted their savings or money they have accumulated during their employment and/or benefits. Finally, it is also possible that those who kept their jobs continue to regularly send home remittances and are adjusting due to the appreciation of the peso.

The average remittance from this point of view could have increased by around 5 percent to 10 percent.

Hence, we still need to see the August and September data to validate if this is a turn or a blip.

Finally, the BSP reported that real estate price index hit a record high in the second quarter, reflecting a growth of 27 percent year-on-year.

This increase seems inconsistent with the number of loans granted to the real estate sector during the same period. Nonetheless, the high liquidity of the market with very limited investment opportunities could have pushed those with excess cash to purchase new housing units, notably condominium units. It is also possible that purchases that were made prior to the pandemic were recorded only during this period.

With the weakening of demand for retail and the outward movement of POGOs, it is likely that this is also a blip than a turn.

All told, these leading indicators will need further validations if the economy is indeed turning back up to growing or we are just experiencing blips. What is essential at the moment is for a whole of country approach, i.e., government, firms and consumers, to continue to adapt and dance with the virus and allow more sectors to open en route to a sustainable recovery. can only be accumulated, transferred and preserved if it is embedded in networks of individuals and organizations that put this knowledge into productive use.” We have to support innovation—R&D certainly—if we want to make our country and economy significant, regionally and globally, in the coming brave new world.

Sen. Sonny Angara has been in public service for 16 years—nine years as Representative of the Lone District of Aurora, and six as Senator. He has authored and sponsored more than 200 laws. He is currently serving his second term in the Senate.

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

T

hunder and storm attended the birthing of Ferdinand E. Marcos. In the humble house, two women watched over Josefa Edralin in difficult labor. Her husband, Mariano, had left to fetch the comadrona or local midwife. Amidst more rains and roaring sound, the father of Marcos came back, alone. Marcos would, in that difficult situation, be born.

That scene opens the film called Iginuhit ng Tadhana. The Story of Ferdinand E. Marcos. Marcos grows into a little boy, bullied but heroic as he withstands the beatings of several boys. His father comes to the rescue and brings him aside for usapang lalaki-sa-lalaki (man-to-man-dialogue). The father tells the son “it is not good to cry. Men cry only when there is a strong reason. Women cry because they are weak.” The next scenes show Marcos a voracious reader and growing up still reading voraciously.

Released in 1965, the film would imbue Marcos a bigger-than-life persona. The narrative is part-hagiography, part-good-manners-and-rightconduct. To astute political observers, it was the reason for his victory over Diosdado Macapagal.

Macapagal, interestingly, also had a film-bio. It was called Tagumpay ng Mahirap (The Triumph of the Poor). It was directed by three filmmakers— Lamberto Avellana, Gerry de Leon, and Eddie Romero—who would all be declared National Artists in a program envisioned by Marcos’ first lady, Imelda. The film was said to be based on the book, Macapagal. The Incorruptible.

Given the results of the presidential election in 1965, it appears that no celebration of poverty can ever topple any narrative heralding Destiny.

Marcos was always monumental.

In 1964, he released a biography entitled For Every Tear a Victory. The book predicted Marcos ascendancy.

It opens with this paragraph: His is a necessarily sober review of the life of

one of the most extraordinary men alive, a man likely to become President of the Philippine Republic. He is now fortysix and, like Lenin, has been Number One all his life at everything he laid his hand to. A million Filipino natives believe he has the magic talisman anting anting in his back and that he cannot fail at anything...

He has miraculously survived near-death eight times… Before he was twenty-five he won more medals for bravery than anyone in his country’s history... This charismatic man promised his constituents in 1949 to be President in twenty years…

The paragraph ends with this line: His destiny is conspicuous.

Destiny, it seems, in the form of big words and cinema, has never stopped working when it comes to Marcos. This time though, fate has conscripted a group of documentarians to let their form of cinema speak about Marcos and his dictatorship and the issues this country of ours has faced.

Was it Destiny that dictated to serve to us the story of a dictator on the silver screen of feature films whose core is artifice?

Daang Dokyu, A Festival of Philippine Documentaries, fateful or not, was supposed to open in March but the pandemic stopped the feast from pushing through. Finally, the festival that “celebrates the greatest documentaries from film and television,

Friday, October 2, 2020

as well as hidden films from different regions” opened on September 19, to remind us of Martial Law imposed

by Marcos, the dictator.

The opening films were all about those dark years and the period that followed.

Here is a question: Did it ever occur to the Marcoses, whose origin was documented by cinema and whose administration created structures like the Film Center, imposed festivals like the First International Film Festival, and went on to fund experimentations and exploitations in cinema through the Experimental Cinema of the Philippines that one day, a festival of truths and realities in cinema, would make a star of their dubious legacies?

Truths thus came in the form of an ABS-CBN documentary with a bedeviling title, Marcos: A Malig-

nant Spirit. The title is lifted from the statement of a US senator, Stephen Solarz, who described Marcos as “a malignant spirit escaped from the underworld.” The documentary is narrated by Angelo Castro who reminds us that not so long ago, there were newscasters who delivered the goods in sober, clean and clear English language. When did the broadcast freaks dominate the scene?

With restraint, Castro allowed the scenes to speak for themselves the truth. There were scenes of mobs storming the Malacañang, battering portraits of Marcos and Imelda. The truths were there in footages of the more than 40 boxes and suitcases brought over by the Marcoses when

The first US presidential debate Manny F. Dooc

TELLTALES

S

ince the first televised debate between John F. Kennedy and Richard Nixon in 1960, the US presidential debate is the most awaited event in every election to select the next US president.

Last Tuesday in Cleveland, Ohio, President Donald J. Trump and former Vice President Joe Biden faced off for their first debate in 2020.

The debate took place amid the background of a ravaging pandemic, which has infected over 7.2 million Americans and caused a total of 210,000 deaths. It was watched by the majority of its population reeling from the severe economic downturn and crippled by monumental job losses. Across the US, its streets and cities are bursting with militant protesters and counter demonstrators, which highlight the growing racial divide.

The debate moderator, Chris Wallace of Fox News, shortlisted the topics to be covered by the debate—the records of both candidates, the pandemic, race and violence in the cities, economy and election integrity.

They are the political issues currently hugging the headlines that are considered critical to the voters. The candidates’ positions on these ticklish issues are crucial in making the voters’ choice. Another controversial topic was added involving the tax returns issue of Trump, which was exposed by the New York Times just two days before the scheduled debate. Trump has fought hard against the release of his tax returns even when he was running against Hillary Clinton for the presidency in 2016 and the matter is now pending with the US Supreme Court. This is a fodder for the challenger, which Biden could exploit to the hilt. On the other hand, the

nomination of Judge Amy Barrett to replace the late Justice Ruth Bader Ginsburg opens an opportunity for Trump to win the women’s vote, which is a decisive factor in this election, aside from solidifying his hold on the conservatives. More or less, this was the political landscape when the two contenders took the center stage to start the debate.

As the incumbent, Trump tried to highlight the alleged gains which his first four years in office has achieved particularly his handling of the pandemic and the economy.

As the fact-checking after the debate showed, he even fabricated lies and made false accusations to embellish his standing before the voters. He threw everything—hook, line and sinker—to discredit his adversary.

He dragged Biden’s sons, Hunter and Beau, into the fray. He belittled Beau, a legitimate war hero and a former

Attorney General of Delaware who died early. He recycled the old baseless issue against Hunter for his alleged anomalous business dealings in Ukraine. As expected, Trump was the school’s bully. His strategy was to put the other side on the defensive and besmirch the picture of decency and fairness to which Biden is held up by the public. Trump’s hope to land a haywire that may irreparably damage his opponent and salvage his foundering reelection campaign miserably failed. Trump’s brawling tactics and penchant for brutal personal attacks were not enough to carry him to a winning performance.

On the opposite side, Trump faced a battle-scarred candidate who had an intense debate experience following a hard-fought primary campaign within the Democratic Party while Trump was reported to have resisted holding mock debate sessions with his coaches, former New Jersey Governor Chris Christie and former NY Mayor Rudy Giuliani. Obviously, the plan of each candidate was to change the dynamic of the campaign in his favor and refocus voters’ attention to issues that are helpful to him. Another is to relate the significant issues, which would persuade voters of the battleground states like Michigan, Florida, Ohio, Wisconsin and North Carolina to cast their votes for him. This would spell victory or defeat for the candidates. But will a debate this late still have an impact on the forthcoming presidential election? Even before the debate has started, more than 1.2 million voters have already cast their ballots under the early voting process. How many voters are still undecided and are still persuadable?

Or are they only watching the debate

A7

they were flown to Clark Airbase. In Guam, we witness even the nannies of the family dressed in the regulation white finding themselves in a foreign country (What happened to those maids?). Arriving in Hawaii, the customs officials were said to be shocked to see the bounties brought over by the Marcoses, like boxes of “newly minted peso bills” worth millions; a dozen fur coats from Imelda; and astounding collection of jewelry.

We see for the first time a tiara worth a million, a necklace worth 8 million, and a set of earrings, necklace and ring worth 30 million, among others.

Then there is the collection of pearl jewelry that, according to customs officials, when placed on the floor of the customs office would occupy some 40-plus square feet of space.

There are boxes of VHS (what can be found in them?).

Settled in Hawaii, Marcos and Imelda were subjected to deposition right there in their house. Amusing but annoying were the responses of Imelda and Marcos to the investigation. Both automatically invoked their right against self-incrimination and right to remain silent.

But truths of all kinds are never meant to be silent. The documentaries curated for this festival finally underscores the delayed arrival of an art form that is built around truth rather than artifice. The cineastes have generally relegated the documentary to the side for a long time, relying on the cautionary tales of feature films.

In these days of fake news, there is hope in a cinematic approach to life, which, even with the advent of so-called “creative documentaries,” burdens itself with the responsibility of narrating the true and the real.

Behind the Daang Dokyu is the Filipino Documentary Society (FilDocs), a non-profit organization that aims to elevate the appreciation of documentaries and push documentary filmmaking in the Philippines. It is founded by filmmakers Kara Magsanoc-Alikpala, Baby Ruth Villarama, Jewel Maranan and Monster Jimenez.

E-mail: titovaliente@yahoo.com

to see their bet trash his opponent.

No doubt, it was a chaotic debate, the worst verbal tussle that ever took place in the history of presidential debates in America. Trump has been interrupting Biden all the time and hurling insulting words to Biden.

He raised malicious questions and presented false claims and charges to fortify his positions. His conduct during the entire debate was embarrassing and he behaved in a manner that is beneath his office. Trump belittled Biden’s intelligence—and told Biden on his face that nothing was smart about him. But look who’s talking? Trump definitely lacks the moral fiber and one can only wonder how he achieved the pinnacle of political power with his egregious behavior.

On the other hand, probably out of disgust, Biden called Trump a clown and a liar. The exchanges were replete with gutter language, mostly coming from Trump, which was unfit for children to watch. No American who had watched what one commentator described as a “shit show” would be proud of his country’s president. At least, in this department our Filipino presidentiables as shown in the last 2016 presidential debates have shown more maturity and finesse. Not even the feisty late Senator Miriam Defensor-Santiago nor our cussing President Duterte had heaped abuse and inflicted insults on their fellow candidates during their debates. Incredible that the leader of the world’s acknowledged model for government and politics has stooped so low. As aptly summed up by one observer, neither Trump nor Biden won the debate, but one thing definite was that the Americans were the losers.

They deserved a better debate, and, obviously, a better president.

A8 Friday, October 2, 2020

DHSUD eyes blacklist of errant developers to help homeowners

T

By Cai U. Ordinario

@caiordinario

HE Department of Human Settlements and Urban Development (DHSUD) is keen on blacklisting developers to ensure current and future homeowners are protected from these errant firms.

In a recent Commission on Appoi nt ments (C A) hea r i ng , DHSUD Interim Secretary Eduardo del Rosario was advised

by Senator Cynthia A. Villar to blacklist firms that would not follow DHSUD rules.

Legislators lamented that there are small developers who leave unfinished projects and do not follow rules set by the DHSUD. “Yes I am in favor. Blacklisting is always an option after exhausting all regulatory conditions and penalties imposed upon an erring developer who still violates development requirements and standards,” Del Rosario told BusinessMirror on Thursday.

Del Rosario said the DHSUD is “actually empowered” to blacklist errant developers, given the regulatory functions of the department.

However, the DHSUD interim head said, he will review the existing guidelines of the department and determine if these need finetuning.

In some projects undertaken by usually smaller developers, legislators lamented that roads were left unfinished and residents had to plead with the local government to help them.

Villar said in these cases, the local government can step in, especially if it has the financial means to complete projects. If the LGUs

do not have sufficient funds, Villar said, the DHSUD must step in.

In other locations, some developers do not follow the need to allocate 30 percent of their development to open spaces, including easements and sidewalks. This, the legislators said, endangered homeowners who are forced to live with these violations.

Homes for all

DHSUD said, “Ensuring resilient homes and sustainable communities for a better normal” is the theme for this year’s National Shelter Month.

Del Rosario said owning a house is a right while home ownership is an option. With this, he said, it is the responsibility of the department to help every Filipino family who wishes to own a home realize that dream.

He said the pandemic has underscored the need to ensure that every Filipino owns a house or has the option to be a homeowner.

“This year’s celebration is especially poignant. As we spend more time in homes as an effect of the extended quarantine, we now see the necessity of having safe and resilient shelters and sustainable communities which serve as ha-

vens against natural and health hazards,” Del Rosario said.

“We will take this month as an opportunity to strive harder in performing our mandate of providing decent, affordable, resilient homes and sustainable communities to 81 percent of Filipino families who continue to dream of having houses

of their own,” he added.

Proclamation No. 662 declares the month of October every year as National Shelter Month where it recognizes housing as vital to the overall development of the country and enhancement of the social, economic and spiritual well-being of Filipinos.

SPEAKERSHIP ROW SERVED NO PURPOSE BUT DELAY BUDGET–VELASCO, ALLIES

By Jovee Marie N. dela Cruz @joveemarie

T

HE speakership row has only held hostage the debates on passage of the proposed 2021 General Appropriations Act, lawmakers said on Thursday.

But Anakalusugan Rep. Mike Defensor has quickly assured President Duterte and the public that Congress will approve the proposed P4.5-trillion national budget on time.

“We can pass it on second reading, as the leadership has promised, before we go on our first recess on October 17 despite the recent events,” Defensor said.

In an interview, PBA Party-list Rep. Jericho Nograles, a member of the House Committee on Economic Affairs, said the nominal voting process on Speaker Cayetano’s sudden offer to resign was only a waste of Legislative time. Following the Wednesday speech of Cayetano, the plenary decided to suspend the plenary budget deliberations until this Friday.

Nograles lamented that the furor sparked by Cayetano’s move had no good impact.

“In fact, today, October 1 we are feeling the repercussions of yesterday’s [Wednesday] action because the hearings today are also suspended. It will resume on Friday,” he added.

“We lost a day-and-a-half in budget deliberations in the time of Covid,” he added. According to Nograles, the nominal voting process for the motion to reject Cayetano’s offer is not stipulated in their rules.

He said nothing there calls for an offer of resignation.

Under the rules, he added any officer of the House may resign and it is their personal choice, “It is not up to the body and not up to the Congress and to the plenary to decide on the action of any officer.”

“I did not cast a vote on the motion of Rep. Mike Defensor in rejecting the offer of resignation of Speaker Cayetano. You see, in Congress, there are four ways in voting: Yes, no, abstain, not casting a vote.

Yesterday, I chose not to participate in the voting at all because I found it a little absurd to vote on an offer to resign.” he said.

“I think, our colleagues did feel that way. You can ask everyone individualy about it and you can see of the numbers alone with 299 members, only 180 members responded to the poll and I think that is a very significant number,” he said.

Also, Nograles said the matter of resignation is a personal choice and not of the body.

“Offering to resign and actually resigning are actually two different actions? Cayetano did not resign?

Absolutely, Cayetano did not resign.

According to our rules, Speaker of the House of Rep may resign and upon his resignation from the office creates an immediate vacancy,” he added.

“When there is an immediate vacancy, our rules dictate that any of the Deputy Speakers upon voting among themselves will serve as acting Speaker of the House of Representatives, until such time that all the member of the House of Representatives will vote for a new Speaker,” he said.

Nograles said the term-sharing agreement was very clear and President Duterte just left the announcement to Cayetano.

“Everything else was bluff. Why didn’t you put on a motion to stop the process of votation and called for an out of order? Not allowed. Once voting, especially nominal voting has commenced, you cannot stop the voting,” he added.

Promise REACTING to Cayetano’s speech, Marinduque Rep. Lord Allan Velasco said Cayetano promised the President he would honor the termsharing agreement and resign on October 14.

“The President entrusted you with the task of announcing the date of the turnover. October 14 was chosen as the date for the turnover because we committed to pass the budget before October 14 and do nothing else that would disrupt or derail the process,” he said.

“Thank you for confirming this in your September 30 Privilege Speech and for sharing with the body that this is what we discussed during our meeting with the President—that you will resign on October 14 and that you will announce this yourself as a gentleman,” he added.

Velasco said the attacks against and distractions “serve no purpose other than to perpetuate what is a purely personal agenda threatening to delay the passage of the budget.

This is the truth.”

“It is most unfortunate, therefore, that today, deliberations on the budget was suspended. Instead of focusing on the work at hand, further political maneuverings and theatrics took the budget deliberations hostage,” he added.

“We lost an entire day, and even tomorrow where you have declared that no session will be conducted, which are crucial in meeting our time line. These attacks and distractions serve no purpose other than to perpetuate what is a purely personal agenda threatening to delay the passage of the budget. This is the truth,” he said.

Meanwhile, Velasco urged lawmakers to work and pass the budget on or before October 14.

“I assure my peers that we will be a gracious leader who would listen and be responsive to your [lawmakers] concerns,” he added.

2 experts join bid to scrap Aerocity tax incentives

By Bernadette D. Nicolas

@BNicolasBM

T

RANSPORT expert Engineer Rene Santiago and former Tourism Secretary Alberto Lim have joined calls for the Senate to scrap tax incentives for the proposed airport franchise for San Miguel Aerocity Inc. Santiago, who has been a consultant for the Japan International Cooperation Agency in their transportation studies in the Philippines, argued there is no need for San Miguel to develop the New Manila International Airport in Bulacan since its location would hamper it from attracting the passenger volume in Ninoy Aquino International Airport (Naia). He added what would only warrant the necessity for the San Miguel Aerocity project is if Naia were to be closed.

“In the aggregate, the expanded capacity of Naia and Clark International Airport is 70 million by 2030. This is enough to satisfy the current demand,” Santiago said on Thursday in a virtual press conference of think tank Action for Economic Reforms (AER).

The proposed airport, he said, lacks accessibility via railways and expressway connections, which would be needed in order to capture Naia’s market.

“The access problem of San Miguel and Sangley is so formidable…it will take at least 10 years for them to solve the access problem,” he added.“It has taken 20 years for Clark to solve its access problem with government money.”

For his part, Lim said the project should not be given incentives because it’s an unsolicited bid.

“There are already government facilities that can satisfy the public good. Incentives should be given for projects that satisfy public good.

Incentives should be given for public goods that cannot be satisfied by government so the government has to entice the private sector to come in and supply those goods,” he said.

Not franchise question

Filomeno Sta. Ana III, coordinator of think tank AER, clarified that what they are opposing is not the grant of the franchise itself but the move to give incentives to the private proponent.

Sta. Ana explained that giving incentives should not be anchored on the amount of investments, but rather on whether a project’s social benefits will outweigh its private gains.

Moreover, he argued that San Miguel is making an investment which will continue even without fiscal incentives, rendering these incentives redundant.

“Because supply is already adequate even for the future, the role of this airport is more of being a private good than a public good,” he said. “Let them compete, but such competition should not be anchored on government subsidy or government incentives,” he said.

He also reiterated that giving fiscal incentives to a private proponent undermines the goal of the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) bill, now undergoing interpellation in the Senate.

If the corporation would like to apply for incentives, its application must be subjected to the rigorous process under the CREATE bill, Sta. Ana said. Santiago added there is a need for a level playing field for all investors, and that granting tax exemption to San Miguel Aerocity would tilt the balance in its favor.

“Let us not open the floodgates for abuse,” he said. Earlier, Finance Assistant Secretary Teresa S. Habitan rejected the proposal to grant tax incentives for the proposed Bulacan airport.

Despite this, the House of Representatives early this month approved the bill on third and final reading.

House Committee on Ways and Means Chairman Joey Sarte Salceda earlier said his committee is looking at foregone revenues of around P38 billion in national revenues from the period of construction, and around P1.5 billion to P2 billion annually once the airport begins to operate.

Under the franchise bill passed by the House, during the 10-year construction period, the grantee shall be exempt from any and all direct and indirect taxes and fees of any kind, nature or description, which emanates exclusively from the construction, development, establishment and operation of the airport and airport city, including income taxes, value-added taxes, percentage taxes, excise taxes, documentary stamp taxes, customs duties and tariffs, taxes on real estate, buildings and personal property, business taxes, franchise taxes, and supervision fees, levied, established or collected, or may be levied, established or collected, by any city, municipal, provincial or national authority.

Companies BusinessMirror

www.businessmirror.com.ph

Friday, October 2, 2020

B1

Top power firms keen on Meralco CSP

By Lenie Lectura

T

@llectura

he biggest power producers in the industry, including San Miguel Corp. (SMC), are now evaluating the bid terms released Thursday by the Manila Electric Co. (Meralco) for the 1,800megawatts (MW) Competitive Selection Process (CSP).

SMC President Ramon Ang said in a text message that “SMC will always join any bidding” when asked if the conglomerate will participate in competitive auction.

SMC Global Power Holdings

Corp., the power unit of conglomerate SMC, intends to use the capacity of its greenfield power plants to participate in the auction.

SMC Global Power is one of the largest power firms in the country

with a total installed capacity of 4,347MW, having a diversified portfolio of power sources such as coal, natural gas and hydro. It currently holds a market share of 25 percent in the Luzon Grid, 8 percent of the Mindanao Grid and 19 percent in the National Grid. The Luzon Grid represents 73 percent of the nationwide demand.

Its greenfield power plants include the 600MW Limay plant and the 300MW Davao plant.

The company has also lined up other major greenfield power plant projects with a combined capacity of 2,135MW. All four are currently being developed. These are the Masinloc units 3 (335MW) and 4 (350MW) 335MW power plants in Zambales, which are targeted for commercial operations in December 2020 and

2024, respectively; 600MW Mariveles power plant, in which half of the capacity will be ready by 2022 and the other half by 2023; the 850MW Ilijan LNG (liquefied natural gas) expansion, with target commercial operation date (COD) in 2023; and the 1,000MWhour Battery Energy Storage System project, which is targeted for substantial completion by next year.

AC Energy, the power arm of Ayala Corp., said it will study the terms of reference. “We will look into it,” said AC Energy president Eric Francia.

AC Energy's power portfolio registered an attributable capacity of over 1.8 gigawatt (GW) in operation and under construction, spanning projects in the Philippines, Indonesia and Vietnam.

SMC and AC Energy won in Sep-

tember last year the power supply contracts covering 1,200MW of Meralco’s power requirements.

Semirara Mining and Power Corp.

(SMPC) said it is also interested. “We would like to bid. We will study the conditions,” said SMPC chairman Isidro Consunji in a text message. The Consunji-led firm earlier offered to participate in the previous competitive auctions set by Meralco.

Aboitiz Power Corp. could also be a prospective bidder. “We are reviewing the terms and conditions as of now. We have expressed in the past our interest to participate and we have assets that can satisfy the needs of Meralco at the time they will need the capacities,” said company President Emmanuel Rubio in an interview.

Aboitiz Power is on track to meet

its 2020 target of 4,000MW attributable capacity.

More power firms are expected to participate. “Their qualifications will depend on documents to be submitted by bidders and upon evaluation of the Third-Party Bids and Awards Committee [TPBAC],” Meralco utility economics head Lawrence Fernandez said.

Terms

In the bid invite, Meralco said it would need 1,200MW by December 2024 and 600MW by May 2025.

“Meralco invites all interested and qualified parties to participate in the competitive bidding” which officially started when the bid invite was published.

Continued on B2

Converge ICT listing gets PSE nod RHI completes sale

By VG Cabuag @villygc

T

he Philippine Stock Exchange Inc. (PSE) has approved the initial public offering (IPO) of Converge Information and Communications Technology Solutions Inc. The Internet provider is targeting to raise at least P36.13 billion from the sale of up to 480.84 million primary shares and 1.02 billion secondary shares at a price of up to P24 per share. With its overallotment option, the amount of the public offering may go up to P41.55 billion.

“We are glad that Converge

chose to tap the equities market to raise funds for its capital expenditures. Internet connectivity is a prime service at this time, with online classes and work from home arrangements due to the pandemic.

We are looking forward to the company’s market debut especially as demand for Internet connection is expected to remain robust,” PSE President and CEO Ramon S. Monzon said.

The final offer price will be determined on October 9 after the company conducts its book building process. Converge will hold the offer period from October 13 to 19.

Morgan Stanley Asia (Singapore) Pte. and UBS AG Singapore

Branch will serve as joint global coordinators and joint bookrunners for the offer, together with Credit Suisse (Singapore) Limited and Merrill Lynch (Singapore) Pte. Ltd. as international joint bookrunners.

BPI Capital Corp. was its sole local coordinator and joint local underwriter and joint bookrunner with BDO Capital and Investment Corporation.

Asia United Bank Corp., First Metro Investment Corp., Maybank ATR Kim Eng Capital Partners Inc., PNB Capital and Investment Corp. and RCBC Capital Corp. were also tapped as local participating underwriters.

The telecom firm led by Pampan-

ga businessman Dennis Anthony H. Uy claims to be the largest highspeed fixed broadband operator in the Philippines, in terms of highspeed residential fixed broadband subscriptions, with a 54-percent market share as of March 31.

The company said it has over 30,000 kilometers of fiber as of end-March, and its network is among the most extensive in the country. It network is comprised of a fiber backbone that stretches from the northernmost tip of Luzon Island to its southernmost end, as well as a fiber distribution and last-mile network that covers over 200 cities and municipalities across Luzon, reaching 4.1 million homes.

PayMaya AC Energy names contractor for Australia project unveils tools for MSMEs U

F

inancial t e c h n o l o g y (fintech) player PayMaya claimed on Thursday that it is providing micro, small, and medium enterprises (MSMEs) the “fastest onboarding, and broadest range of payment solutions” to help businesses shift to digital commerce.

Shailesh Baidwan, president of PayMaya, said the group’s new online onboarding platform can help enterprises hasten their digital migration, giving them access to digital QR codes, payment links, and a checkout payment gateway.

These three allow merchants to provide their customers with different varied digital and physical payment platforms.

“Many MSMEs have shifted their businesses online in the past months and as they adapt to this new setup, we at PayMaya are ready to help them easily transition to digital payments through our latest solutions. MSMEs are the backbone of the economy and will play a major role in the economic recovery of the entire country,” Baidwan said.

To avail of these solutions, MSMEs need to sign up and upload their requirements to the new PayMaya Business Manager website. They may choose which solutions to deploy. The can expect feedback from PayMaya “in a couple of days.”

Baidwan added that these digital payment tools available to MSMEs complement earlier solutions that PayMaya launches such as the PayMaya Negosyo app, which allows small merchants and casual sellers to instantly accept payments via QR, Bank Transfer, or Send Money by installing the Android app on their phones. Lorenz S. Marasigan

PC\AC Australia, a joint venture between UPC Renewables and AC Energy, has tapped Elecnor Australia as the engineering, procurement and construction (EPC) contractor for the first stage of the 720megawatt (MW) solar and battery project in Australia.

Elecnor Australia will deliver the first 400MW stage of the New England Solar Farm and battery project, including the substation works. It will be developed across two sections of land near Uralla in the New England region of New South Wales (NSW).

The EPC contractor will be responsible for the detailed design, engineering and procurement of the project, as well as ongoing operation and maintenance services in the first two years of operations.

The largest solar and battery project in Australia will deploy single axis tracking technology that will allow solar panels to follow the path of the sun, while also allowing adequate space for sheep to continue grazing on the land in between and underneath the panels.

The first stage works are expected to be completed over the next 2 years.

Once fully constructed, the project is expected to produce 1.8 million megawatt hours (MWh) of clean, renewable electricity each year, enough to power more than 250,000 typical NSW homes.

“Building the New England Solar Farm is a remarkable achievement, one which puts UPC\AC Renewables and Australia at the forefront of renewable energy development in the Asia-Pacific region. As we adopt new technologies in the construction of Australia’s biggest solar farm, we also aim to play a prominent role in spurring sustainable and inclusive economic growth in NSW. We intend to harness Australia’s growth potential for renewable energy while contributing to their renewable energy goals,” said AC Energy International Chief Operating Officer Patrice Clausse said.

The first stage of the associated 400MWh battery project, a 50MW/1hour Battery Energy Storage System (BESS) capable of dispatching energy to the grid at times

of high energy demand, will be constructed with the support of the NSW government’s Emerging Energy Program. “Not only are we providing clean energy to the grid, with the support of the NSW government we are [also] providing dispatchable energy, in the form of a 50MWh battery. It will provide much needed jobs and an injection of capital into the New England region,” said UPC\AC Renewables CEO Anton Rohner.

An ongoing upgrade to the local roads connecting to the solar farm is already in progress, as well as completion of environmental management plans. On-site construction of the first stage of the solar farm will start in 2021.

The New England Solar Farm received development consent from the NSW Independent Planning Commission in March. The grid connection agreement with TransGrid, the owner and operator of the NSW electricity transmission network, was signed in June, which will allow the project to connect to the existing 330kV line that crosses the solar farm site. Lenie Lectura

AllHome donates tablets to Las Piñas teachers

A

llHome Corp., the Villar Group’s listed retailer, said it spearheaded a project to donate school tablets to the Department of Education (DepEd) for the teachers of Las Piñas Science High School who would be facilitating online classes.

The project aims to help teachers provide quality education despite the challenges posed by the pandemic, the company said.

“AllHome, through the help of our valued suppliers, took part in DepEd’s Adopt-a-School program which gives us, the private sector, an opportunity to become dynamic and strong partners towards the noble goal of educating all Filipinos,” Manuel B. Villar Jr., All Value

chairman, said.

The project is under the company's corporate social responsibility program called AllHome Builds, an initiative that aims to promote a sustainable lifestyle for all its stakeholders.

“AllHome’s resilient performance amid the pandemic as of the first half of 2020 made this effort possible. AllHome posted total revenues of P4.85 billion during the period, down only 4 percent from the same period last year despite the closure of stores during the enhanced community quarantine,” AllHome President Benjamarie Serrano said.

Through its CSR program, AllHome Builds, the country’s only full-line home center continues to

fulfill its role in improving the lives of Filipinos nationwide.

The company currently has 46 stores nationwide with the recent opening AllHome at Santiago City, Isabela.

“With even big companies reeling from the effects of Covid-19, AllHome understands how the current situation affects Filipino families who are not equipped to adapt to these sudden changes, particularly those with children who are still in school. Thus, All Home would like to take part in bridging the gap between Filipino teachers and students who need access to technology in order to participate in distance learning programs,” the company said. VG Cabuag

of assets to URC S ugar producer Roxas Holdings Inc. (RHI) on Thursday said it has completed its deal with the Gokongweis’ Universal Robina Corp. (URC) involving the sale of its sugar mill and ethanol plant in La Carlota City, Negros Occidental.

The deal also includes RHI’s investment properties, consisting of shares in Najalin Agri-Ventures Inc. to URC, the food unit of the Gokongweis.

“With this development, RHI will be able to focus its resources on Central Azucarera Don Pedro Inc. [CADPI] to meet the discerning sugar requirements of our clients and boost the operations of our ethanol facility, San Carlos Bioenergy Inc.,” RHI Chairman Pedro Roxas said.

“We aspire to shape CADPI’s Refinery, strategically situated in Batangas, into a facility with worldclass operations that can cater to a larger market.”

RHI President and CEO Hubert D. Tubio said the strategic location of CADPI brings it closer to industrial users, mainly food manufac-

turing companies and beverage producers that use our products.

“We hope to make CADPI ready and poised to seize opportunities with the expected increase in refined sugar consumption while helping the government minimize the importation of refined sugar,” Tubio said.

The deal pushed through after the Philippine Competition Commission approved the transaction.

Under the deal, Roxas Holdings will have to pay the existing debt of the sugar miller and bio-ethanol producer.

Proceeds of the transaction will be used to prepay all long-term debt and reduce short-term debt to levels sufficient for its working capital needs. No details were given as to the value of the assets sold.

“The sale of the La Carlota assets will allow RHI to refocus its resources on rebuilding its Nasugbu sugar milling and refining facilities, among others. The paring down of existing debts is expected to result in a stronger balance sheet for the RHI Group, and in capacity to rebuild its operations in Nasugbu, Batangas,” it said. VG Cabuag

PAL Boracay flights to start on Oct. 4

BusinessMirror File Photo

F

lag carrier Philippine Airlines (PAL) said it has decided to move the schedule of the resumption of its flights to Boracay via Caticlan airport in Aklan to October 4.

PAL had earlier announced that it will resume flights to Boracay on October 1.

The carrier said the decision to move the schedule of flights is aimed at boosting domestic tourism as the government is re-opening the popular Boracay Island to Filipino tourists.

PAL’s first Manila-Caticlan-Manila service starts Sunday, departing from Manila at 11:10 a.m. as PR 2041, and arriving at Caticlan’s Godofredo P. Ramos Airport at 12:10 p.m.

The return flight, PR2042, will leave Caticlan at 12:55 p.m. and touch down in Manila at 1:55 p.m.

PAL plans flights on October 4, 9 and 11. This will pave the way for a regular twice weekly ManilaCaticlan-Manila schedule operating every Friday and Sunday from October 16 onwards.

The company's modern Dash 8 Q400 aircraft will be deployed for the revived Boracay flights.

“Our Caticlan flights are here to support the Department of Tourism's [DOT] vision to reopen Boracay island and other tourist destinations around the country,” the carrier said.

“PAL, DOT and travel industry stakeholders are working together to support jobs and livelihoods by

rejuvenating domestic tourism.”

PAL spokesperson Cielo Villaluna said the government is giving local tourists the green light to travel to Boracay from areas under general community quarantine and modified general community quarantine.

This decision was formalized in Resolution 74 of the Inter-Agency Task Force on Emerging Infectious Diseases, which has relaxed age restrictions for travel to Boracay while continuing to strictly enforce entry restrictions for persons with comorbidities.

Villaluna said travelers to Boracay must present a Covid-negative result from an RT-PCR test taken "not earlier than 48 hours prior to the date of travel."

The airport in Caticlan will be the sole port of entry for tourists arriving by airplane.

Health protocols like mask-wearing and physical distancing will be strictly enforced throughout Boracay Island.

PAL assures its passengers of its adherence to the highest safety protocols on its flights.

PAL aircraft are equipped with High Efficiency Particulate Air (HEPA) filters which disinfect cabin air of bacteria and viruses with 99.99 percent efficacy, as well as an advanced air flow system that replaces cabin air every two to three minutes. Cabin crew wear personal protective equipment on flights.

Aircraft surfaces are thoroughly disinfected before and after every flight. Recto L. Mercene

B2

Companies BusinessMirror

Friday, October 2, 2020

PSE STOCK QUOTATIONS

October 1, 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 PHILTRUST RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL IREMIT MEDCO HLDG MANULIFE NTL REINSURANCE SUN LIFE

44.5 87.65 64.7 21.65 8.89 38.75 8.68 23.4 51.5 95.9 17 92.1 54.2 0.74 25.7 1.22 0.285 688 0.57 1825

44.55 87.8 66 21.7 8.92 38.9 9.48 23.55 51.85 106.7 17.2 92.15 54.4 0.79 26 1.27 0.295 720 0.61 1875

44.5 86.75 64.5 21.75 8.66 38.35 9.48 23.9 51.85 106.7 16.7 92.15 54.2 0.75 25.65 1.29 0.285 720 0.62 1825

45.1 87.8 66 21.8 9.04 39 9.48 23.9 51.85 106.7 17.4 92.15 54.4 0.79 26 1.29 0.285 720 0.62 1825

44.5 86.7 64.25 21.65 8.66 38.05 9.48 23.4 51 106.7 16.4 92 54.2 0.73 25.65 1.2 0.285 720 0.58 1825

44.55 87.8 66 21.65 8.9 38.9 9.48 23.4 51.85 106.7 17.3 92.15 54.2 0.79 25.7 1.22 0.285 720 0.62 1825

8200 2585940 755770 63800 1488500 6925400 200 154200 1980 100 118700 244590 22560 301000 14200 192000 480000 10 58000 85

365180 225823445.5 49399840.5 1381955 13240555 266990800 1896 3639650 102494 10670 2041300 22531389 1223703.5 222750 368265 233230 136800 7200 33940 155125

200210 -806314.5 -3615058.5 -173820.0002 -333021 68863670 -475100 24864 1884841 917064 155125

INDUSTRIAL AC ENERGY 3.1 3.11 3.11 3.16 3.06 3.1 17124000 53019100 -1982100 ALSONS CONS 1.21 1.24 1.23 1.24 1.22 1.24 891000 1091340 -288040 26.35 26.4 25.55 26.5 25.55 26.4 765200 20125190 -1826875 ABOITIZ POWER BASIC ENERGY 0.161 0.162 0.161 0.163 0.158 0.161 970000 154620 23.25 23.5 23.45 23.7 23.15 23.25 2305900 53926035 -37776450 FIRST GEN FIRST PHIL HLDG 60 61 61.6 61.6 60 60 12250 746727 -7655 MERALCO 271.2 271.4 275.6 275.6 271 271.4 113140 30,728,518( 23,974,836.0001) 14.58 14.6 14.8 14.84 14.5 14.6 1288500 18832978 1031170 MANILA WATER PETRON 3 3.04 3.04 3.07 3 3 2917000 8819450 -5651520 3.06 3.1 3.01 3.1 3.01 3.1 67000 204320 PETROENERGY PHX PETROLEUM 10.9 11.36 10.84 11.36 10.72 11.36 771400 8450492 PILIPINAS SHELL 15.4 15.58 16.1 16.1 15.32 15.4 1397100 21890020 -7082800 9.85 9.86 9.9 10 9.81 9.86 96500 951773 20000 SPC POWER AGRINURTURE 7.7 7.83 7.94 7.94 7.7 7.83 98100 760713 15400 2.67 2.68 2.75 2.76 2.63 2.68 2185000 5869530 89040 AXELUM CNTRL AZUCARERA 11.44 12 12 12 12 12 100 1200 CENTURY FOOD 17.08 17.2 17.16 17.2 17 17.2 3062200 52539710 -10301860 4.67 4.75 4.84 4.84 4.67 4.67 38000 180080 -23540 DEL MONTE DNL INDUS 5.5 5.55 5.54 5.6 5.42 5.5 2442300 13450456 1351550 9.88 9.9 9.89 9.9 9.83 9.9 483500 4777988 -352684 EMPERADOR SMC FOODANDBEV 64 64.05 63.5 64 63.5 64 55290 3514368 -1158544 0.62 0.65 0.65 0.65 0.62 0.64 2699000 1726550 ALLIANCE SELECT FRUITAS HLDG 1.18 1.2 1.2 1.2 1.16 1.2 11521000 13537320 21210 GINEBRA 48.5 49.95 49.6 50.1 49 49.95 12300 611420 258170 143.2 143.6 145 145 143 143.6 330260 47451495 -810938 JOLLIBEE MACAY HLDG 7.82 8.12 8 8.18 8 8.16 1700 13670 4.91 4.94 4.96 4.97 4.93 4.93 49000 242270 MAXS GROUP MG HLDG 0.128 0.133 0.128 0.128 0.128 0.128 100000 12800 SHAKEYS PIZZA 5.79 5.88 5.81 5.89 5.79 5.79 28900 167641 -9306 1.18 1.19 1.19 1.2 1.17 1.18 4652000 5503800 -885830 ROXAS AND CO RFM CORP 4.63 4.79 4.76 4.79 4.76 4.79 8000 38230 19070 1.68 1.77 1.79 1.81 1.68 1.68 92000 164120 ROXAS HLDG SWIFT FOODS 0.105 0.111 0.105 0.105 0.105 0.105 310000 32550 UNIV ROBINA 135 135.8 134.1 135 133.2 135 397490 53487004 -22854567 0.75 0.76 0.77 0.77 0.75 0.76 11157000 8564470 VITARICH CONCRETE A 51.1 52 51.25 51.25 51.1 51.1 350 17920 51.9 54.85 53 54.9 51.75 54.85 50 2662.5 CONCRETE B CEMEX HLDG 1.54 1.57 1.65 1.73 1.54 1.54 92768000 151494580 -7563450 DAVINCI CAPITAL 3.14 3.36 3.12 3.29 3.12 3.29 24000 78300 14.48 14.5 14.32 14.48 14.18 14.48 703100 10161150 -2654120 EAGLE CEMENT EEI CORP 7.16 7.2 6.99 7.2 6.99 7.2 3064700 21833690 -173218 5.45 5.48 5.67 5.84 5.35 5.45 4123800 23308171 -39175 HOLCIM MEGAWIDE 6.99 7 7.28 7.3 6.88 7 3076700 21636832 590804 PHINMA 8.41 8.69 8.37 8.69 8.37 8.69 1100 9527 0.7 0.71 0.71 0.71 0.7 0.7 190000 133350 21000 TKC METALS VULCAN INDL 0.69 0.7 0.7 0.7 0.69 0.7 543000 375810 113.2 131 113.2 113.2 113.2 113.2 20 2264 CHEMPHIL EUROMED 1.85 1.86 1.9 1.9 1.85 1.86 628000 1172390 5640 LMG CORP 4.4 4.87 4.35 4.37 4.35 4.37 2000 8720 4.05 4.1 4.1 4.1 4 4.1 2059000 8238940 -8177510 PRYCE CORP CONCEPCION 20.6 21 20.75 21.2 20.75 21.2 364300 7569185 -37840 2.22 2.23 2.17 2.25 2.17 2.23 11175000 24836700 665140 GREENERGY INTEGRATED MICR 5.66 5.7 5.67 5.79 5.4 5.68 912800 5077911 91196 0.97 0.98 1 1 0.97 0.98 208000 202060 IONICS SFA SEMICON 1.4 1.43 1.39 1.4 1.36 1.4 1842000 2536180 30200 CIRTEK HLDG 5.45 5.46 5.6 5.67 5.45 5.46 3444400 19063235 65600

HOLDING & FRIMS ABACORE CAPITAL 0.46 0.47 0.47 0.47 0.46 0.46 4000000 1857900 ASIABEST GROUP 7.5 7.74 7.77 7.77 7.43 7.74 3700 28429 691.5 693 689 693 688 693 396580 273965450 AYALA CORP ABOITIZ EQUITY 46 48 46 48 45.35 48 1375800 63998200 7 7.01 6.99 7.1 6.96 7.01 2149600 15106791 ALLIANCE GLOBAL AYALA LAND LOG 2.69 2.7 2.65 2.77 2.63 2.7 5016000 13605880 ANSCOR 6.22 6.78 6.6 6.79 6.6 6.79 3200 21629 0.55 0.56 0.55 0.55 0.55 0.55 107000 58850 ANGLO PHIL HLDG ATN HLDG A 0.56 0.57 0.57 0.57 0.56 0.56 1091000 611160 5.06 5.12 5.18 5.18 5.05 5.12 187700 962955 COSCO CAPITAL DMCI HLDG 3.99 4 4 4.03 3.99 4 6271000 25090180 FILINVEST DEV 8.6 8.75 8.6 8.75 8.6 8.75 700 6050 0.18 0.207 0.204 0.207 0.18 0.18 350000 70650 FORUM PACIFIC GT CAPITAL 389.4 390 390 390 386.2 390 167960 65310490 3.17 3.2 3.17 3.17 3.17 3.17 3000 9510 HOUSE OF INV JG SUMMIT 60.45 61 60.2 61.25 60.2 61 342940 20907412 JOLLIVILLE HLDG 4.3 4.84 4.31 4.31 4.3 4.3 3000 12910 0.6 0.61 0.62 0.63 0.61 0.61 20000 12250 LODESTAR LOPEZ HLDG 2.26 2.29 2.28 2.28 2.26 2.26 285000 647200 8.89 8.92 9 9 8.89 8.92 551600 4918421 LT GROUP MABUHAY HLDG 0.47 0.49 0.49 0.49 0.49 0.49 20000 9800 3.54 3.55 3.5 3.61 3.49 3.55 23834000 84782390 METRO PAC INV 2.9 2.99 2.9 2.9 2.9 2.9 4000 11600 PACIFICA HLDG SOLID GROUP 0.98 0.99 0.98 0.98 0.98 0.98 12000 11760 151 153 153 153 151 151 160 24360 SYNERGY GRID SM INVESTMENTS 880 890 886 890 872 890 58210 51722740 100 100.1 98.9 100.1 98.65 100.1 220350 21913695.5 SAN MIGUEL CORP 0.6 0.62 0.62 0.63 0.6 0.6 237000 144650 SOC RESOURCES TOP FRONTIER 120 123.5 120 123.5 120 123.5 1380 165812 0.188 0.198 0.192 0.198 0.188 0.188 400000 78370 WELLEX INDUS ZEUS HLDG 0.13 0.134 0.131 0.134 0.13 0.134 3820000 499760

-246700 -191530505 -40306025 -226896 3584650 -809651 -14743890 -39501998 4107362.5 129630 499674 -10071950 -15300 -10983730 -882997.5 -55410 -

PROPERTY ARTHALAND CORP 0.52 0.53 0.53 0.53 0.52 0.53 897000 466750 AYALA LAND 29.85 30 29.8 30 29.6 30 2650000 79141275 0.95 0.99 0.99 0.99 0.99 0.99 3000 2970 ARANETA PROP AREIT RT 25.8 25.95 25.8 25.95 25.6 25.95 908600 23446580 1.35 1.36 1.36 1.36 1.34 1.35 367000 493930 BELLE CORP A BROWN 0.75 0.76 0.78 0.79 0.74 0.75 3200000 2443250 CITYLAND DEVT 0.77 0.79 0.79 0.79 0.77 0.77 7000 5470 0.129 0.132 0.13 0.132 0.129 0.132 1340000 173190 CROWN EQUITIES CEB LANDMASTERS 4.84 4.88 4.88 4.9 4.85 4.85 63000 306240 0.36 0.365 0.36 0.365 0.36 0.36 2860000 1035050 CENTURY PROP CYBER BAY 0.295 0.305 0.285 0.305 0.285 0.305 280000 83050 DOUBLEDRAGON 14.14 14.16 13.98 14.3 13.96 14.16 2342800 33279362 5.18 5.19 5.21 5.21 5.05 5.19 4295900 21904019 DM WENCESLAO EMPIRE EAST 0.265 0.27 0.265 0.265 0.26 0.265 1200000 313950 0.085 0.09 0.086 0.086 0.086 0.086 360000 30960 EVER GOTESCO FILINVEST LAND 0.91 0.92 0.91 0.92 0.91 0.92 1599000 1459400 GLOBAL ESTATE 0.75 0.76 0.76 0.76 0.75 0.75 473000 354800 6.52 6.7 6.7 6.7 6.51 6.7 27400 182175 8990 HLDG PHIL INFRADEV 1.15 1.16 1.14 1.18 1.14 1.15 3938000 4575590 0.68 0.71 0.68 0.68 0.68 0.68 102000 69360 CITY AND LAND MEGAWORLD 2.93 2.94 2.99 2.99 2.91 2.94 12460000 36605400 0.238 0.239 0.247 0.247 0.236 0.238 22750000 5448810 MRC ALLIED PRIMEX CORP 1.16 1.21 1.18 1.23 1.15 1.16 111000 128960 ROBINSONS LAND 14.1 14.3 14.2 14.4 14 14.1 1682700 23904028 0.207 0.218 0.207 0.207 0.207 0.207 10000 2070 PHIL REALTY ROCKWELL 1.45 1.47 1.46 1.5 1.44 1.46 596000 873660 2.65 2.7 2.65 2.71 2.65 2.71 31000 82210 SHANG PROP 1.91 1.96 1.99 1.99 1.91 1.96 1315000 2611250 STA LUCIA LAND SM PRIME HLDG 29.75 30 29.4 30 29.1 30 4492200 134126465 3.56 3.69 3.68 3.7 3.51 3.58 208000 752850 VISTAMALLS SUNTRUST HOME 1.16 1.17 1.15 1.18 1.15 1.16 1557000 1801980 3.3 3.31 3.3 3.38 3.25 3.31 7738000 25608320 VISTA LAND

-19976940 2331955 -350030 18750 2310 -21600 -23211792 -15180000 124330 -90895 -22228910 -15724348 -145000 79500 44140825 1180 2419320

SERVICES ABS CBN 7 7.04 7.05 7.06 6.98 7 287500 2015087 GMA NETWORK 5.05 5.06 5.06 5.1 5.06 5.06 600500 3043363 0.385 0.39 0.385 0.385 0.385 0.385 60000 23100 MANILA BULLETIN MLA BRDCASTING 10.8 10.84 10.84 10.84 10.84 10.84 300 3252 2088 2100 2080 2118 2080 2100 6665 13961880 GLOBE TELECOM PLDT 1335 1340 1331 1340 1306 1340 258020 342338030 APOLLO GLOBAL 0.06 0.061 0.058 0.062 0.058 0.061 335860000 20300700 2.89 2.99 2.9 2.9 2.84 2.84 14000 40330 DFNN INC DITO CME HLDG 5.29 5.3 4.9 5.94 4.9 5.3 208193000 1109045830 1.21 1.35 1.21 1.35 1.21 1.35 2000 2560 IMPERIAL ISLAND INFO 0.08 0.084 0.081 0.085 0.079 0.08 3400000 276480 JACKSTONES 1.52 1.55 1.55 1.55 1.52 1.55 108000 165260 3.45 3.46 3.31 3.56 3.3 3.45 32249000 111651850 NOW CORP TRANSPACIFIC BR 0.195 0.196 0.193 0.2 0.192 0.196 5000000 978830 2.14 2.17 2.12 2.18 2.12 2.18 441000 949880 PHILWEB 2GO GROUP 8.33 8.34 8.42 8.42 8.31 8.33 59900 501893 CHELSEA 4.95 4.96 4.45 6.42 4.45 4.96 38429000 198480470 39.6 39.7 37.75 39.85 37.75 39.7 688900 27051135 CEBU AIR INTL CONTAINER 114.6 115 110 115 109.5 115 3203080 361292430 14.7 15.2 14.7 14.7 14.7 14.7 3300 48510 LBC EXPRESS LORENZO SHIPPNG 0.74 0.83 0.74 0.74 0.74 0.74 2000 1480 4.63 4.64 4.7 4.76 4.61 4.63 4337000 20284230 MACROASIA 1.98 1.99 2.16 2.18 1.91 1.98 3438000 6993000 METROALLIANCE A METROALLIANCE B 2.05 2.17 2.01 2.2 2.01 2.17 9000 18800 5.72 5.73 5.86 5.86 5.7 5.72 51000 293941 PAL HLDG HARBOR STAR 0.98 0.99 1 1.01 0.97 0.98 1683000 1665570 0.026 0.027 0.027 0.027 0.026 0.027 36100000 959000 BOULEVARD HLDG DISCOVERY WORLD 1.38 1.48 1.4 1.4 1.38 1.39 46000 64050 GRAND PLAZA 10.58 10.64 10.58 10.64 10.58 10.64 3000 31902 0.385 0.4 0.4 0.4 0.385 0.385 1190000 462000 WATERFRONT CENTRO ESCOLAR 6.49 6.5 6.5 6.5 6.5 6.5 100 650 545 555 555 555 545 545 40 22100 FAR EASTERN U IPEOPLE 7.01 7.05 7.06 7.06 7.05 7.05 5100 36001 STI HLDG 0.305 0.31 0.315 0.32 0.305 0.31 7460000 2302400 2.9 2.97 3 3.05 2.89 2.97 757000 2224700 BERJAYA BLOOMBERRY 7.25 7.26 7.35 7.35 7.01 7.25 1591500 11487720 1.85 1.86 1.9 1.9 1.75 1.85 460000 831650 PACIFIC ONLINE LEISURE AND RES 1.27 1.31 1.31 1.31 1.27 1.31 53000 67850 MANILA JOCKEY 2.05 2.24 2.05 2.05 2.05 2.05 5000000 10250000 2.85 3 2.59 3.08 2.45 3 1386000 3933580 PH RESORTS GRP PREMIUM LEISURE 0.305 0.31 0.31 0.315 0.305 0.305 4520000 1403400 5.74 5.75 5.78 5.78 5.68 5.75 2021600 11596153 ALLHOME METRO RETAIL 1.37 1.38 1.36 1.38 1.36 1.38 1130000 1549630 PUREGOLD 48.5 48.75 49 49.2 48.35 48.5 358600 17415720 66 66.9 66 66.5 64.85 66.5 265260 17381281.5 ROBINSONS RTL PHIL SEVEN CORP 112.8 115.6 111 114 111 112.8 400 45450 1.12 1.13 1.14 1.14 1.11 1.12 2802000 3145150 SSI GROUP WILCON DEPOT 15.9 15.92 15.98 16 15.8 15.92 706800 11246696 APC GROUP 0.28 0.295 0.285 0.295 0.285 0.285 2450000 699150 6.5 6.8 6.34 6.95 6.32 6.87 83100 549166 EASYCALL PAXYS 2.03 2.22 2.06 2.06 2.06 2.06 30000 61800 0.22 0.224 0.226 0.226 0.22 0.221 5880000 1301310 PRMIERE HORIZON SBS PHIL CORP 3.95 4.17 4 4.17 3.95 4.17 217000 868480

-2328450 -148377690 22500 -17400 3913110 -1210 -742890 -360 -35460.0003 3823770 121413569 845730 -10250 28750 62000 -125654 46750 6300 3527589 8160 820345 -12812790 56000 659444 156749.9999 -61800 2200 -

MINING & OIL ATOK 6.71 7.6 7.17 7.69 7 7.62 13100 93762 1.43 1.44 1.46 1.46 1.4 1.43 5341000 7645840 -261420 APEX MINING ABRA MINING 0.0008 0.0009 0.0009 0.0009 0.0008 0.0008 432000000 364100 -9000 3.86 3.88 3.88 3.9 3.84 3.86 102000 393570 3880 ATLAS MINING BENGUET A 2.5 2.55 2.6 2.6 2.48 2.6 58000 145410 BENGUET B 2.42 2.5 2.63 2.63 2.06 2.5 124000 284460 2630 0.24 0.255 0.237 0.255 0.237 0.255 2810000 684120 COAL ASIA HLDG CENTURY PEAK 2.49 2.57 2.5 2.55 2.49 2.55 74000 187290 127499.9999 7.3 7.39 7.65 7.65 7.32 7.39 8600 63600 DIZON MINES FERRONICKEL 1.13 1.14 1.15 1.18 1.12 1.13 6979000 7952420 46130 GEOGRACE 0.223 0.228 0.227 0.231 0.223 0.227 150000 33790 0.129 0.13 0.128 0.13 0.128 0.13 6640000 855390 LEPANTO A LEPANTO B 0.127 0.13 0.127 0.13 0.126 0.13 300000 37940 0.0089 0.0093 0.009 0.009 0.009 0.009 7000000 63000 MANILA MINING A MANILA MINING B 0.0095 0.01 0.011 0.011 0.0095 0.0096 353000000 3395300 MARCVENTURES 0.82 0.84 0.84 0.85 0.82 0.84 1486000 1237730 1.98 1.99 1.99 2.03 1.97 1.99 311000 620300 9950 NIHAO NICKEL ASIA 3 3.01 3 3.1 2.97 3 10545000 31832660 -8540550 0.52 0.54 0.52 0.54 0.52 0.54 538000 280320 ORNTL PENINSULA PX MINING 4.07 4.08 4.19 4.19 4 4.07 1430000 5826390 2682450 9.75 9.78 10 10 9.61 9.75 2946100 28909716 2289449 SEMIRARA MINING 0.0041 0.0043 0.0043 0.0043 0.0041 0.0043 20000000 85100 UNITED PARAGON ACE ENEXOR 5.75 5.9 5.81 5.9 5.73 5.9 151000 872038 0.0084 0.0085 0.0084 0.0084 0.0084 0.0084 3000000 25200 ORNTL PETROL A PHILODRILL 0.008 0.0082 0.0082 0.0082 0.0082 0.0082 5000000 41000 5.18 5.2 5.17 5.2 5.15 5.18 1371900 7084947 228847 PXP ENERGY

PREFFERED AC PREF B1 511 515 515 515 515 515 90 46350 ALCO PREF B 100.8 103.2 100.8 100.8 100.8 100.8 16330 1646064 -1646064 100.5 101.8 101 101 100.3 100.3 60000 6053154 DD PREF FGEN PREF G 106.6 108 106.6 106.6 106.6 106.6 3000 319800 506 508 508 508 508 508 600 304800 GLO PREF P MWIDE PREF 101.3 101.5 101.5 101.5 101.3 101.3 20050 2033075 PNX PREF 3A 98 99 99.6 99.6 98 98 400 39370 101 102.5 102.5 102.5 102.5 102.5 320 32800 PNX PREF 3B PNX PREF 4 955 960 957 960 955 960 1930 1850865 1057 1058 1057 1057 1057 1057 3000 3171000 PCOR PREF 3A PCOR PREF 3B 1075 1088 1075 1075 1075 1075 200 215000 SMC PREF 2C 77.9 78 77.5 77.9 77.25 77.9 5350 416395 75.8 76.5 76 76 76 76 810710 61613960 SMC PREF 2E SMC PREF 2F 77 77.8 77 77 77 77 669400 51543800 76 78 76.2 76.2 75.95 75.95 112600 8561570 SMC PREF 2I

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 6.71 7 7 7 7 7 602400 4216800 757400 GMA HLDG PDR 4.81 4.99 4.99 4.99 4.99 4.99 300000 1497000 -1487020

WARRANTS LR WARRANT 0.62 0.63 - - - - - -

SMALL & MEDIUM ENTERPRISES ALTUS PROP 9.67 9.75 9.45 9.88 9.3 9.67 542900 5260797 -2150251 ITALPINAS 2.14 2.15 2.1 2.23 2.08 2.14 11337000 24426890 1177330 5.07 5.1 5.1 5.22 5.06 5.22 37400 190527 KEPWEALTH MERRYMART 3.02 3.03 3.05 3.07 3 3.02 27412000 83121970 2732820

EXHANGE TRADE FUNDS

FIRST METRO ETF 89.55 89.9 89.5 89.55 88.9 89.55 15540 1388042 66010

www.businessmirror.com.ph

SEC pushes cap on charges imposed by financing firms

T

By VG Cabuag

@villygc

he Securities and Exchange Commission (SEC) expressed the hope that the cap on credit card charges will also be applied to consumer and payday loans offered by lending and financing firms.

“The capping of credit card charges is a timely and much-needed measure to promote responsible lending and ease the financial burden of consumers and micro, small and medium enterprises amid the Covid-19 pandemic,” SEC Chairman Emilio B. Aquino said.

“We are hopeful that the Monetary Board will likewise consider

soon the Commission’s proposal for similar limits on interest rates, fees and other charges imposed by lending and financing companies on consumer and payday loans, as part of our efforts to put an end to predatory and other abusive lending practices,” he said.

In October 2019, the SEC asked the Monetary Board, through BSP

Governor Benjamin E. Diokno, to consider prescribing a ceiling on interest rates, fees and other charges that lending and financing companies may impose.

On September 25, the Bangko Sentral ng Pilipinas (BSP) announced that the Monetary Board approved an annual interest rate ceiling of 24 percent on all credit card transactions effective November 3.

The new policy also provides that interest rates or finance charges on the unpaid outstanding credit card balance of a cardholder should not exceed 2 percent per month.

For credit card installment loans, credit card issuers may only charge monthly add-on rates of a maximum of 1 percent. Meanwhile, no other charge or fee may be imposed or collected on credit card cash advances except for a

maximum processing fee of P200 per transaction.

The SEC said it is working closely with the BSP to push for interest rate caps for lending and financing companies, providing the necessary data and studies on the matter.

Section 7 of Republic Act 9474, or the Lending Company Regulation Act of 2007, allows lending companies to grant loans in amounts and reasonable rates and charges as may be agreed upon with borrowers.

Steep interest rates and penalty charges have been the subject of most of the complaints filed against financing and lending companies.

In this light, the SEC has invoked the Monetary Board’s authority to regulate interest rates imposed on consumer loans and payday loans offered by financing and lending companies.

7-Eleven backs DOH fight against Covid-19

P

hilippine Seven Corp., the owner of the master franchise of 7-Eleven convenience stores in the Philippines, on Thursday said it has partnered with the Department of Health (DOH) to take the fight against Covid-19 to the barangays via the BIDA Solusyon campaign.

The company said it installed a Covid-19 update board in each of its 2,951 stores nationwide once barangay level data was made publicly available in mid-September.

This board shows the number of active cases and the trend in the barangay where the store is located. It also showed similar information about the 2 other adjacent barangays.

“Our management philosophy is ‘show the right data in the right form to the right people at the right time, and they will make the right decisions.’ You can’t look over the shoulder of every store manager when you have 3,000 stores - you have to give him the freedom to manage his store, but at the same time let him know how he is doing, so he can either be left alone, recognized, or held accountable. We

think the same is true with regard to managing Covid-19,” company president and CEO Victor Paterno said.

“We laud the DOH for making the barangay data available. The virus spreads from close contact within members of a community, so we believe reporting it at that level opens up a promising front in the war to contain the virus. We hope it will drive the behavioral changes needed to get numbers down, and give communities the confidence that the problem can be managed.

No need to be fearful—if together, we are careful."

According to Fr. Nicanor Austriatico, a chief researcher for microbiology, the barangay level efforts over the past month have been promising.

7-Eleven is also launching a Bidang Barangay Contest in more than 50 major cities and municipalities nationwide, as it encourages both the barangay’s local officials and residents to be proactive partners in sharing information about covid-19 their locality.

“These are early days in this approach, and we need to compare

Top power firms keen on Meralco CSP Continued from B1

A bidder can offer at least 150MW. If the total capacity offer goes beyond 1,800MW, the bidder that fills up the last stack shall have its offer reduced.

The price offers must not go over the pre-determined reserve price, which would only be revealed during the opening of the bids scheduled on January 25, 2021.

Meralco prefers baseload plants or those that continuously run on a 24/7 basis. These power facilities should be in commercial operation not earlier than January 2020 but no later than May 2025. The scheduled outage allowance (OA) and forced OA of the plants that will offer to supply Meralco should not exceed 30 days and 15 days, respectively.

The winning bidders will secure a 20-year power supply agreement (PSA) with Meralco.

The PSA could be terminated in the event of default, non-fulfillment of conditions to effective date, nonoccurrence of commencement date, certain events of force majeure, expiration of term, upon mutual agreement and change in circumstances.

Interested bidders must submit an “Expression of Interest” until November 12 this year. The bidding process would be declared a failure if

there are only two interested firms.

“In order to become an interested bidder and obtain a copy of the bidding documents, payment of a nonrefundable fee of the higher between P1 million and P5,000 multiplied by MW of offered contract capacity, inclusive of value added tax, must also be made no later than Expression of Interest Deadline,” said Meralco.

After interested bidders have turned in their Expression of Interest, they are no longer allowed to reduce their offered capacity but may increase this until January 18, 2021.

A pre-bid conference is scheduled on December 17, 2020, with bid submission deadline set on January 25, 2021. The bids will be opened on the same day. Meralco’s preferred price will only be revealed to the bidders during the opening of the bid prices.

Last year, Meralco conducted 3 CSPs. These are the 1,200-MW baseload capacity starting 2020, 500MW mid-merit starting 2020 and the 1,200-MW baseload starting 2024.

The Department of Energy (DOE) earlier said it wants Meralco to proceed with the 1800MW CSP at the soonest time possible. It advised the utility firm to explore other ways by which it can conduct the CSP amid the quarantine imposed by the government.

notes on what works and what doesn’t as we progress in our individual efforts. Furthermore, we hope that the national government, and those here who influence them,

mutual funds

can help incentivize reduction of community spread by empowering LGUs to lift restrictions to allow more economic activity,” Paterno said. VG Cabuag

October 1, 2020

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 193.07 -22.97% -11.87% -4.78% -23.34% ATRAM Alpha Opportunity Fund, Inc. -a 1.0817 -29.59% -12.49% -2.11% -21.73% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.599 -33.79% -16.08% -6.73% -29.34% Climbs Share Capital Equity Investment Fund Corp. -a 0.6643 -29.39% -12.87% n.a. -26.02% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.6817 -19.82% n.a. n.a. -19.73% First Metro Save and Learn Equity Fund,Inc. -a 4.1479 -22.34% -10.03% -4.7% -22.15% First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.646 -24.5% -12.69% n.a.

-24.32% MBG Equity Investment Fund, Inc. -a 83.4 -27.94% n.a. n.a.

-19.2% PAMI Equity Index Fund, Inc. -a 38.6702 -24.48% -10.56% -3.62% -24.59% Philam Strategic Growth Fund, Inc. -a 415.97 -21.99% -9.95% -3.79% -21.92% Philequity Alpha One Fund, Inc. -a,d,5 0.8728 n.a. n.a. n.a. -15.27% Philequity Dividend Yield Fund, Inc. - a 0.9879 -23.26% -9.88% -3.43% -23.23% Philequity Fund, Inc. -a 28.9596 -23.59% -9.58% -3.01% -23.58% Philequity MSCI Philippine Index Fund, Inc. -a 0.7617 -25.12% n.a. n.a. -25.18% Philequity PSE Index Fund Inc. -a 3.949 -24.09% -10.02% -2.96% -24.4% 660.22 -23.98% -9.94% -3.07% -24.28% Philippine Stock Index Fund Corp. -a Soldivo Strategic Growth Fund, Inc. -a 0.6004 -33.5% -13.75% -6.87% -29.48% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.0412 -27.95% -11.55% -4.49% -27.75% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.7562 -24.21% -10.25% -3.17% -24.44% United Fund, Inc. -a 2.7712 -24.42% -9.14% -2.54% -24.14% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 88.6531 -23.87% -9.65% -2.28% -24.2% Primarily invested in foreign currency securities ATRAM AsiaPlus Equity Fund, Inc. -b $1.0361 10.26% -0.14% 4.09% 0.75% 16.94% 8.04% n.a.

8.94% Sun Life Prosperity World Voyager Fund, Inc. -a $1.502 Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.5417 -4.18% -5.28% -2.69% -1.35% ATRAM Philippine Balanced Fund, Inc. -a 2.025 -10.96% -5.45% -1.22% -7.16% First Metro Save and Learn Balanced Fund Inc. -a 2.3707 -9.83% -4.12% -2.63% -9.91% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.171 -26.39% n.a. n.a.

-25.16% NCM Mutual Fund of the Phils., Inc. -a 1.8211 -6.54% -1.96% 0.36% -7.16% PAMI Horizon Fund, Inc. -a 3.4196 -9.16% -3.84% -0.92% -9.75% Philam Fund, Inc. -a 15.2823 -9.36% -4% -0.99% -9.9% Solidaritas Fund, Inc. -a 1.8908 -11.1% -4.88% -1.22% -10.9% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.2159 -16.52% -6.12% -2.3% -16.76% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.9234 -8.36% n.a. n.a.

-9.09% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.8168 -17.98% n.a. n.a. -18.02% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.7928 -20.13% n.a. n.a. -20.18% Sun Life Prosperity Dynamic Fund, Inc. -a 0.7868 -19.47% -7.4% -3.28% -19.29% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. - a $0.03886 1.07% 2.56% 2.07% 1.73% 4.94% PAMI Asia Balanced Fund, Inc. -b $1.028 0.52% 3.73% 1.58% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.1207 10.01% 5.69% 6.63% 5.37% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.1586 4.82% 3% n.a.

2.65% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 368.13 3.85% 3.05% 2.59% 2.85% ATRAM Corporate Bond Fund, Inc. -a 1.951 1.79% 0.86% 0.32% 2.58% Cocolife Fixed Income Fund, Inc. -a 3.2018 3.77% 4.79% 4.98% 2.69% Ekklesia Mutual Fund Inc. -a 2.2916 3.62% 2.63% 2.22% 3.07% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4477 4.75% 3.35% 2.03% 3.76% Philam Bond Fund, Inc. -a 4.6189 7.27% 4.05% 2.67% 5.63% Philam Managed Income Fund, Inc. -a,6 1.3112 5.8% 4.36% 2.46% 4.34% Philequity Peso Bond Fund, Inc. -a 3.9564 5.97% 4.3% 2.39% 4.44% Soldivo Bond Fund, Inc. -a 1.0357 8.84% 3.54% 1.94% 7.4% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1787 4.99% 4.73% 2.98% 3.35% Sun Life Prosperity GS Fund, Inc. -a

1.742 3.84% 3.97% 2.41% 2.4% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $478.41 2.85% 2.51% 2.86% 2.15% ALFM Euro Bond Fund, Inc. -a Є217.06 -1.5% 0.79% 1.21% -1.24% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.238 3.31% 2.65% 2.55% 3.02% 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 $1.0855 -1.22% 0.18% 0.3% -0.74% Philam Dollar Bond Fund, Inc. -a $2.4906 3.31% 3.66% 3.51% 3.62% Philequity Dollar Income Fund Inc. -a $0.0613632 2.03% 2.26% 2.13% 1.76% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.1827 0.59% 1.87% 2.49% 0.24% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 129.16 3.56% 3.3% 2.51% 2.65% First Metro Save and Learn Money Market Fund, Inc. -a 1.0452 2.17% n.a. n.a.

1.84% Sun Life Prosperity Money Market Fund, Inc. -a 1.2907 2.82% 3.03% 2.62% 2.03% Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0493 1.58% 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 1.0058 n.a. n.a. n.a. n.a.

Primarily invested in foreign currency securities ALFM Global Multi-Asset Income Fund Inc. -b,d,2 $0.93 n.a. n.a. n.a.

-6.06%

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

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

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

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

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

www.businessmirror.com.ph

Banking&Finance BusinessMirror

Friday, October 2, 2020 B3

Extending waiver on online transactions urged

B

By Butch Fernandez @butchfBM & Tyrone Jasper C. Piad @Tyronepiad

anks and mobile payment systems were asked to extend their waiver on fees for digital transactions as the country continues to contend with the deadly coronavirus contagion.

Senator Juan Edgardo Angara aired the appeal anew as the collection of suspended digital transaction fees were set to resume last Thursday.

Angara earlier filed Senate Bill (SB) 1764 promoting digital payments for financial transactions of government and merchants.

In filing SB 1764, the senator sought to institutionalize digital payments in government and private sector to “improve efficiency, reduce costs and avoid public health hazards posed by physical transactions.”

The Senator pointed out that both banks and mobile money services were set to resume collection of fees last October 1 even as the Bangko Sentral ng Pilipinas (BSP) pleaded for them to extend their waiver for the Philip-

pine EFT System and Operations Network (PESONet) and InstaPay transactions. Both are electronic fund transfer (EFT) platforms.

Affirming full support for BSP’s efforts to promote the use of digital payments in order to reduce physical/cash transactions, Angara noted that this will also provide “some relief to consumers during these extraordinary times.”

Penny pinching

For instance, the lawmaker observed that “right now every family is penny pinching due to the impacts of the Covid-19 pandemic so every peso saved goes a long way.”

“We appeal to our banks and financial institutions to suspend their collection of

Govt online ex-im hub processed 78,000 deals

By Bernadette D. Nicolas @BNicolasBM

T

he Department of Finance (DOF) said about 78,000 transactions were processed from January to August this year through the Philippines’ National Single Window (NSW) or TradeNet, which aims to simplify applications for export and import documents by allowing their processing online.

In a statement on Thursday, the DOF said the live exchanges of the electronic certificates of origin (e-COs) among the Philippines and nine other members of the Association of Southeast Asian Nations (Asean) through the regional initiative has averaged around 8,712 transactions per month.

TradeNet.gov.ph, which will perform the functions of the government’s NSW, has been interconnected to the Asean Single Window (ASW), which aims to speed up cargo clearances and promote economic integration by enabling the electronic exchange of border documents among the 10 Asean member-states.

Finance Undersecretary Gil S. Beltran said that the Anti-Red Tape Authority (Arta) will be included in the NSW Steering Committee to fasttrack the streamlining of the various regulatory

agencies involved in TradeNet. “Year-to-date, there are about 78,000 transactions that we have through the National Single Window,” Beltran, the DOF’s anti-red tape czar, said.

Aside from the Philippines, the rest of the Asean member-states have also gone live and started exchanging e-COs on the ASW. These are Indonesia, Malaysia, Thailand, Singapore, Brunei, Cambodia, Myanmar, Laos and Vietnam, Beltran said. Customs Memorandum Order (CMO) 152019 on the Operationalization of the Issuance of e-COs was signed and issued by Customs Commissioner Rey Leonardo Guerrero on March 18 last year.

TradeNet is expected to simplify import and export documentary processes covering an initial 7,400 regulated products.

Once TradeNet is fully operational, Beltran said that traders may apply online for import and export permits for commodities such as rice, sugar, used motor vehicles, chemicals (toluene), frozen meat, medicines (for humans, animals, or fish) and cured tobacco.

The Duterte administration’s goal is to have all 75 trade regulatory government agencies across 18 government departments fully interconnected via TradeNet.

Association business model innovation

I

was one of the speakers at All these factors come into the recent 8th Associations play right now due to current Round Table Asia-Pacific orregulations on social distancganized by the Brussels-based ing and restriction on face-toUnion of International AssociaAssociation World face group gathering. tions (UIA) and hosted by the Associations are engaging Octavio Peralta Seoul Tourism Organization members by organizing vir(STO). The learning event, held tual events and using digital virtually for the first time, also afforded the 130 technologies to enhance content curation and attendees to explore the sights and sounds of enrich communication channels.

“Virtual Seoul.”

Step 3—Turn an existing belief upside down I presented a pre-recorded 20-minute video and ask, “What if?” by formulating a radical new on the topic “Association Business Model Innoassumption or proposition of doing things. For vation” and conducted a “live” workshop with example, like what Wikipedia has posited, i.e., the attendees. Below is the summary of my that you can get work done in bits and pieces by presentation: encouraging everyone worldwide to contribute The lingering and ever-evolving coronavirus their knowledge on a subject in accrual basis. Or, pandemic made it imperative for associations to on what is happening today where association review their business models. While there are as staff works from home, an arrangement which many definitions of business model as there are is getting to be “normal.” ways of doing it, a simple way to define it based Step 4—Test your assumption or proposition on my experience is this: the best way to genersince most re-framed ideas may not work in the ate revenue and have a surplus. real world. Perhaps your best option would be to apply a re-frame that has already been tested I adapted my presentation on a McKinsey and proven in a business setting. Unlike prodQuarterly article I read years ago entitled “Disuct or service innovations which are not wellrupting Beliefs: A New Approach to Business disseminated, business model innovations in Model Innovation,” written by Marc de Jong and industries are more known and available such Menno van Dijk. They provided a 5-step busias similar experiences of sharing organizations ness model innovation re-frame for for-profit like Airbnb, Uber and others. companies, which I tweaked in the context of Step 5—Reposition your new belief into your associations. new business model. Once your association has Step 1—Study the dominant business model decided on a specific re-frame, new ways of doing of a same-purposed association like yours by things will correspondingly manifest themselves noting its long-held core belief on how it creates in terms of, among others, new governance and value. In general, scale (e.g., number of members) management systems, member engagement, is considered crucial to an association’s ability revenue generation and asset capture. to generate revenues, i.e., more members, more revenue (from membership dues and non-dues The column contributor, Octavio “Bobby” Peralta, is concurrevenue, e.g., event registrations, certification rently the secretary-general of the Association of Development programs, publications).

Financing Institutions in Asia and the Pacific and the Founder Step 2—Analyze this core belief further and & CEO of the Philippine Council of Associations and Association derive impressions that support this belief by Executives. PCAAE is holding the Associations Summit 8 on Nodetermining, for example, how member envember 25 and 26, 2020 with the theme, “Leading with Agility.” gagement, technology adoption, regulatory The two-day virtual event is supported by Adfiap, the Tourism compliance or operational systems affect your Promotions Board and the PICC. E-mail inquiries@adfiap.org for association’s value addition and differentiation. more details on AS8.

fees for digital transactions during this very challenging time,” he said.

The whole government is working to help all sectors affected by the pandemic, Angara said in Filipino. The waiver of fees in digital transactions is a small thing that can somehow reduce the burdens of our countrymen, he added.

In a statement, the Senator recalled the BSP itself earlier noted several banks were already set to resume charging fees for digital transactions this month, naming some of the biggest commercial banks in the country, including the following: BDO Unibank Inc.; Metropolitan Bank and Trust Co. (Metrobank); Bank of the Philippine Islands; China Banking Corp.; Bank of Commerce; Robinsons Bank Corp.; Philippine Savings Bank; PayMaya Philippines Inc.; China Bank Savings Inc.; Philippine Bank of Communications; and, Equicom Savings Bank Inc.

Ridon’s tack

Former Kabataan Partylist Rep. Terry Ridon believes that small enterprises and households are seen benefiting from the waiver.

“The suspension of bank transfer fees via InstaPay during the pandemic will benefit millions of households relying on bank transfers to conduct their daily activities, such as operating their small businesses and sending cash to families living in the provinces,” Ridon, currently convener of think-tank Infrawatch PH, told the BusinessMirror.

Infrawatch emphasized that the BSP should intervene on the matter like it did af-

ter setting interest rate caps for credit card transactions. BSP, to recall, put a ceiling on credit card rates at 24 percent effective on November 3.

“There is a wide spread of transfer fees among banks, with several banks waiving fees until the end of the year, indicating that the costs to allow free transfers are nil if not negligible,” Ridon said. “The public should be encouraged to shift their business to these banks if the leading banks will insist on reimposing the fees.”

In addition, Ridon said that the bank transfer fee suspension can help small enterprises and households to weather the pandemic while allowing the economy to recover “without unnecessary costs at this time.”

Wave of waivers

Angara noted that at least a dozen banks have decided to waive their fees for PESONet and InstaPay transactions until December 31, 2020, based on a list released by the BSP last August.

According to the lawmaker, these banks include the following: Union Bank of the Philippines; Asia United Bank Corp.; Land Bank of the Philippines; Development Bank of the Philippines; Security Bank Corp.; Sterling Bank of Asia Inc.; Standard Chartered Bank; East West Banking Corp.; United Coconut Planters Bank; Maybank Philippines Inc.; Rizal Commercial Banking Corp.; and, the Hongkong and Shanghai Banking Corp.

He added that among the banks that have

agreed to waive their fees until further notice were the following: Philippine National Bank; MUFG Bank, Ltd.; CTBC Bank (Philippines) Corp.; Bank of China Limited-Manila Branch; BPI Direct Banko; Cebuana Lhuillier Rural Bank; CIMB Bank; Citibank; DC Pay (retail clients); ING Bank NV; JP Morgan Chase Bank; Philippine Business Bank; Philippine Trust Company; and, Bank of Florida.

Specific banks

On Thursday, the consumer banking arm of the Metrobank Group, Philippine Savings Bank (PSBank), announced it “continues to extend waiving of fees for PesoNet and InstaPay transactions” made via its mobile application.

“Effective until further notice, the extension aims to further encourage accountholders to maximize the use of digital payments in the new normal,” PSBank said in a statement.

Also through a statement, Security Bank said that extending free online transfer is part of its efforts to support the lockdown measures and to encourage clients to transact at home.

“We encourage everyone to remain safe during this pandemic by staying at home and conducting their banking needs through Security Bank Online and through our Security Bank Mobile App and take full advantage of the waived fund transfer fees,” Security Bank Head of Transaction Banking Group John Ong said.

G-Xchange Inc., MUFG Bank Ltd. and PayMaya are only waiving online transfer fees until October 31.

B4

Friday, October 2, 2020 • Editor: Gerard S. Ramos

Relationships BusinessMirror

Why ‘namaste’ has become the perfect pandemic greeting FRENCH President Emmanuel Macron and German Chancellor Angela Merkel greet each other “namaste” in August.

Today’s Horoscope

By Eugenia Last

Happy Birthday: Protect your home, meaningful relationships and reputation. Concentrate on doing the right thing and associating with the people who bring out the best in you. Distance yourself from those who encourage indulgent behavior. Be receptive to physical fitness, good health and passionate encounters that offer hope, tranquility and peace. Follow your heart, and stand up for your beliefs. Your numbers are 5, 18, 24, 28, 29, 31, 42.

a

ARIES (March 21-April 19): Don’t get upset; get moving. Channel your energy into something constructive. Control situations, and avoid letting anyone goad you into a spat that will waste time and cause stress. Concentrate on personal growth, not changing others. HHH

H

ANDS over the heart in prayer pose. A little bow of the head. A gesture of respect.

An acknowledgment of our shared humanity. And no touching.

As people the world over are choosing to ditch the handshakes and hugs for fear of contracting the coronavirus, namaste is becoming the perfect pandemic greeting.

As a scholar whose research focuses on the ethics of communication and as a yoga teacher, I’m interested in how people use rituals and rhetoric to affirm their interconnectedness with one another— and with the world.

Namaste is one such ritual.

b

TAURUS (April 20-May 20): Look at every situation thoroughly before you make a move.

Some underhandedness will prevail if you are lax and let others take control. Personal improvements will bring the highest reward. HHH

c

GEMINI (May 21-June 20): Get to the bottom of any situation that has left you feeling uncertain.

Ask questions, be direct and don’t settle for secondhand information. How you approach people will make a difference to the outcome. HHHH

d

CANCER (June 21-July 22): An unexpected change will occur if you let your anger or stubbornness turn into a battle with someone you love. Take a step back, and do your best to nurture and understand what others are going through before you take action. HH

e namaste means “the spirit in me honors the spirit in you” and “the divine in me honors the divine in you.”

Namaste has a sacred connotation. When you bow to another, you are honoring something sacred in them. When you bow to another, you are acknowledging that they are worthy of respect and dignity.

I BOW TO THE DIVINE LIGHT IN YOU HOWEVER, there are critics who say that global yogis have taken namaste out of its context. Some claim that the greeting has been infused with a religious meaning that doesn’t exist in Indian culture.

I see things differently. Many common salutations have religious roots, including adios, or “a Dios,” to God, and goodbye—a contraction of “God be with you.” Most Indian religions agree that there is something divine in all individuals, whether it’s a soul, called the “atman” or “purusha” in Hinduism, or the capacity for awakening in Buddhism.

As I argue in my forthcoming book, The Ethics of Oneness: Emerson, Whitman, and the Bhagavad Gita, this idea, of bowing to the divine in others, also resonates with a deep spiritual inclination in American culture.

Beginning in the 1830s and 1840s, the influential philosopher and essayist Ralph Waldo Emerson, in dialogue with a number of other thinkers, invented a form of spiritual practice that encouraged Americans to actively address the divine soul in others every time they spoke.

Of particular note is that Emerson often used the metaphor of light to imagine this inner divinity, likely because of his great admiration for the Quakers, whose Christian denomination holds that God lives inside of us all in the form of an “inner light.”

The definition of namaste as “the divine light in me bows to the divine light in you” is very much in

Continued on B5

Healthy ways to cope with quarantine fatigue THE challenges brought about by the coronavirus pandemic has resulted in extraordinarily trying times. Measures such as compulsory stay-at-home, necessitated work-from-home and inevitable online learning have resulted to physical and emotional exhaustion.

This dreadful feeling has been dubbed as “quarantine fatigue” by experts. The Benilde Well-Being Center (BWC), led by its director El Anelio Barnachea, MA, RGC, in partnership with the vice president for Lasallian Mission and Student Life Neil Pariñas, understands that this gloomy weariness may attack in different ways in varying intensities.

Here are some pointers that may benefit one’s physical, emotional, mental and spiritual health, to cope with quarantine fatigue: n UNDERSTAND THE DIFFERENCE BETWEEN WANTS AND NEEDS. The first step toward healing is to understand and acknowledge the difference between wants and needs.

It is important to prioritize basic needs, such as food, water, shelter, clothing, sleep, safety and support. If you are struggling with meeting your basic needs, reach out for help.

z

CELEBRITIES BORN ON THIS DAY: Kelly Ripa, 50; Sting, 69; Annie Leibovitz, 71; Avery Brooks, 72.

By Jeremy David Engels Pennsylvania State University

I BOW TO YOU Originally a Sanskrit word, namaste is composed of two parts—“namas” means “bend to,” “bow to” or “honor to,” and “te” means “to you.” So namaste means “I bow to you.” This meaning is often reinforced by a small bow of the head.

In Hindi and a number of other languages derived from Sanskrit, namaste is basically a respectful way of saying hello and also goodbye. Today, namaste has been adopted into the English language, along with other words from non-English sources. Many words, when borrowed, keep their spelling but acquire new meanings. This is the case with namaste—it has shifted from meaning “I bow to you” to “I bow to the divine in you.”

For many American yoga teachers, beginning most likely with Ram Dass in the 1960s and 1970s, namaste means something like “the divine light in me bows to the divine light within you.” This is the definition of namaste I first learned and have often repeated to my students.

In the words of the popular American yoga teacher Shiva Rea, namaste is “the consummate Indian greeting,” a “sacred hello” that means “I bow to the divinity within you from the divinity within me.”

Deepak Chopra repeats a similar definition on his podcast “The Daily Breath with Deepak Chopra:”

www.businessmirror.com.ph

n EXPLORE YOUR WANTS. Once the foundational needs are met, you can move on to the things that you want to accomplish such as read books, cultivate new skill sets, engage in hobbies such as baking, gardening, art or even learn a new language. Intentional space for learning and growth amid the quarantine helps break the dangerously boring monotony of everyday life. n MAINTAIN A ROUTINE. It is important to stick to a routine when the future is unclear, undefined and uncertain.

This may include healthy habits such as to sleep and wake at the same hour everyday, continuously eat nutritious food, religiously engage in physical activities like yoga and meditation, all while practicing mindfulness. Occasionally, explore outdoors to expose yourself to some sunlight. These all assist to uplift one’s mood. n ACKNOWLEDGE AND VALIDATE NEGATIVE FEELINGS. We may push away our fears, anxieties, frustrations, helplessness, sadness and powerlessness in our efforts to cope. In order to harness such feelings and direct them in productive and adaptive ways, we must acknowledge, accept,

and consider sharing them with family, friends, partners or professionals. n SEEK SHORT-TERM REWARDS BY SETTING MANAGEABLE GOALS. Realistic and manageable goals treat us to short-term rewards, which may deal with so many unknowns. Identify something within your control such as completing simple projects, decluttering a drawer or some documents, or finishing a chapter in a book. These provide an immediate sense of purpose and accomplishment. n PRACTICE NEW FORMS OF SELF-CARE. With extra unstructured time, this may be an excellent period to explore different self-care habits. This is the perfect opportunity to try the activities you’ve always wanted to do such as indulging in a healthier diet, daily exercise or skin-care routines. n CONSIDER MAKING TIME FOR THERAPY. The quarantine period provides us with a time to go to therapy.

Feel free to seek help from a professional. This is a very good time to understand yourself more deeply, learn how to control and recognize your emotions. This will equip us to eventually grow as a person.

LEO (July 23-Aug. 22): Follow your heart.

If you give someone an inch, they will take a mile and leave you in an awkward position.

Put more merit on what’s important to you and how to go about getting your way. HHHHH

f

VIRGO (Aug. 23-Sept. 22): How you handle your money will determine how much cash you have for entertainment and luxury purchases. Practical spending and investments will be necessary if you want to make improvements to your lifestyle. Prioritize what’s important to you. HHH

g

LIBRA (Sept. 23-Oct. 22): Remain calm, and you’ll avoid getting into a battle with someone you love. Put your energy into something that will bring concrete results. Focus on love, partnerships and doing what’s best for you and everyone important to you. HHH

h

SCORPIO (Oct. 23-Nov. 21): Take care of business. Leave nothing unfinished or open to criticism. Consider making a change at home that will give you greater freedom to do as you please. Touch base with friends and relatives, and you’ll acquire valuable information. HHH

i

SAGITTARIUS (Nov. 22-Dec. 21): You may want to party, but before you do, consider the consequences. You can have fun without jeopardizing your health or reputation. Plan to spend quiet time with someone you love, and avoid a crowded situation. HHHHH

j

CAPRICORN (Dec. 22-Jan. 19): Don’t let the little things annoy you. Keep your emotions tucked away, listen carefully and go about your business. A change you make at home will turn out to be a good move. Be practical, and use your intelligence to get ahead. HH

k

AQUARIUS (Jan. 20-Feb. 18): A partnership will interest you. Put together a must-have list before you negotiate. You may not get everything you want, but you will get the essentials if you are ready to barter. Celebrate new beginnings with someone you love. HHHH

l

PISCES (Feb. 19-March 20): A change to how you handle your money, investments and binding relationships will make a difference to the way others respond. Use charm and offer incentives to gain the support you require to reach your goal. HHH Birthday Baby: You are proactive, enthusiastic and unpredictable.

You are persistent and demonstrative.

‘dance around’ by matthew stock The Universal Crossword/Edited by David Steinberg

ACROSS 1 Like a photo of a photo 5 Diluted 9 Cuyahoga River’s state 13 Streaker in space 14 Car bar 15 Grasped 16 Calibri alternative 17 Music break 18 Lock brand 19 Type of joint in the shoulder (first 4 letters + last 2) 22 Boxing legend Laila 23 Turndowns 24 Corned beef dishes 27 Arrive hurriedly at 29 Pond film 31 “I meant to tell u...”

32 “No worries,” per The Lion King (first 3 + last 1) 35 Tea with a masala variety 38 Knight’s title 39 Certain hijabi 40 Responded in kind on Twitter (first 3 + last 1) 45 Alley-___

6 Paltry 4 47 Breaks from a diet 51 White shirt woes 53 Towing org.

54 (Hey, ewe!)

55 Batting like a versatile slugger (first 3 + last 2) 59 Abominable Snowman 61 Name hidden in “stateliest” 62 ___ of honor 63 Object of worship 64 Diddly-squat 65 Cookies-and-cream cookies 66 2018 Pixar short whose title is a knitting term 67 Recolored 68 Throw out DOWN 1 Team spirit 2 Actress Clarke 3 Blue-green 4 Zazie Beetz show about the rap scene in Georgia’s capital 5 Voting districts 6 “I like texts from my ___ when they want a second chance” (Cardi B)

7 “And...”

8 Pokémon protagonist Ash 9 “Definitely!”

10 Treat with chocolate and toffee 11 Rhyming lead-in to “will” 12 Praiseful poem 13 Conspiring group 20 Breakfast space 21 ___ Sutra 25 “The Wallflower” singer James 26 Cotton-tipped item 28 Actor LaMarr 29 Slyly nasty 30 Macaroni nutrient, briefly 33 TikToker or Instagrammer 34 One may be hot on the internet 35 Money-minded execs 36 Owlet sound 37 Pork taco style 41 Prefix with -vore 42 London’s theater district 43 Vowel-heavy berry 44 Online tech support option 48 Puts up with 49 Argentinian dances 50 Wise ones

52 Volunteer’s offer 53 “Full steam ___!”

56 Stuff on a potter’s wheel 57 “They’re coming for us!”

58 Poi root 59 Puppy’s bark 60 End to a Gettysburg address?

Solution to yesterday’s puzzle:

Show BusinessMirror

www.businessmirror.com.ph

Editor: Gerard S. Ramos

• Friday, October 2, 2020

Sam continues his ‘Rise’ A New digital channel captivates Asianovela fans IN just three months after its launch, GMA’s digital channel Heart of Asia has successfully captured viewers’ preference through its top-notch program offerings.

Proudly known as the “Home of the Best Asian Dramas,” GMA—through Heart of Asia—brings to Filipino households an impressive line-up of Asianovelas, namely Fighter of Destiny, Marrying My Daughter Twice, The Big One, Princess Hours and The Good Manager.

Complementing these series are some of the most-loved GMA titles, such as Amaya, Ikaw Lang Ang Mamahalin, T.G.I.S. (Thank God It’s Sabado) and Legacy.

Viewers can also tune in to hit Pinoy and foreign movies on the digital channel. On October 3, Paupahan starring German Moreno airs on the “Strictly Pinoy” block, while “Action Flicks” presents To Kill with Intrigue top-billed by Jackie Chan.

On Twitter, netizens expressed their delight over the airing of their all-time favorite programs and films on the digital channel.

Twitter user @for_keeps tweeted: “Nandito na ang bagong digital Kapuso channel, kaya buong araw na tayong puwedeng manuod ng mga Kapuso shows at mga Asianovela!” @titajuana12 also tweeted: “Natuwa ako ng bongga dahil na-discover ko na palabas ang TGIS sa Heart of Asia channel. Bumabalik ang kabataan days ko. #titaconfirmed #90sAlaala #kabataandays #HeartOfAsiaChannel.”

Heart of Asia is available on GMA Affordabox and on other digital TV boxes on free-to-air broadcast.

LMOST 14 years ago, I met Sam Concepcion. He was then a lanky teenager who just bagged the Little Big Star singing competition.

While everyone fawned over his singing and dancing skills, what stuck with me was that he was always smiling. As in. Sam would always have this huge smile whether I saw him in the hallways of ABSCBN or straight after a theater performance when he would always spend some time to meet and greet his admirers.

Even that one time I saw him at a club in Resorts World Manila years ago in the wee hours of the morning! I reprimanded him and shouted, “What are you doing here?! Aren’t you too young for this?!” I don’t actually remember what he said (I was wasted at the time) but to this day, I remember that huge smile despite me acting like some deranged woman. Thank God he didn’t call the police on me.

Now, that smile I know Sam for is there for more reason as he continues to enjoy his life and career.

First, he now is more involved with big and mature decisions and he’s enjoying it. He revealed once to the press that there was a time when he thought his life was just a routine and was even close to burning out, but now Sam is charting his own direction. “I became more clear with what I wanted to do and where I wanted my music to go and the projects I wanted to create,” he explained at the time. “I really became more hands-on than I ever was in my entire career.”

His management team even encouraged him to be more involved so that he can evolve even more as a person and as an artist.

Another reason Sam is smiling is his involvement with “Rise,” a project by Grammy Award-winning R&B artist Eric Bellinger with fellow pop star Inigo Pascual, Manila-based producer Moophs, Malaysian singer-songwriter Zee Avi, and BTS’s “Black Swan” composer Vince Nantes. “Rise” is a cross-cultural single about prevailing over today’s tides and facing a new world together.

Produced under Philippine-based label Tarsier Records, the inspiring track was released worldwide just recently on Spotify and other music streaming platforms.

“Doing a project this big and this important is definitely a dream come true for me. I think with the artists that we have from different parts of the world, and the unifying message it has, this song could be heard everywhere across the globe,” Sam revealed.

“Life is really the main story that inspired writing ‘Rise,’” expressed Vince who penned the song. “From the pandemic to protests, political differences, unfair treatment of one another as human beings...it’s a lot for all of us to digest, and I wanted to give people something they can enjoy, emotionally connect to and believe in,” disclosed the US-based songwriter.

Song producer Moophs shared that “Rise” is the biggest release Tarsier Records has undertaken thus far to “give listeners a multicultural example of coming together to rise above adversity.”

He said, “This song is my answer to 2020. If we look past borders, politics and skin color, and resolve

ABS-CBN TFC expands news footprint in APAC

Why ‘namaste’ has become the perfect pandemic greeting Continued from B4

Meghan, the Duchess of Sussex, and Prince Harry

the spirit of both Indian religions and 19th-century traditions of American spirituality.

NAMASTE AS AN ETHICAL COMMITMENT IN today’s global yoga culture, namaste is typically said at the end of class. As I understand, for yogis, saying namaste is a moment of contemplating the virtues associated with yoga—including peacefulness, compassion and gratitude, and how to bring those into one’s daily life.

I asked Swami Tattwamayananda, the head of the Vedanta Society of Northern California in San Francisco and one of the world’s leading authorities on Hindu ritual and scripture, how he felt about Americans like me saying namaste.

He responded: “It is perfectly appropriate for everyone, including Westerners like yourself to say namaste at the end of your yoga classes.” He also reiterated that namaste means “I bow down to you”—in the sense that I bow down to the divine presence in you.

One need not be a Hindu, or a Buddhist, or a yoga teacher to say namaste. Namaste can be as religious or secular as the speaker desires.

What matters most, I believe, is the intention behind the word namaste. When you bow to another, the question to consider is this: Do you truly recognize them as a fellow human being worthy of dignity, bonded in shared suffering and a shared capacity for transcendence?

This recognition of our interconnectedness is what namaste is all about—and exactly what we need during the pandemic. THE CONVERSATION

not to be divided, we can overcome anything this year throws at us.”

“Bitter Heart” singer Zee Avi described the new track as “hopeful, uplifting song.” She said, “‘Rise’ is such a simple word, yet it’s something that we need to keep reminding ourselves.”

Two music videos for “Rise” was released: an animated video straight out of a comic book where the artists play superheroes battling what they call “the 2020 monster,” and inspiring stories of humanity and messages of hope from influencers worldwide.

In the virtual presscon for “Rise,” it was obvious Sam is now energized and has that added zest in life, despite the hard circumstances brought about by the pandemic. This energy and focus has certainly been put into good use in “Rise.”

To Sam and everyone involved, continue to rise for the world. n

Judge says new royal book can be used in Meghan privacy case LONDON—The publisher of Britain’s Mail on Sunday newspaper can use the contents of a recent behind-the scenes book about the Duke and Duchess of Sussex in its legal defense for an invasion of privacy lawsuit brought by the duchess, a judge ruled on Tuesday.

Judge Francesca Kaye gave Associated Newspapers Ltd. permission to amend its defense to add “further particulars” relating to the book Finding Freedom, which was published last month.

The former Meghan Markle, 39, is suing the publisher over five February 2019 articles in the Mail on Sunday and on the MailOnline web site that published portions of a handwritten letter she wrote to her estranged father, Thomas Markle, after her marriage to Harry in 2018.

Associated Newspapers is contesting the claim in London’s High Court.

Its lawyers argue that Meghan made personal information public by cooperating with the authors of the book “in order to set out her own version of events in a way that is favorable to her.”

Antony White, a lawyer for Associated Newspapers, said in written court submissions that the book appeared to have been written with Meghan and Harry’s “extensive cooperation.”

Meghan’s lawyers deny that she collaborated with the book’s authors, ELLE and Oprah magazine contributor Carolyn Durand and Omid Scobie, royal editor for Harper’s Bazaar.

Law firm Schillings, which is representing Meghan, said after the ruling that the publisher’s defense “has no merit and is in fact false.”

“This latest hearing was unfortunately another step in a case that has already been drawn out by a defendant who uses the legal process to exploit the Duchess’s privacy and the privacy of those around her for profit-motivated clickbait rather than journalism,” the firm said in a statement.

A full trial in Meghan’s lawsuit against Associated Newspapers is due to start in January.

American actress Meghan Markle, star of TV legal drama Suits, married Harry, one of the grandsons of Queen Elizabeth II, in a lavish ceremony at Windsor Castle in May 2018. Their son, Archie, was born the following year.

Early this year, the couple announced they were quitting royal duties and moving to North America, citing what they said was the unbearable intrusions and racist attitudes of the British media. They recently bought a house in Santa Barbara, California. AP

LEADING Filipino news and entertainment channel for overseas Filipinos, ABS-CBN TFC expands its reach in delivering news about Asia and the Pacific Region through its weekly multiplatform broadcast of TFC News Asia Pacific every Sunday on cable and satellite. The show will also be available globally on-demand via the TFC IPTV platform and online through iWantTFC. TFC News Asia Pacific delivers the most pressing news that impacts the lives of Filipinos in the region.

News features include bite-sized informative stories and full-length coverage of issues that matter to the region. These are uploaded as standalone content on TFC’s online platforms with bi-weekly roundups airing on its cable channel.

To complement this format, TFC News APAC Live Newscast, a 20-minute live stream that will feature timely, compelling stories on issues and events that matter to the Filipino community in the Asia Pacific region, launched ON September 12. It airs henceforth every 2nd and 4th Saturday of the month at 5 pm (Manila time) on the official Facebook Pages of TFC Asia, TFC Australia and TFC New Zealand.

Meanwhile, TFC News Asia Pacific on cable and satellite will be highlighting the top stories of the week every first and third Sunday of the month with a replay of the live newscast the day before every second and fourth Sunday at 3:30 pm (Manila time).

“We have discovered many fascinating stories of overseas Filipinos since the launch of the Asia Pacific Bureau of TFC last year. We intend to tell their stories, wherever they are in the region,” says Asia Pacific News Bureau Chief Edwin Sevidal.

Catch the next TFC News APAC Live Newscast on October 10 at 5 pm (Manila time).

B5

B6 Friday, October 2, 2020

Sun Life launches romote online medical exam

BDO Foundation program for OFWs awarded anew

B

DO Foundation has received another prestigious award for the financial education program for overseas Filipino workers (OFWs), its partnership project with the Overseas Workers Welfare Administration (OWWA) and Bangko Sentral ng Pilipinas (BSP). The corporate social responsibility arm of BDO Unibank was awarded by international nongovernmental organization Enterprise Asia only a few weeks after the foundation was also recognized by Singapore-based finance publication Asian Banking & Finance for the same initiative.

Through the Asia Responsible Enterprise Awards, Enterprise Asia aims to champion sustainable and socially

responsible business practices. Out of the more than 200 entries submitted from 19 countries this year, the financial education program was among 81 honored at the 2020 online ceremony. BDO Foundation was one of only two Philippine organizations recognized as other awardees were based in China, Indonesia, Malaysia, Singapore, Taiwan, Thailand and Vietnam, among other countries.

BDO Foundation president Mario Deriquito acknowledged the close collaboration of the foundation, OWWA and BSP, saying, “The financial education program for OFWs was made possible by partners working together towards a common goal. Together, we developed

financial literacy materials for OFWs and their families. We organized training sessions for more than 500 subject matter experts tasked to train OFWs on topics like saving, financial planning, debt management, investing, entrepreneurship and avoiding scams.”

“Guided by a shared vision to promote financial inclusion, we successfully institutionalized financial education in the training initiatives of OWWA. We hope we are able to support migrant workers, their families and ultimately the economy especially now that the country is coping with the effects of COVID-19,” Deriquito added.

Through the on-going initiative, BDO Foundation helps beneficiaries achieve financial independence so they can come back to the country and contribute more productively to the Philippine economy.

The financial education program benefits an estimated 2.3 million OFWs in the short term and more than 10 million migrant workers in the long term. The foundation contributes to OWWA’s capacity to provide financial education for OFWs as it supports the implementation of BSP’s National Strategy for Financial Inclusion.

BDO Foundation has received recognition from Enterprise Asia for four consecutive years now.

Caption: In a virtual presentation of the Asia Responsible Enterprise Awards 2020, Enterprise Asia honored the financial education program for OFWs, the tripartite initiative of BDO Foundation, OWWA and BSP.

I

N a bid to continuously help Filipinos stay financially protected amid the COVID-19 pandemic, Sun Life of Canada (Philippines), Inc. has launched a Remote Online Medical Examination (ROME) facility for clients applying for an insurance policy or a reinstatement.

This initiative is the first of its kind in the local life insurance industry.

With ROME, Sun Life’s accredited fulltime medical examiners will perform online medical examinations through a video conferencing tool approved by the company.

This will enable clients to be a step closer to securing a policy while staying in the safety and comfort of their own homes.

“In these crucial times, Sun Life remains

committed to being the Filipinos’ lifetime partner towards financial security and healthier lives,” Sun Life of Canada (Philippines), Inc. President Alex Narciso said. “Rest assured that we will always have their best interests in mind, as we continue to explore platforms and facilities that would bring our products and services closer to them.”

ROME is Sun Life’s latest initiative geared towards digitalization. The company has earlier launched a digitally-enabled selling process, which makes use of teleconferencing tools to enable clients to connect with Sun Life advisors to get professional advice and avail insurance solutions even amid the quarantine measures being implemented within the country.

Amway Philippines, OVP feed 2,000 stranded Filipinos and donate over P300,000 worth of care packages

CCBPI provided 200 desktop units to employees for distance learning tool of their children

I

N light of the pandemic, and in order to ease how COVID-19 has been reshaping our way of life, Coca-Cola Beverages Philippines, Inc. (CCBPI) has intensified its People First policy—extending continuous support to its associates and to the communities it serves. Most recently, the Company donated 200 desktop units to its rankand-file employees, which will serve as valuable tools for families struggling to facilitate distance learning for their children, as face-to-face classroom sessions remain on hold.

The selection of associates was based on criteria such as employee attendance and performance, as well as the number of their dependents – such as siblings or children – attending virtual classes.

“Because distance learning at this scale is unprecedented, not everyone is prepared for it,” said Gareth McGeown, CCBPI President and CEO. “But by providing these desktops, we hope to help enable effective learning among the children of our associates, and aid in the transition into this new setup.

We’re doing our part to help ensure that no one gets left behind, and this is one less thing that our people have to worry about.”

This is the latest in the company’s employee support initiatives toward helping ease associates’ worries and anxieties throughout the lockdown.

These measures include the provision of almost Php 2 billion worth of assistance funds so employees continue to receive their salaries during quarantine.

The Company has also deferred loan payments to cooperatives, and has facilitated the advanced pay-out of 13th month pay, along with full HMO coverage in the event that any associates or dependents contract COVID-19.

Coca-Cola has also been contributing to local communities and frontliners throughout the crisis. The Company has donated over 2.2 million liters of beverages worth more than Php 94 million to almost 1,500 institutions— including hospitals, non-government organizations, local government units, and national government agencies— as well as 174,000 personal protective equipment (PPEs) for 51,000 medical workers, and food packs for over 60,000 vulnerable families.

VICE President Leni Robredo (left) and Amway Philippines Country Manager Leni Olmedo (right)

A

MWAY Philippines partnered with the Office of Vice President Leni Robredo to distribute over P300,000 worth of care packages to frontliners and communities in need, and 2,000 hot meals to locally stranded individuals (LSIs) and street dwellers for its Share-a-Meal project.

“Our commitment to help individuals lead healthier and more empowered lives is not just for our customers and partners, but to all Filipinos especially those who need it most,” Leni Olmedo, Country Manager of Amway Philippines, shared.

The beneficiaries of the Share-a-Meal project include LSIs waiting for a trip back to their hometowns, stranded seafarers, and street dwellers from Manila North Port, Sta. Cruz Manila, Paco Manila, Delpan, and Quezon Memorial Circle. The OVP identified these recipients as those who have little to no access to food due to the COVID-19 pandemic.

The OVP has been actively running

initiatives since March to provide assistance to hospitals, health centers, clinics, checkpoints, shelters, LSIs, street dwellers, transportation groups, and other communities in need. With the help of donors and volunteers, the OVP has mobilized almost P12 million worth of food resources in and outside Metro Manila.

Aside from the Share-a-Meal project, the partnership between Amway Philippines and the OVP will also distribute over P300,000 worth of care packages of various Amway products to frontliners and communities.

These packages include daily essentials from the Amway portfolio such as G&H body wash, Glister toothpaste, and sugar-free XS energy drink to help frontliners stay active without sacrificing health.

“Our frontliners risk their lives every day to keep us safe, so it’s just fair that we do our part in helping them stay in good shape, too,” Olmedo said.

Crown Septic-Tech offers environment-safe, efficient system plus other valuable benefits

C ALBERTO Escalera, Delivery Service Representative of the Coca-Cola Tagbilaran Plant, receives a personal computer (PC) from CCBPI. The PCs are being distributed to help the families of Coca-Cola employees following the shift to online learning due to the pandemic.

CCBPI recently announced that it will invest an additional $22M (approximately Php 1.1 billion) this 2020 to further expand operations via the installation of new production lines across the country, and as well as people development through job protection and job generation.

Furthermore, its $1B recycling facility is now back on track from having its timelines significantly affected by COVID-19—and its construction and operation is set to offer even more job opportunities to Filipinos.

“The COVID-19 pandemic has disrupted every facet of our lives,” McGeown adds.

“We have to help our own people and local communities in any way we can—it is imperative that we do so.”

CCBPI remains committed in protecting and supporting its 10,000 employees and their families across the Philippines, while simultaneously pursuing initiatives that serve local communities and help the national economy—in the face of the new normal.

ONSTRUCTING a conventional septic tank entails a lot of labor and manpower.

It is costly and takes over a month up to 45 days to finish. It also needs to comply with current requirements for environmental safety and protection as per DENR Administrative Order No. 35, Series of 1990, known as the Revised Effluent Regulations of 1990.

Here comes Crown Septic-Tech, a septic tank solution from the makers of Crown Pipes and Crown PVC Roofing. It offers just about all the necessary requirements of an efficient septic system plus other valuable benefits.

Built for structural safety, it is a hygienic water-tight design tank with a 3-Chamber or 2-Chamber System and an optional final fluid filter unit (Crown Sewage Treatment Filter System) to ensure that its effluent or water discharge quality is safe to meet the required environmental standards.

Made of heavy-duty, durable plastic material, it has the strength to withstand fairly heavy loads and durable enough to deliver tough performance that could last for several decades.

The tank has a capacity of 1200 liters.

Measuring 1,000mm in diameter, 1800mm in length and 1,020mm in height, it’s definitely a space saver. It is ideal for residential housing projects, townhomes and apartments where every little space matters.

Hygienic and Environment-Safe Crown Septic-Tech’s 3-chamber compartments direct waste first to the digestive chamber, then to the next two leaching chambers or 1 digestive chamber and 1 leaching chamber by choice upon owner’s decision. Adding the Crown Sewage Treatment Filter System ensures maximum hygiene for environment protection.

The very efficient filter is important as the Revised DENR Effluent Regulations of 1990 requires water discharge coming out of point sources to meet the standards parameters.

Simply put, waste water discharges from homes and industrial plants to municipal sewerage systems have to be cleaner and safer.

Treatment of waste water coming from Crown Septic-Tech was tested at a DENR Accredited Laboratory and successfully passed the prescribed Effluent Standards. The tests included BOD measurements, the quantity of dissolved oxygen required by bacteria to stabilize organic matter.

The new product is easy to transport and comes with a price that is less than half the cost of a conventional septic tank. Overall, in terms of durability, safety and value for money, the Crown Septic-Tech makes sense and is a very practical choice.

For inquiries, call 8277-0880 locals 100,102 or 105 or email to septic-tech@crownpvc.com. ph or marketing@crownpvc.com.ph.

Sports BusinessMirror

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

Friday, October 2, 2020 B7

AYO AIN’T OFF THE HOOK YET AñO

F

DE VERA

ORMER University of Santo Tomas (UST) men’s basketball Head Coach Aldin Ayo isn’t off the hook yet—and so is UST—despite being cleared for Covid-19 pandemic protocol violations by the Sorsogon provincial government.

Interior Secretary Eduardo Año said he has yet to see a copy of the Sorsogon Philippine National Police (PNP) report, while Commission on Higher Education (CHED) Chairman Prospero de Vera III said the commission’s investigation of Ayo’s Sorsogon City bubble is independent and unique from other investigating bodies.

“I have not yet received the report of the PNP and the endorsement of [Sorsogon] Governor [Francis] Chiz Escudero,” Año told DILG reporters. “Initially, I respect the findings of the Sorsogon LGU and the PNP, but I will still review the report.”

Año said the Sorsogon police report that prompted Escudero’s office to clear Ayo isn’t final.

“Yes, of course,” Año replied to a question on whether or not the Sorsogon clearance frees Ayo of any wrongdoing. “And I will also confer with Secretary De Vera [CHED].”

Escudero cleared Ayo of any protocol violation when he brought the Growling Tigers for training in his native Barangay Capuy in Sorsogon City from June to August, basing his decision on a provincial and city PNP report.

The police report, interestingly,

P

Putting woes hound Saso

L

ANTHONY DAVIS scores 34 points and LeBron James has 25 points, 13 rebounds and nine assists as the Lakers roll past the Heat, 116-98, on Wednesday night. AP

French Open bubble not really a bubble

S

O many in tennis love their annual French Open visit to the City of Lights for reasons that have nothing to do with tennis.

This year, though, because of the coronavirus pandemic—cases have been rising in France—players, coaches and others are not getting the chance to sightsee or stroll, eat at their favorite brasserie or enjoy a croissant at a sidewalk cafe during the 15-day tournament that ends October 11.

Or as Karolina Pliskova, the No. 2-seeded woman at Roland Garros, lamented: “Maybe I miss, a little, shopping. But that can wait, I guess.”

It has to. Because here is how the situation was described by 2014 Wimbledon doubles champion Vasek Pospisil, who recently teamed with Novak Djokovic to launch an association to represent players: “The only place you can go is the hotel.”

Well, that’s a bit of an exaggeration. They can go to the tournament site. And they can go to the separate practice site.

But that’s about it. They’re essentially “stuck in the bubble,” in Pospisil’s words—although

it actually isn’t really a bubble at all, at least not like those far stricter setups for the National Basketball Association and National Hockey League postseasons, for example.

There are two official hotels in Paris, and players have noticed other folks being there despite no connection to the French Open, which British player Dan Evans said made him “a little nervous.”

“Anyone can kind of walk in,” said Mackie McDonald, the 2016 NCAA champion in singles and doubles for UCLA who lost to 12-time champion Rafael Nadal in the second round at Court Philippe Chatrier on Wednesday.

“When I arrived at the US Open, it literally felt like you were escorted, and there was security right there. When I first arrived [in Paris], I got out of the car and I was expecting kind of the same thing...and then there was no one there. I helped myself to the third floor,” McDonald said. “They even told me I could go to the grocery store before I quarantined, and I was like, ‘OK, I’m not going anywhere.’ So I just went straight to my room.” AP

De los Santos: There’s no substitute for live events

Y

UKA SASO yielded to the uncooperative greens while Na-Ri Lee started hot in the first round on Thursday of the Japan Women’s Open in Myawaka City in Fukuoka Prefecture.

Saso got her long game going but the Filipino-Japanese couldn’t tame the greens and settled for a one-over 73 to fall nine strokes behind Lee. Lee nailed five birdies in in front to complete a solid eight-under 64 for a two-stroke lead over Sakura Koiwai, who outshot Saso and Ayaka Furue in the featured flight of early leg winners on the Ladies Professional Golf Association (LPGA) of Japan Tour.

Koiwai, winner of the Golf5 Ladies, carded a bogey-less 66 behind behind a superb iron game that earned her birdies from close range.

LPGA Tour veteran Momoko Ueda found her stride after two forgettable finishes and marked her start with five birdies against a bogey for a 68 and a share of third place with Erika Hara.

Kokone Yoshimoto carded a 69 to tie Aya Kinoshita, Mizuki Tanaka and Sayaka Takahashi for fifth and Lala Anai fired a 70 for joint ninth with six others in the Y112.5 million tournament.

The International Container Terminal Services Inc.-backed Saso had trouble with her putts and canned only with two birdies against three bogeys, the last on the par-three 17th for a 36-37.

She shared 36th place with 17 others, including Nagamine, Furue, 16-time JLPGA winner Ai Suzuki and last year’s runner-up Eri Okayama, in the 120-player starting field.

“The CHED investigation is on possible violations of CHED advisories. It’s not connected with any law and order issue or violations of local government rules,” he said.

The University Athletic Association of the Philippines (UAAP), which indefinitely banned Ayo from all its activities, was mum on the Sorsogon report, but Dean Francis “Kiko” Diaz of the University of the Philippines College of Human Kinetics said the league is not dependent on the PNP recommendation.

“For now, the indefinite ban on Ayo stays,” said Diaz, a member of the UAAP board.

LAKERS IN EASY GAME 1 VICTORY

PBA coaches racing against time in bubble HILIPPINE Basketball Association (PBA) coaches are squeezing in 10 days everything that their teams lost in seven months as the Clark bubble went full throttle on Thursday with the league announcing that the first round of swab tests yielded negative results.

Magnolia, Meralco, Phoenix Super LPG, TNT Tropang Giga and Terra Firma began practice at the Angeles University Foundation Gym, holding 5-on-5 games and scrimmages for the first time since the Covid-19 lockdown in March.

“We only have 10 days to bring them back to game shape,” Magnolia Coach Chito Victolero said. “Their condition so far is not normal because they haven’t played for many months. But they’re glad that finally they’re back on the court.

Meralco’s grand slam-winning Coach Norman Black said it’s a race against time in the bubble.

“It’s definitely a challenge, the fact that we got off for too long, and we have a limited practice time,” Black said. “I think in this kind of situation, everybody is facing the same type of challenge—no team has no disadvantage or advantage.”

For starters, Victolero and Black engaged their players in a lot of skills training, shooting and whole court plays that they cramped in two hours, the training time allotted for each of the teams at the gym.

“I don’t think a lot of guys will put something new. They will continue what they already know,” Black added.

“Half of my players are [off timing], while others are catching up very well,” Terra Firma Coach John Cardel said from the lobby of the Quest Hotel inside the freeport zone where the entire PBA entourage is billeted.

Northport, NLEX, Blackwater, defending champion San Miguel Beer, Barangay Ginebra San Miguel, Rain or Shine and Alaska take their turn to practice on Friday, the same day the results for the second round of virus tests would be released.

The Philippine Cup restarts on October 11 also at the Angeles University Foundation Gym.

concluded that Año brought the players to his farm in Barangay Capuy, Sorsogon City, to plant trees, harvest rice and tend to his piggery—while playing basketball in a makeshift court inside his house on the side.

De Vera, meanwhile, told BusinessMirror that the CHED’s ongoing investigation of Ayo is independent from the Sorsogon PNP’s inquiry.

“The CHED won’t rely on the result of the police investigation,” De Vera said in a text message, adding the agency has its own investigation procedure and is autonomous from any other body.

KARATEKA James de los Santos is closing on the world No. 1 ranking in e-kata series.

S

O who says competing in an online karate kata event should be easier than vying in a live competition?

Not James de los Santos, who is currently No. 2 in the e-kata world rankings with 12 gold medals tucked in his belt so far in the ongoing global series.

“In live competitions, you only perform once and the judges evaluate you on the spot afterwards,” de los Santos, a former national team member, told BusinessMirror. “In virtual competition. you can do as many takes as you want before submitting your routine [taped video], thus giving you the opportunity to perfect your performance.”

But the judges, de los Santos said, also have the privilege to scrutinize your routine over and over again.

“They [judges], too, have that opportunity to view your video many times, looking for flaws and mistakes,” he said. “So

there’s really no advantage.”

Athletes are evaluated based on two criteria—technical aspect covering proper delivery of technique, proper stances and proper form; and the other is athleticism where the judges look for power, speed, balance and flexibility.

Deadlines are set for the athletes to submit their videos. They are allowed to be physically coached by their sensei, too.

“In my case, because my coach is in Japan, we work together online,” said de los Santos, referring to his mentor, Masa Saito of the International Shotokan Karate Federation.

De los Santos video tapes his routines at the Maharlika Karatedo Kai of the Philippines Incorporated Hondu dojo in Quezon City through his former national teammate, Guierby Lacorte.

De los Santos nailed his 12th gold medal— beating Nejc Sternisa of Slovenia, 25.2-23.7—at the recent Venice Cup 2020 to push closer to world No. 1 Eduardo Garcia of Portugal.

With 8,110 points, he is 465 points behind Garcia (8,575). To be the world No. 1, de los Santos must top the Okinawa World Series and First Euro Grand Prix E-Tournament.

The virtual tournaments is organized by the SportData, the official tournament organizing software of the World karate Federation.

“I’ll keep pushing,” said de los Santos, who admitted he prefers competing before a live audience.

“With the crowd in the stands, the thrill is different. The cheers of the fans inspires you more,” he said. “But because of the [Covid-19] pandemic, we need to go with the flow.”

Annie Abad

AKE BUENA VISTA, Florida—LeBron James finally got an easy Game One in the National Basketball Association (NBA) Finals.

A very easy one, at that.

Anthony Davis scored 34 points, James had 25 points, 13 rebounds and nine assists and the Los Angeles Lakers rolled past the Miami Heat, 116-98, on Wednesday night.

“The bigger the moment, he’s just raising his play,” Lakers Coach Frank Vogel said about Davis, who was making his finals debut and made it look easy.

The Heat left beaten and battered. Point guard Goran Dragic left in the second quarter and, a person with knowledge of the situation, said he was diagnosed with a torn plantar fascia in his left foot—which obviously jeopardizes his availability for the rest of the finals. And All-Star center Bam Adebayo left in the third quarter after apparently aggravating a left shoulder strain.

“We’re much better than we showed tonight,” Heat Coach Erik Spoelstra said. “You have to credit the Lakers, and we’ll get to work for the next one.”

Game Two is Friday night.

Kentavious Caldwell-Pope scored 13 points, Danny Green had 11 and Alex Caruso finished with 10 for the Lakers. They returned to the finals for the first time in a decade and sent a very clear message.

James’s teams had been 1-8 in Game One of past finals, with losses in each of the last seven openers.

Not this one.

“We kind of picked it up on both ends of the floor,” Davis said.

Jimmy Butler fought through a twisted left ankle to score 23 points for Miami. Kendrick Nunn scored 18 points for the Heat, Tyler Herro had 14 and Jae Crowder 12.

“I, and we, are here for him,” Butler said about Dragic. “We know how much he wants to win, how much he wants to go to war and battle with us. And

obviously, we love him for that and we want him out there with us. But whatever the docs tell him to do, that’s what he’s got to do.... He’s got to take care of himself first.”

Adebayo was held to eight points in 21 minutes, and Miami went with subs for a fourth-quarter burst that turned a total rout into something only slightly more palatable in terms of final margin.

The Lakers did whatever they wanted. They outrebounded Miami 54-36, led by as many as 32 points, and made 15 three-pointers—a big number for a team that doesn’t necessarily count on piling up that many points from beyond the arc. They’re 21-3 this season when making at least 14 threes.

The only stretch that provided hope for Miami came in the first six minutes. The Heat scored on six consecutive possessions in what became a 13-0 run to take a 23-10 lead midway through the opening period.

So, the first six minutes were fine for Miami.

Everything else was all Lakers.

“You have to get a feel for how hard Miami plays,” James said. “They smacked us in the mouth and we got a sense of that.... From that moment when it was 23-10, we started to play to our capabilities.” AP

Motoring BusinessMirror

Henry Ford Awards Best Motoring Section 2007, 2008, 2009, 2010 2011 Hall of Fame

B8 Friday, October 2, 2020

Editor: Tet Andolong

Macalintal makes ‘noise;’ more masks from TMP

I

SUPPORT the recent “noise” made by Romulo B. Macalintal, requesting the Department of Transportation (DOTr) and the Toll Regulatory Board (TRB) to implement the law granting 20-percent toll discount to senior citizens (SCs) and persons with disability (PWDs) on skyways and expressways all the over the land.

The good lawyer has concretized his request through a letter he sent on September 28 to and received on the same day by DOTr Secretary and TRB Chairman Arthur P. Tugade.

Earlier, Tugade ordered that all toll booths of skyways and expressways be equipped with gadgets compliant with radio frequency identification (RFID) platforms by

November 2 this year.

It is a move to further reduce chances of virus spread via contactless procedures.

Citing provisions of the law on SCs and PWDs, Macalintal urged Tugade to “immediately” issue the corresponding circulars and directives to “all toll operators in the country as mandated by law” for the implementation of the 20-percent discount.

Macalintal said that Section 6.6, Rule 4 of the implementing rules and regulations (IRR) of RA 9442, provides that PWDs shall be entitled to “at least 20-percent discount on toll fees of skyways and expressways” provided the vehicle is registered in their names as owners thereof.

“The senior citizens are similarly situated with the PWDs,” said Macalintal. “Article 7 of the IRR provides that the SCs are entitled to 20-percent discount on public land transportation.”

Said Macalintal: “It is pursuant to the important role of the private sector in the improvement and welfare of seniors and to actively seek their partnership. The

toll operators will not be greatly affected financially by the grant of the said discount since only a fraction of these sectors have vehicles registered in their names.

Toll operators may also claim the discount as ‘tax deduction’ as provided for by law.”

He suggested that the discount be deducted from the total amount of RFID load or be added to the load he is credited with.

Macalintal is just being consistent. He’s been known nationally—if not internationally—as championing the cause of our senior citizens for so long a time now. Too bad he lost in the last senatorial elections.

But he remains undaunted. Always fierce in his advocacies. He ought to be backed up.

I’m sure Tugade will seriously look into the matter. He is a reasonable man. I should know. We’ve been golf buddies for so long. A true gentleman of the first order.

So that if he should relent in no time, no surprise there.

More face masks from TMP

TOYOTA Motor Philippines Corp.

(TMP) has donated yet again 5,000

face masks to further deter the spread of the Covid-19 pandemic.

The beneficiaries include Pulong Santa Cruz Barangay Hall, Pulong Santa Cruz Elementary School, and Toyota-City of Santa Rosa-Gawad Kalinga Village in Laguna; and, in Lian Fisherfolk Association in Batangas.

TMP’s production of face masks began in May, two months after the advent of the coronavirus, through the globally renowned Toyota Production System (TPS) that also triggered the local manufacture of the Vios and Innova, Toyota’s nowrenowned best-selling sedan and family van, respectively.

Toyota’s project team began its face mask production while members were housed inside TMP’s lodging facilities in Santa Rosa City, Laguna during the enhanced community quarantine (ECQ).

W hen Laguna was put under the more lenient general community quarantine (GCQ ) status in June, TMP ramped-up its 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.

Soon after, TMP President Atsuhiro Okamoto tossed in more safety protocols, saying: “Wear a mask as soon as you step out of the house. It is the law, not an option. Let us protect our workplace and fellow Team Members as we would protect our own home and loved ones.”

Today, TMP has made it a “new normal” to undertake and provide face mask distribution to Toyota dealers, GT Capital Holdings subsidiaries, government agencies and various local communities.

Anywhere, anytime, a kind heart beats.

PEE STOP Honda will commemorate its 30th year on October 8 by launching its book, Celebrating 30 Joyful Years of Honda’s Automotive Journey in the Philippines.… And the following day, October 9, Toyota will hold the E-Awards of the super successful GR Supra GT Cup Asia races. Cheers!

AC Industrials positions AC Hyundai completes ‘Power Trio’ with Class 3 DOTR Certification Motors for renewed growth H

A

C Industrials, Ayala Corp.’s wholly-owned industrial technologies arm and direct parent of the group’s vehicle distribution & retail dealerships division, AC Motors, announced organizational and executive movements today to position the latter to move past the current pandemic and prime itself for future growth. Moving forward, AC Motors will organize itself into two distinct businesses—automotive and motorcycle—to allow the group to capitalize on the unique growth opportunities in each sector.

Effective October 1, Antonio “Toti” Zara III will join AC Motors as president of its automotive business unit, which will house the portfolio of distributorships for the Kia, Volkswagen, and Maxus brands, and dealerships for the Honda, Isuzu, Kia, Volkswagen, and Maxus brands. Concurrently, Zara will serve as president of the different dealership companies of AC Motors.

AC Industrials Chairman and CEO Arthur Tan will continue to serve as Chairman and CEO of the various companies under the AC Motors’ umbrella.

Tan noted, “Toti brings with him 30 years of experience in the global and local automotive industry covering service, sales, and marketing functions. We welcome his experience and hope he can add fresh and innovative perspectives to help accelerate the strategies we have set forth and started in order to navigate this crisis and take advantage of the long-term trends that continue to

Arthur Tan drive the industry’s evolution.”

Manny Aligada will continue to serve as president of the Kia distributorship under the KP Motors Corp. while Felipe Estrella will likewise continue as president of Automobile Central Enterprise, the distributor company for the Volkswagen and Maxus distributorship businesses.

Dino Santos, meanwhile, will transition to lead and focus on AC Motors’ motorcycle group as it forges its own path as a major player in the two-wheel space. The motorcycle division currently houses the manufacturing, distribution, and retail operations of the KTM and Husqvarna brands.

YUNDAI Asia Resources Inc. (HARI), the official distributor of Hyundai Trucks and Buses in the country, received from the Department of Transportation (DOTr) the Certificate of Compliance (COC) for its HD50S Class 3 Modern Jeepney, marking another milestone in the company’s staunch support for public transport modernization.

With COC’s already given to Hyundai H-100 Class 1 and Hyundai HD50S Class 2 last year, this latest certification gives HARI the distinction of being the first and only brand with a full lineup of modern jeepneys that meet Philippine National Standards (PNS).

The Hyundai HD50S Class 3 Modern Jeepney, which first debuted in February this year, is powered by a 2.9-liter Euro 4-compliant CRDi engine that provides better fuel efficiency, reliability, and cleaner emissions. It is designed for enhanced stability and power-to-weight ratio, boasting a 3,415-millimeter wheelbase.

The vehicle also features roof-mounted air conditioning, AFCS, Wi-fi, GPS tracking, CCTV cameras, 7-inch monitor, and speed limiter. It can accommodate 22 seated passengers as well as up to 10 standing commuters.

S i n ce t h e n , H y u n d a i ’s n e w co m m u te r workhorse has been field-tested almost on a daily basis in support of the government’s Covid-19 mobility programs.

“The pandemic has stressed the need to modernize and fortify public transport in the country. Using our modern jeepney platforms, we

were the first to roll out Ligtas Biyahe [Covid-ready] variants that were utilized and proven effective in the government’s Libreng Sakay for frontliners. We need to reach a critical mass so we can keep the majority, if not all, of the riding public safe and secure,” HARI President and CEO Ma. Fe Perez-Agudo said.

The Hyundai Modern Jeepney’s Ligtas Biyahe variant boasts of the most stringent safety

features, such as contactless payments, social distancing with individualized seating, and plastic dividers.

Since their launch last year, HARI has been receiving numerous orders for the Modern Jeepney shuttles, not just from the country’s major transport groups, but also from private companies and LGUs.

“Filipinos require more mass mobility options to get to their workplaces, get essentials, and to reach out to their families in these trying times.

Gradually and with stricter protocols, public transport capacity must be increased to revive the economy. We strongly believe that Hyundai Modern Jeepneys can be part of that solution,” Agudo added.

Toyota rolls out first-ever hybrid crossover Story by Randy S. Peregrino

T

OYOTA Motor Philippines (TMP) has finally brought in its first-ever hybrid crossover in the lineup—the all-new Corolla Cross. The latest crossover combines Toyota’s signature QDR (quality, durability, and reliability) style and functionality. Its hybrid variant is a testament to Toyota’s vision of sustainable mobility, as well as to make self-charging hybrid technology more accessible to Filipinos.

Launched recently via an online launch event, the new Corolla Cross comes in two variants—1.8 V HV (Hybrid) and 1.8 G CVT. Also, it features the Toyota New Global Architecture (TNGA), and Toyota Safety Sense (TSS). “Guided by our philosophy of making ever-better cars, Toyota took the best of a trusted model, the Toyota Corolla, and turned it into a sleek and modern crossover,” said TMP President Atsuhiro Okamoto during the online launch of the new vehicle. “The Corolla Cross is designed to move you in comfor t and style, whether you’re seeking adventure, doing business, or simply spending time with people you love.”

B a s e d o n t h e c u r re nt g e n e rat i o n Co ro l l a p l a t f o r m , t h e n e we s t c ro s s o ve r h i g h l i g h t s a n i m p o s i n g d o u b l e t r a p e zo i d f ro n t g r i l l e p ro v i d i n g t h a t w i d e a n d s t a b l e p re s e n c e .

Exclusive to the hybrid variant is LED Light Cur tain Daytime Running Lights, a n d a s u b t l e b l u e a c c e n t to t h e b i - b e a m L E D h e a d l a m p s. S l e e k l i n e s r u n n i n g o n t h e f l a n k s d e n o te s t h at “ D o u b l e C ” p e r s o n a . Th e f ro n t e n d h a s a h i g h a p p ro a c h a n g l e a n d h i g h e r g ro u n d c l e a r a n c e — a d d i n g m o re f l e x i b i l i t y a n d re l i a b i l i t y t h a t i s p e r f e c t f o r t h e d y n a m i c l i f e s t y l e.

Inside the spacious, classy yet minimalist interior, seats are wrapped in premium leather material (hybrid variant). Aside from abundant head clearance and ample legroom, the thinner pillars and rear quar ter windows provide a better vantage point. There’s also a retractable tonneau cover at the rear trunk space for a more organized loading.

Feature-wise, there is Smar t Entr y with Pu s h St a r t Sy s te m , a u to - re t ra c t a b l e s i d e mirrors, speed-sensing door locks, rain-sensing windshield wipers (hybrid variant), and an e i g ht - way p owe r - a d j u s t a b l e d ri ve r ’s s e at (hybrid variant). Moreover, there’s the seveninch multi-information display (hybrid variant) and the touch-operated infotainment equipped with Apple Carplay and Android Auto functions (hybrid variant).

The hybrid variant is powered by a 1.8-liter gasoline engine with Atkinson Cycle designed for the Hybrid system. With its paired electric

Meet the all-new Corolla Cross.

Toyota Motor Philippines

motor, combined output is at 134 hp and 207 N-m of maximum torque. There are three driving modes (Eco, Power, and EV) to provide the driver with full control of fuel efficiency and per formance. The G grade, meantime, is motivated by a 1.8-liter 16-Valve DOHC,

four-cylinder with Dual VVT-I gasoline motor generating 138hp and 172 N-m of maximum torque. Both engines are mated to a continuous variable transmission (CVT).

D eveloped under TNGA, the Corolla Cross b o a s t s a n i m p re s s i ve 1 0 . 4 m c u r b - to - c u r b

turning loop. Like its sedan sibling, the Corolla Cross is fitted with MacPherson strut front suspension optimized for SUV struc ture. On the other hand, the rear suspension features a n a l l - n e w to r s i o n b e a m w i t h i m p ro ve d handling and reduced body roll. Fur ther, the

combined suspension setup, along with rigid body struc ture, ensures maximum stabilit y and comfor t.

Safet y-wise, both variants are equipped with seven SRS air bags, Anti-Lock Brake System with Brake Assist and Electronic Brake Force Distribution, Vehicle Stabilit y Control with Trac tion Control, Hill Star t Assist, and 3-point Emergenc y Locking Retrac tor (ELR) seatbelts. The hybrid variant gets t wo front and four rear clearance sonars, while the G grade has t wo in the rear, but the reverse camera is standard.

Exclusive to the Hybrid variant is the TSS feature equipped with Pre-Collision System (PCS), Adaptive Cruise Control (ACC), Lane Departure Alert (LDA), Lane Tracing Assist (LTA), and Automatic High Beam (AHB). Moreover, there are Blind Spot Monitor and Rear Cross Traffic Alert (RCTA). When enabled, this system detects vehicles approaching from the rear and blind spots and alerts the driver through visual and audio signals.

The 1.8 V HV (hybrid) is priced at P1.665 m i l l i o n ( P l at i n u m Wh i te Pe a r l M i ca ) a n d P1.650 million (Metal Stream Metallic, Red Mica Metallic, and Attitude Black Mica. The 1.8 G CVT, meantime, is valued at P1.3 million (Platinum White Pearl Mica) and P1.285 million (Metal Stream Metallic, Red Mica Metallic, and Attitude Black Mica).