BusinessMirror October 13, 2020

8-mo state infra spend dips 11.5% to ₧394.5B

S

TATE infrastructure spending from January to August plunged by 11.5 percent year-on-year or P51.4 billion due to “moderated implementation” of construction activities amid the Covid-19 pandemic.

The Department of Budget and Management (DBM) said government spending on infrastructure for the eight-month period dropped to P394.5 billion from P445.9 billion in the same period in 2019.

Despite this, overall government spending as of end-August grew by 20.8 percent to P2.672 trillion from last year’s P2.212 trillion due to higher maintenance spending and subsidy support to government corporations mainly for Covid-19 measures, and allotment and capital transfers to local government units as

THE northbound portion of a new elevated highway that will connect the southern and northern parts of Metro Manila is seen undergoing construction above the existing Skyway. The project is seen to relieve SLEx and the highly urbanized areas of Makati, Pasay, Taguig, Parañaque and Muntinlupa from heavy traffic. 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

a result of one-time Covid-19 Bayanihan grants and the releases of the annual block grant to the Bangsamoro Autonomous Region in Muslim Mindanao.

“The recorded growth for the said expense items, however, was slightly tempered by lower infrastructure and other capital outlays, and net lending. Infrastructure spending was lower year-on-year due to the payment of prior years’ accounts payables in the same period last year, and the moderated implementation of construction activities as a result of the lockdowns and restrictions brought about by the pandemic,” the DBM said in its latest report on national government disbursement performance.

This, as the government also suffered a 25.4-percent decline in state infrastructure

spending for the month of August to P44.3 billion from P59.3 billion a year ago.

According to the DBM, this was mainly because of the “unintended delays in construction activities as a result of the rainy season and the implementation of the two-week modified enhanced community quarantine in the National Capital Region and the nearby regions.”

Lower infrastructure spending and subsidy support to government corporations for the month partially offset the increases in maintenance spending, combined allotment and capital transfers to local government units, personnel services and debt-related expenses and tax subsidies. As a result, overall state spending for August only inched up by 0.4 percent to See “Infra,” 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

PHL SHELVES SAMURAI, www.businessmirror.com.ph

n

Tuesday, October 13, 2020 Vol. 16 No. 5

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

PANDA BONDS FOR 2020 VILLAR TO DA: WATCH FARMER CO-OPS IN RICE IMPORTATIONS

By Jasper Emmanuel Y. Arcalas

S

THIS boat docked in Barangay Siniguelasan in Bacoor, Cavite, serves the dual purpose of livelihood and study area for some students of Siniguelasan Elementary School on Sunday, as they check their modules as they prepare to go to school the next day. One student said they choose to study outside on a weekend because it saves on electricity, while being light and airy at the same time. NONIE REYES

T

By Bernadette D. Nicolas

HE Philippine government has already shelved its plans to issue renminbi-denominated Panda bonds and yen-denominated Samurai bonds this year as the Bangko Sentral ng Pilipinas (BSP) recently approved a P540-billion advance credit to help the government cover a budget deficit that swelled on the impact of the Covid-19 pandemic.

National Treasurer Rosalia V. De Leon confirmed this on Monday to reporters, saying there would be “no more” borrowing through Panda and Samurai bonds slated for the year.

However, De Leon said they will still push through with the second Premyo bond sale this year.

Sought to clarify how much was the government eyeing to raise from the issuance of Panda and Samurai bonds this year, De Leon said: “No amount yet for Panda and Samurai.”

To recall, De Leon said in March that the government would not be issuing Panda bonds, particularly

EN. Cynthia A. Villar told the Department of Agriculture (DA) on Monday to keep an eye on farmers’ cooperatives that are importing rice, as they may be used as fronts of unscrupulous traders to avoid taxes.

In a Senate Committee on Finance subcommittee “B” hearing on Monday, Villar raised the issue on the number of farmers’ cooperatives that are importing rice today.

She asked the DA if it is “right” that cooperatives are importing rice without tariffs.

“There are a lot of co-ops importing rice again. Is that right?

Cooperatives importing rice without tariffs? Ha? Is that right?

Ha?” she asked the department, represented by Agriculture Secretary William D. Dar and Undersecretary Ariel T. Cayanan, during the virtual hearing.

Cayanan responded that cooperatives that are importing rice are slapped with tariffs, based on their communications and earlier verifications with the Bureau of Customs.

However, Villar asked the DA officials to validate the information, citing her experience in the last administration wherein cooperatives were used as fronts of traders in rice importation.

“You validate that. What I know is that cooperatives are free of tariff. Clarify that,” she said.

Villar recalled that she paid the bail of some members of farmers’ cooperatives, who were fronts of traders in rice importation, and were jailed for smuggling in the last administration.

“Traders were using co-ops as a front to import rice. They just give the co-ops a small share then they also smuggled in addition with their rice importation permits,” she recalled.

“Some were caught. The co-ops were jailed in the last administration. I had to pay their bail because they asked for my help,” she added.

The BusinessMirror broke the story last year that unscrupulous rice traders continue to use some cooperatives and farmers’ organizations as “dummies” or “fronts” even after the liberalization of the industry.

(Read this award-winning Broader Look story: https://businessmirror.com. ph/2019/10/31/pre-and-post-rice-trade-liberalization-law-big-traders-gaming-farmergroups/) See “Villar,” A2

See “Bonds,” A2

‘Work from home to stay beyond pandemic’

By Cai U. Ordinario

T

HE end of the pandemic will not necessarily lead to the end of work-from-home arrangements, according to an expert from the Asian Development Bank (ADB).

In an Asian Development Blog, ADB Senior Economist Paul Vandenberg said work-fromhome arrangements may continue in the new normal in light of the economic benefits to both workers and firms.

In developed countries, Van-

denberg noted that recent estimates showed 35 percent to 45 percent of jobs can be done at home in developed countries. The share only declines to about 10 percent to 30 percent in developing countries.

“The only certainty is that Covid-19 has made us aware of the possibilities—and consider the implications for costs, productivity and work-life balance.

More office workers and employers may see it as a doable work option and use it more frequently. How frequently is the key unknown,” Vandenberg said.

PESO EXCHANGE RATES n US 48.3080

Given the advantages and disadvantages of work-fromhome arrangements, Vandenberg listed three possibilities for the new normal.

Of these possibilities, the reversion to old normal could happen in developing countries, while the blended new normal would likely happen in developed countries.

The hybrid model or the blended new normal would be adopted by developed countries in various forms. This may also lead to threeday work weeks or allowing work from home three days a month.

However, due to small living spaces in developing countries, reverting to the old normal may be more common.

“We might also conjecture that developing countries might be more likely to revert to the old normal than developed countries,” Vandenberg said.

“This may be because housing is more cramped and in poorer condition in the developing countries; there may be more family members around who create distractions, and the status of See “Work,” A2

A NEW attraction on the coastal side of Baseco in Tondo, Manila, will be launched on October 13, and will be called Baseco Baywalk. NONIE REYES

n JAPAN 0.4569 n UK 62.9550 n HK 6.2334 n CHINA 7.2175 n SINGAPORE 35.6543 n AUSTRALIA 34.9074 n EU 57.0856 n SAUDI ARABIA 12.8801

Source: BSP (October 12, 2020)

News BusinessMirror

A2 Tuesday, October 13, 2020

Bonds…

Continued from A1

for the rest of the first semester of the year, on the back of the Covid-19 outbreak. Back then, she said the government intends to raise $1 billion from the issuance of yendenominated Samurai bonds on top of the $1-billion to $1.5-billion dollar bond issuance.

In April this year, the government raised $2.35 billion or about P119 billion when it tapped the dollar bond market.

In 2019 the government raised 2.5 billion renminbi or P19 billion from its second Panda bond issuance; and ¥92 billion or P44.3 billion from its Samurai bond sale.

www.businessmirror.com.ph

Senate okays San Miguel Aerocity project in Bulacan

Full award

IN a related development, the Treasury also fully awarded P20 billion in Treasury bills in Monday’s auction as rates dropped across all tenors.

De Leon traced the decline in rates to the fact that “monetary stance remains accommodative and inflation outlook continues to be benign.”

The auction was oversubscribed with total bids reaching P79.9 billion, almost four times the offering.

The 91-day T-bills fetched an average rate of 1.088 percent, 2.8 basis points lower than the previous average rate of 1.116 percent. Bids for the tenor reached P20.910 billion, four times the P5-billion offer.

For the 182-day T-bills, the average rate settled at 1.598 percent, dipping by 0.2 basis point from 1.6 percent previously. Tenders for the tenor amounted to P24.286 billion, equivalent to more than quadruple the P5-billion offer.

As for the 364-day debt papers, the tenor’s average rate slid by 0.7 basis point to 1.793 percent from 1.8 percent in the previous auction. The security also attracted total tenders of P34.712 billion, more than thrice the P10-billion offer.

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

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

NEW Manila International Airport exterior design study. FACEBOOK.COM/NMIAPH

T

By Butch Fernandez

HE Senate on Monday approved on final reading legislation granting a 50-year franchise to San Miguel Aerocity Incorporated, a subsidiary of San Miguel Corporation, to put up a domestic and international airport in Bulacan.

Embodied in House Bill 7507, the San Miguel Aerocity got the green light from senators to operate a new major airport with com-

CERTIFY AS URGENT NEW ANTI-RED TAPE BILL, PRRD ASKED

By Samuel P. Medenilla

Infra… S Continued from A1

P283.3 billion from P282.2 billion in the same month last year.

For the rest of the year, the DBM expects state infrastructure spending to “remain muted” with the discontinuance of some capital outlay projects which can no longer be implemented or completed due to the pandemic in line with Republic Act 11469, or the Bayanihan to Heal As One Act. “Construction works have also been slowed down by the lockdowns for most of the second quarter, the restrictions following health and safety protocols, as well as the weather conditions in various parts of the country. Nonetheless, both the Department of Public Works and Highways and the Department of Transportation remain committed to accelerate implementation and make most of the remaining months of the year to complete or partially complete priority projects,” it said.

Bernadette D. Nicolas

plete facilities, over objections from some fiscal watchdogs who frowned on the “generous” incentives embedded in the franchise. It

has been billed as literally a sprawling new mini-city.

The enabling legislation required San Miguel Aerocity authorities to ensure it will be run in the “safest and best way” for the convenience of travelers arriving and departing from the Bulacan airport, which proponents had said would decongest Manila’s crowded airports while spurring develop-

ment in Central Luzon.

The legislation provides that for the first 10 years while the airport is being built, the aerocity company will be exempted from paying direct and indirect taxes.

Moreover, for the next 40 years it will be exempted from income and real-estate taxes until San Miguel Aerocity recoups its investment.

After 50 years, the San Miguel Airport will be turned over to the government.

Estimates pegged at P740 billion the investment needed to put up the new 2,500-hectare airport facility in Bulakan, Bulacan.

According to Sen. Grace Poe, who chairs the Senate Committee on Public Services that sponsored the San Miguel Airport’s franchise application, its construction alone is expected to create 450,000 jobs.

ENATE Majority Leader Juan Miguel Zubiri on Monday asked President Duterte to certify as urgent the new bill which will further reduce government red tape and help spur the country’s economic recovery.

Zubiri relayed the request to Executive Secretary Salvador C. Medialdea during the budget hearing of the Office of the President and the Presidential

Management Staff in the Senate on Monday.

“Maybe it could be certified because we want to pass it this week. This is what he was asking for,” Zubiri said.

Medialdea said he will act on the Zubiri’s request.

Zubiri sponsored Senate Bill 1844, an Act Authorizing the President to Expedite the Processing and Issuance of National and Local Permits, Licenses and Certifications in Times of National

SC asked to intervene in detained mom’s case Continued from A8

However, in a ruling issued last July, the Court passed the issue to the respective trial courts where the petitioners’ cases were pending, treating the lawsuit as an application for bail, or recognizance.

Nasino’s lawyers said she “pleads and begs this Honorable Court to immediately give her the

decent and humane chance to be with her baby daughter, whom she was not able to comfort and hold while in sickbed up to her dying hours, for the last time, and to properly grieve over her tragic and untimely passing.”

“She prays for true compassion and mercy that any inconsolable mother in deep sorrow needs,” they added.

Nasino is facing illegal possession of firearms and explosives charges and is currently detained at the Manila City Jail Female Dormitory.

She was pregnant with River when she was arrested on November 5, 2019, and gave birth on July 1. Joel R. San Juan

Emergency.

Once passed into law, it will institutionalize granting emergency powers to the President to expedite government processes during national crisis.

Last month, President Duterte urged members of the House of Representatives and the Senate for a new law that will further minimize red tape to fast-track the country’s economy to recover from the effects of the Covid-19 pandemic.

During the same hearing, the Senate Committee on Finance approvedthe“elevation”oftheproposed 2021 budget of the Office of the President and the Presidential Management Staff to the plenary “with favorable recommendation and possible augmentation at the proper time.”

For next year, the Office of the President asked for a P8.24billion budget, while the Presidential Management Staff requested for a P715-million budget.

Senators grill DND on telco towers, cybersecurity issues Continued from A8

Lorenzana further assured the panel: “So, Mr. Chairman, our security people in the Armed Forces of the Philippines studied this well, and they called in experts, and it is very difficult actually for this company to eavesdrop on the security operations of the AFP all over the country.”

Nonetheless, Lorenzana promised to “submit the MOA to the Senate, Mr. Chairman.”

Cyber attacks

AT the same time, Lorenzana said the Duterte administration has set aside P500 million in the defense budget for 2021 to counter any cyberattacks that will threaten the country.

Asked by Hontiveros if the multimillion funding for cybersecurity included long-range drones, Lorenzana replied there was no need to do so, as the government

already acquired drones that were recently delivered, adding: “our people are examining them now, and maybe very shortly we will be using them all over the country, including the West Philippine Sea.” The infrared drones acquired from Israel were worth P4 billion, he added.

“This P500 million that we are allocating for 2021 are only software and hardware for cybersecurity, Mr. Chairman,” Lorenzana told the committee, adding that “we are actually now capable of developing drones, only the small ones; their loiter time in the air is about 30 minutes to 1 hour, but we have not yet acquired the technology that will carry the bigger cameras and can loiter around in the sky for about 24 hours. That capability is foreign, but if we can bring in the technology, I think our scientists and engineers are capable to develop or make these drones.”

Villar…

Continued from A1

Invoke SPS powers

VILLAR, who chairs the Senate Committee on Agriculture and Food, told the DA to invoke its powers to manage or even limit rice importation in the country to avoid having an oversupply.

“Why is our importation 2.5 million metric tons? If you calculate our shortage, it is not that big.

You can tell the one issuing the import permits that importers should not import that huge volume,” she said.

“You can always invoke SPS [sanitary and phytosanitary] permit to lessen [importation],” she added.

Cayanan responded that such is precisely what the DA—through the Bureau of Plant Industry (BPI), the agency tasked to oversee rice importation under the liberalized regime—is doing right now to avert an oversupply which could lead to further declines in prices.

At the hearing, Cayanan disclosed that rice imports this year would only reach 2.1 MMT, making the Philippines just the second largest rice importer behind China.

“We will not be the largest rice importer?” Villar asked the DA. “We will not be ma’am,” Cayanan responded.

The United States Department of Agriculture (DA) earlier projected that the Philippines is poised to become the world’s largest rice importer for three consecutive years next year since overtaking China in 2019.

The BusinessMirror broke the story on Monday that over 2,000 sanitary and phytosanitary import clearances (SPS-IC), representing some 1.9 million metric tons (MMT) of rice, have expired as traders were unable to use the permits beyond the 60-day deadline.

In the same story, this newspaper reported that the DA-BPI only issued 14 SPS-ICs for 14,463 MT of rice to eligible importers for the month of September.

The BPI-NPQSD told the BusinessMirror that it did not suspend the issuance of SPS-IC for rice imports and that it was “managing” the schedule of arrival “to prioritize the distribution of local palay/rice.”

“BPI also conducted a series of meetings with rice importers regarding this matter and has received a commitment that the importers will also manage their importations,” the agency said.

Cayanan revealed that the remaining unused SPS-ICs by eligible rice importers could still cover about 100,000 MT.

Work…

Continued from A1

‘going to the office’ might be more pronounced,” he added.

Vandenberg said working from home benefited workers through reduced to no commuting time to go to work, while employers were able to maximize their employees.

Working from home also led to reduced rental costs, allowing firms to transition to digital spaces, reducing the need for physical space.

Vandenberg said through work-from-home arrangements, employers can implement workspace-sharing agreements, such as sharing desks.

This was made possible by laptops, shared file storage and the paperless office, which was used by more firms to continue operating during the pandemic.

However, it has also caused many difficulties, such as the distractions and diversions in a workfrom-home setting, which was absent from the office setting, thus boosting worker’s productivity.

Employees also encountered challenges in creating demarcations between their home and work lives, while managers had a difficult time monitoring employees.

www.businessmirror.com.ph

The Nation BusinessMirror

HNP supports term-sharing accord for House leadership–Mayor Sara

By Manuel T. Cayon @awimailbox Mindanao Bureau Chief

D

AVAO CITY—This city’s Mayor Sara Duterte-Carpio said Marinduque Rep. Lord Allan Velasco visited her here last week to seek her support over the tussle for speakership of the Lower House.

“He intimated that there will be a speakership vote and he sought for my help as the chairperson of HNP [Hugpong Ng Pagbabago] with regard to the votes of the three HNP congressmen from Davao region,” Duterte-Carpio, daughter of President Duterte, said in a news statement issued on Monday.

She stressed Velasco “came to Davao City to personally meet me and discuss the HNP.” “I told him that HNP was created to propel unity and development in Davao region and assist the administration of President Duterte,” Duterte-Carpio said.

The mayor said she “emphasized” to Velasco that HNP would respect the term-sharing agreement as ordered by the President last year and “reiterated” to Velasco “that the party fully supports Presidential Proclamation 1027,” which schedules a special congressional session from October 13 to 16.

Duterte-Carpio issued the statement after a social-media post showed her and Velasco in a photograph in Davao City. The mayor also just came back from a weeklong medical leave.

Curfew reimposed anew

MEANWHILE, the mayor reimposed a night-to-dawn curfew here until December 31 this year for several reasons, including the slowing down of transmission of Covid-19 and giving more elbow room to security forces to pound on criminal and terrorism activities.

Executive Order 55, “an order imposingcurfewandregulatingotheractivities until December 31, 2020,” was signed and issued on Monday to reimpose the curfew from 7 p.m. to 5 a.m.

She said the curfew would like to pick up from many accounts of Covid-19 patients that they likely got their infection after work, and to help slow down the transmission that may be likely spread anew “due to afterwork non-essential activities during the Christmas season.”

The EO said the reimposition of curfew would also give security forces more muscle flexibility to ward off criminality, increase surveillance, especially on coastal areas, which have been the recent places of smugglers to drop off illegal drugs.

The intelligence work must also heighten as the city remained one of the likely targets for terror attacks, she added.

A ban on the sale of liquor is also imposed during curfew hours.

Exemptions would be granted to medical personnel, workers in companies whose work shift goes way into the curfew hours, persons in subsistence and economic fishing activities, and those needing emergency treatment.

Editor: Vittorio V. Vitug • Tuesday, October 13, 2020 A3

DND chief: PHL still lacks ‘credible’ defense posture

D

By Rene Acosta

@reneacostaBM

EFENSE Secretary Delfin N. Lorenzana has admitted that the military is yet to attain the so-called minimum defense posture requirement for the country, even as he supported the call of Sen. Imee Marcos for the creation of maritime militias similar to the paramilitary units deployed by China to the West Philippine Sea (WPS).

The defense chief and top military officials appeared before the Senate Committee on Finance on Monday to defend the proposed 2021 budget of the Department of National Defense and its attached agencies.

“We are not yet at 25 percent,” sa id t he defense c hief when Marcos asked at what stage the militar y is already positioned in its defense posture in relation to its ongoing capability

upgrade program.

“You are scary,” Marcos said in reply to Lorenzana’s answer.

“That’s true Mr. Chairman,” the defense secretary said, this time addressing his answer to Sen. Panfilo Lacson, the committee vice chairman.

Lorenzana explained that the country can say that it already has a minimum defense stance when it can protect its interests and “ward off ” intruders in its

territory, especially in the WPS where Beijing has maintained its presence through its fleets of swarming maritime militias.

“We really do not have assets to face armed intruders into our territory,” he lamented, adding that the country must need to develop its maritime, air and land defense systems, as well as a joint command and control system in order to put up a credible posture.

“Even if we have ships, they do not have armaments,” the defense chief said.

Lorenzana’s statement solicited a reaction from Lacson, who noted that since the militar y is already in its second phase of its modernization program, the Armed Forces of the Philippines should have at least increased its capability.

The military is implementing its modernization under three phases dubbed as Horizons 1, 2 and 3, with the second phase covering 2018 up to 2022.

The absence of a credible posture also forces Lorenzana to candidly admit that the military cannot defend the country’s territory, especially with its current inventory of assets.

“Until we get the armaments for the two frigates, we do not have the posture to defend our territory,” he said referring to the two brand-new South Korean frigates, one of which has already been delivered.

T he defense chief said the militar y a lso plans to acquire at least f ive cor vet tes, w it h South Korea stil l as the possible source and si x offshore patrol vessels.

With Lorenzana’s admission of the “incapable” state of the military to defend the country’s stakes, especially in the WPS, Marcos proposed that the defense department form a Chinese-like maritime militia, which the defense chief admitted, was being used by the “other side” in the territory that it claim.

Lorenzana said that he would order the Navy to study the “good proposal.”

Stil l, Lorenzana said, “ We have effor t to develop similar assets but we do not have assets [ boats] to operate in our ter r itor y.”

Marcos however said: “Whether we have boats or not, the least we can do is to train and develop our fishermen.”

A4 Tuesday, October 13, 2020 • Editor: Vittorio V. Vitug

Economy BusinessMirror

Drop in palay price prompts group to seek P36-billion aid for farmers

By Jasper Emmanuel Y. Arcalas @jearcalas

A

N umbrella agriculture industry group has raised the issue of the low prevailing palay prices to President Duterte and asked the Chief Executive to subsidize farmers’ produce worth P36 billion as harvest peaks.

The Samahang Industriya ng Agr ikultura (Sinag ) w rote to President Duterte on October 12 to bring to his attention the “dire situation” of Filipino rice farmers “who are facing low prices” for their freshly harvested palay at P11 per kilogram (kg).

The letter added that dry palay

is being bought at P14 per kg to P15 per kg.

“The low prices of palay means that our farmers will not be able to recoup their farm expenses during this cropping period, and may force them to stop planting palay for good,” the letter read.

The group’s appeal was made while local palay harvest is now in full swing.

“Instead of recognizing these realities, Agriculture Secretary William Dar unfortunately chose to claim that palay prices are averaging P18 per kg in Central Luzon and P19 per kg in Cagayan Valley,” the group argued.

The group said even the rice

milling industry is “on the verge of collapse” as they cannot afford to purchase palay at P17 per kg due to “deluge” of imported rice that is “flooding” the domestic market.

The group proposed that the President direct the Department of Agriculture (DA) to subsidize local palay farmers at P4 per kilogram for a total of P36 billion.

“Our expected total harvest for this cropping period is 9 million metric tons of palay [9 billion kilos x P4 pesos—P36 billion],” the letter read.

“This way, we can help both our rice farmers and the local milling industry,” it added.

Earlier, Dar appealed to rice trad-

ers and importers to be “patriotic” and stop importing during local harvest season so that palay prices would not be depressed.

Dar said they have already talked to rice traders and importers through the Department of Agriculture’s Bureau of Plant Industry (BPI) to stop bringing in rice shipments during October and November, the peak of the local palay harvest.

Dar added that they have asked traders to not take advantage of the Covid-19 pandemic to make profits and instead help farmers to earn more in these trying times.

“So…they should have patriotism during this pandemic. Let’s help each other for our rice farmers,” he said.

As closed fishing season nears, govt urged to push tilapia, bangus consumption

A

N agriculture advocacy group urged the government to promote the consumption of aquaculture products, such as tilapia and bangus, in light of the anticipated domestic shortage of small pelagic fishes like galunggong.

Tugon Kabuhayan said aquaculture could help fill the supply gap caused by the upcoming closed fishing seasons for galunggong.

Tagon Kabuhayan said they do not oppose the importation measure of

the government as it is a strategy to ensure sufficient fish supply and ultimately stabilize prices during closed fishing seasons.

However, the group emphasized that the government should also promote the consumption of other fisheries, such as tilapia and bangus that are produced through aquaculture.

“What we are saying is there is an opportunity for the part of the local producers to fill in the gap,” the group said.

The closed fishing seasons which will start on November 1 in Palawan; November 15 in Visayan Sea, and December 1 in Zamboanga, would result in the loss of 10 percent of total galunggong and mackerel supply equivalent to about 30,000 metric tons to 50,000 MT. The group also urged the consumers to patronize tilapia and bangus to help aquaculture producers who are suffering from low prices due to increased production.

The group explained that consumers

prefer galunggong over other fisheries products due to taste but argued that tilapia and galunggong have the same protein content. It added that tilapia prices right now of about P110 to P130 per kilogram is cheaper than galunggong prices of P140 to P160 per kg.

Earlier, Agriculture Secretary William D. Dar said the country will import small pelagic fishes, which includes galunggong, in the next few months to plug the shortfall in domestic supply.

Jasper Emmanuel Y. Arcalas

www.businessmirror.com.ph

Drilon notes AFP budget ‘underspending’ as Gapay defends P28-B modernization

By Rene Acosta @reneacostaBM

A

RMED Forces of the Philippines (AFP) Chief of Staff General Gilbert Gapay defended the P28-billion military modernization fund under the proposed budget of the Department of National Defense (DND) and its attached agencies for next year, saying the amount is needed to sustain the military’s capability program and meet its continuing financial obligations under previously acquired projects.

The top military chief itemized upcoming procurement and financial obligations as Senate Minority Leader Franklin Drilon questioned him over what the senator called as the AFP’s “capacity to disburse,” noting that out of the appropriated P25-billion modernization fund under the current budget, only about 60 percent has only so far been utilized.

According to Drilon, only about P16 billion of the P25 billion that was allocated for this year’s modernization use of the AFP and its major armed services was spent for this year, although the upcoming appropriation is just more than two months away.

Sen. Imee Marcos, on the other hand, noted that projects, or spending under the military modernization program, keeps on appearing in the list, even citing a report from the Commission on Audit, which showed that only five out of 23 projects by the Navy that have been funded for years were delivered, or accomplished.

For next year, the military has proposed an allocation of P38

billion for its modernization program, P25 billion of which would be coming from the General Appropriations Act. According to Defense Secretary Delfin Lorenzana, who was joined

by Gapay and other military officials in defending the Department of National Defense’s budget before the Senate Finance Committee on Monday, the P38 billion include the P5 billion that the military counts as its share for this year from the Bases Conversion and Development Authority (BCDA).

Lorenzana said during the budget hearing presided by committee vice chairman Sen. Panfilo Lacson that they were also hoping to get another P2 billion from the BCDA as the military’s share for 2021.

Gapay said that the proposed modernization allocation for next year will support “pressing” AFP programs, including the continuing procurements for the Army, Air Force and the Navy, and to support the military’s anti-Covid-19 response.

For one, he said the money will fund the multiyear obligation contracts that it has entered into with the sources of some of its acquired assets and equipment, especially their second and third tranches of payments, and will fund the procurement of aircraft, naval assets and land combat assets.

It will also support the operationalization of the Army’s 11th Infantry Division based in Sulu and the acquisition of night fighting systems of the Army, as well as beefing up the cyber warfare capability of the whole military.

Are we too young, or old enough?

D

By Henry J. Schumacher

APHNE S. SAGUN, a BA Communications student at Pamantasan ng Lungsod ng Maynila, wrote a great story about what parents tell their kids in YOUNGBLOOD in the INQUIRER. We all remember being told those phrases by our parents again and again. You are too young to understand how this world really works, but you are old enough to be the responsible one in the house, look after your younger siblings, decide on the career you want, or what kind of job you want.

Her story really inspired me, going back to my childhood, how my parents treated me and whether I was a better father to my kids (I fear I was not).

Daphne was right when she said about the older generation: “I understand that you have lived far longer than me. But the world is no longer the one you grew up in.”

What we are seeing in business today is that some managers are “getting too old” to get along with the younger generations from millennials to centennials that have entered/are entering employment now. Both groups have very different expectations about life and about the way they want to work and the freedom they want in making decisions.

Even up to today, many companies/managers believe in a strict hierarchy and that decisions are made at the top and then are cascaded and implemented down the chain of command.

But in the digital age, where changes are happening at lightning speed, the organizations—ultimately

its people—have to be more dynamic; decisions are to be made faster to avoid that the company falls by the roadside. In this kind of a scenario, it is imperative for companies to develop a dynamic workplace where decisions need not always come from the top. It is likewise ideal for the individuals to be able to work well in groups that can cut across disciplines and can be formed and reformed to specific needs.

I hear many companies complain about the unrealistic expectations of millennial workers and that millennials are sometimes difficult to manage and likely to quit at a moment’s notice.

It is time for leaders of organizations to stop debating the millennial problem, hoping that this supposedly exotic flock will get along with the programs and processes. Instead, I feel, they should see how questions and challenges from their younger employees can spark action to help their companies change for the better. It’s easy to say that young people haven’t matured enough to resign themselves to the reality of what’s possible. Yet, the young ones are asking an important question: “Why does it have to be this way?” In the process of listening, leaders will soon realize that young people want the same things we all do.

Young professionals don’t want to be patronized; young people don’t want to be told what to do; they love to be given the chance to solve problems. We have seen in hackathons that these young groups are coming up with surprising and workable solutions.

We need the right combination of high-tech and high-touch in human relations to attract and keep the right people.

Regarding centennials, it is important to realize that they are socially and environmentally conscious. As such, companies need to show they are good corporate citizens and are contributing to the welfare of society to get most support. The young people don’t want to work for companies that are not in compliance with good governance. Integrity is a must!

Let us realize: The young ones want to become the biggest asset of our company; we like that; In dealing with them, be brave and think out of the box; Dream jointly, inspire a team, be different, question everything, take a risk and lead change.

And remember, the best way for an organization’s competitive edge is through the innovation of its people.

Let me close with Daphne’s conclusion of her exciting column: “We are not against you. We are with you in desiring a better place for all of us to live in. We are trying to take charge of our future. All we ask is for you to respect us, like you expect us to respect you. If the youth aren’t allowed to think for themselves, how will they learn?”

Feedback is welcome; I can also send you a copy of Daphne’s column if you are interested; you can contact me at hjschumacher59@gmail.com

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

The World BusinessMirror

CHINA’S INSISTENCE THAT TAIWAN ISN’T A COUNTRY STARTS BACKFIRING

T

HE more China tells the world that Taiwan isn’t a country, the more Beijing’s adversaries are starting to treat it like one.

Before celebrations for Taiwan’s National Day on Saturday, Beijing’s embassy in New Delhi was reported to have issued a letter telling India’s media not to refer to it as a country or to Tsai Ing-wen as its president.

Indians responded by helping the hashtag #TaiwanNationalDay go viral while banners with the Taiwanese flag were hung outside the Chinese embassy.

“Hats off to friends from around the world this year, #India in particular, for celebrating #TaiwanNationalDay,” Taiwanese Foreign Minister Joseph Wu wrote in a Twitter post on Saturday.

Instead of marking Taiwan’s independence, a red line that Beijing has warned could trigger an invasion, the day commemorates a 1911 uprising in the central Chinese city of Wuhan against China’s last imperial dynasty. That led to the creation of the Republic of China, which leader Chiang Kai-shek then brought to Taiwan seven decades ago when he fled as the Communist Party took power.

For many in Taiwan today, the Republic of China seems like a historical relic with diminishing relevance for the democracy of 24 million people. Taiwan has long abandoned Chiang’s goal of reconquering what he knew as the mainland, and polls show that more and more Taiwanese don’t want any unification with China. But celebrating the Republic of China is strategically useful for Tsai’s government. It allows her to sidestep the question of formal independence, avoiding a potentially devastating conflict with China while providing cover to create a distinct political and cultural identity for Taiwan— ultimately undermining President Xi Jinping’s goal of subsuming it under Communist Party rule. “Taiwan has become more and more adept at finding space behind the ‘red lines’,” said Jonathan Sullivan, director of China Programs at the University of Nottingham Asia Research Institute. “Beyond a formal ‘declaration of independence,’ it is hard to think of a line that is not malleable or has actually worked.”

Military tensions have risen in recent months, with Chinese fighter jets moving ever closer to Taiwan as the Communist Party ramps up rhetoric, warning Tsai against moves that push it further away from China. It has been particularly angered by the Trump administration, which has stepped up weapons sales to Tsai’s government and sent over the most senior American officials to Taiwan in decades to discuss the pandemic and economic ties.

In Tsai’s address at a national day event on Saturday, she called for talks with Beijing while vowing to defend the island. “We are willing to facilitate meaningful dialogue,” she said, adding that “showing weakness and making concessions will not bring peace.” Hu

Xijin, editor of the Communist Party-run Global Times, said the remarks were Tsai’s “softest tone” in years and “obviously less arrogant than her past remarks.” He attributed the shift to China’s increased threats of war, which his newspaper has helped disseminate. “The Chinese mainland must maintain strong military pressure, which can be triggered at any time, over the island of Taiwan, to ensure that certain forces on the island restrain themselves,” Hu wrote. China has long used the threat of force to intimidate Taiwan. It fired missiles into waters near the main island of Taiwan in the late 1990s simply because then-leader Lee Teng-hui was allowed to speak at Cornell University. It also expressed fury at his proposal for Taiwan and China to have “special state-to-state” relations. But things have changed as Taiwan drifted ever further from the Chinese identity that Chiang’s Kuomintang party imposed on it via the Republic of China. Now Tsai and officials from her ruling Democratic Progressive Party regularly call Taiwan a country on social media.

“We don’t have a need to declare ourselves an independent state,” Tsai told the BBC shortly after she was re-elected by a landslide in January.

“We are an independent country already, and we call ourselves the Republic of China, Taiwan.”

For many Taiwanese, the Republic of China was akin to a foreign occupation when the Kuomintang party arrived after Japan’s surrender in World War II. A violent uprising against the KMT prompted officials to massacre Japanese-trained civil servants, lawyers and doctors who could’ve administered an independent Taiwanese state.

Taiwan endured decades of martial law under one-party rule before democratic reforms brought competitive elections, and in 2000, it elected the first non-KMT leader. During Tsai’s inauguration speech in 2016, she hailed the fact that the Taiwanese people had taken control of the Republic of China: “My dear fellow Taiwanese,” she said. “We did it.”

Tsai’s government has sought to assert more of a Taiwanese national identity, including by redesigning passports this year to highlight the word “Taiwan” while minimizing “Republic of China.” At the same time, people who support a Taiwanese identity also take pride in Republic of China emblems such as the flag, according to Margaret Lewis, a law professor at Seton Hall University.

“The symbols from the past have taken on new and complex meaning in the present,” she said.

This broader shift doesn’t bode well for Xi’s plan to one day unite China and Taiwan, preferably through coercion rather than war.

That has some observers particularly worried.

“No trend is going in the PRC’s preferred direction, except perhaps the military balance,” said Sullivan from the University of Nottingham, referring to Communist Party rule in Beijing.

“That’s what makes me nervous.”

Bloomberg News

TWITTER FLAGS TRUMP’S TWEET ABOUT NOW BEING ‘IMMUNE’ TO COVID-19

P

RESIDENT Donald J. Trump on Sunday pitched what he called his postinfection immunity to Covid-19 as an advantage over Democratic presidential nominee Joe Biden.

Twitter, though, took issue with a Trump post on the subject, flagging it as a rules violation for “spreading misleading and potentially harmful information related to Covid-19.”

Trump tweeted that after “a total and complete sign off from White House doctors” late Saturday, it’s “very nice to know” that he can’t get or give the virus.

Earlier, in a lengthy interview on Fox News Channel’s “Sunday Morning Futures,” Trump said that “Once you do recover, you’re immune, so you don’t have a president who has to hide in his basement, like his opponent,” in a dig at Biden.

“It looks like I’m immune for, I don’t know, maybe a long time, maybe a short time, it could be a lifetime, nobody really knows—but I’m immune,” Trump said, adding that he had a “protective glow.”

The Centers for Disease Control said in September that it has “limited information about reinfections with the virus that causes Covid-19.” It said there were no confirmed reports of reinfection within three months of initial infection, suggesting that recovery from the novel coronavirus may be like other similar diseases that offer some level of immunity.

Sunday ’s effor t was the latest by the president to spin his bout with the virus—which has killed over 214,000 Americans—as a political advantage. During his hospitalization at Walter Reed National Military Medical Center, Trump argued his treatment was like going to “school” to learn about the disease. His allies argued it would help him better communicate to those impacted by the virus.

But polls suggest that the infection of the president, first lady, and more than two dozen close associates in recent weeks has only reinforced concerns among voters who disapproved of the president’s handling of the virus.

A Washington Post-ABC News poll released Sunday showed the former vice president with a 54 percent-42 percent lead over Trump among likely voters, with just 41 percent of those surveyed giving the president positive marks for his handling of the outbreak.

Trump has announced an aggressive return to the campaign trail following his convalescence, beginning with a rally Monday night in Orlando, Florida. He’s expected to visit Pennsylvania on Tuesday and Iowa on Wednesday for campaign events.

“I passed the highest test, the highest standards, and I’m in great shape,” Trump said Sunday. “And I have to tell you, I feel fantastically, I really feel good.”

Bloomberg News

Tuesday, October 13, 2020

A5

China virus cluster emerges; survey sees leadership crisis

T

HE coronavirus continued its unrelenting spread, with resurgences across Europe and North America. India’s cases climbed past 7 million, while China recorded its biggest cluster in months.

China reported a new cluster of coronavirus infections in the eastern port city of Qingdao, snapping a streak of over two mont hs w it hout loca l tra nsmission, underscoring the risk of resurgence in countries that have achieved near-eradication of the pathogen.

The city in Shandong province said on Sunday that it found three asymptomatic cases linked to a hospital that treats Covid-19 patients coming from abroad.

Expanded testing of hospital patients and staff then found another nine infections—of the total of 12 in the cluster so far, six are asymptomatic.

More testing is under way and aims to cover the entire city of 9.5 million within five days, the local health commission said on Monday.

Me a nw h i l e , t h e C o v i d -19 pandemic has shown there’s a leadership deficit around the world, according to a sur vey that said more people trust companies over their governments to keep economies going during the crisis.

O ver 70 percent of c it i zens a rou nd t he globe say t hey a re e x per ienc ing t he lowest point in their nation’s histor y, whi le ne a rl y t wo - t h i rd s s ay t he i r le ade rs a re out of touc h or “ don’t rea l ly ca re what hap pens” to them, the Mi l ken Inst it ute a nd t he Ha r r is Pol l sa id in a repor t.

“While Covid-19 is a public health crisis, it has also been a contagion across many other socio-econom ic c ha l lenges a nd government institutions,” said Joh n Ger z em a , c h ief e xec u t ive of f icer of t he Ha r r is Pol l.

“Maybe even more t h a n t he v ir us, ou r common cr ippl ing ha rd sh ip is t he l ac k of leadersh ip being obser ved on t he world st age.”

Key developments:

India adds 66,732 cases

INDI A reported 66,732 addit ion a l coron av i r u s c a ses on Monday, bringing total infections to 7.12 million. W hile the daily rate of cases appears to be slowing, India is expected to sur pass the US as the worst hit nation in the world by as early as next month. The countr y’s death toll rose to 109,150.

New Zealand to buy vaccine for 750,000 people

NEW ZEALAND agreed to purc h a se enough vacc i nes f rom Pfizer Inc. and BioNTech SE for 750,000 people. The pact is subject to the vaccine successfully completing a l l clinica l tr ia ls and passing regulatory approvals in New Zealand, according to Research, Science and Innovation Minister Megan Woods and Health Minister Chris Hipkins in an e-mailed statement.

The agreement is complementary to other aspects of the government’s vaccine strategy, such as the global Covax facility that could provide up to 50 percent of the population’s needs.

Hipkins also said the government has established a new category that will allow 250 international doctorate and postgraduate students to enter New Zealand and continue their studies.

South Korea confirms 97 more cases

SOUTH KOREA added 97 cases in 24 hours, according to data from Korea Disease Control and Prevention Agency. The country’s death toll rose by one to 433.

South Korea over the weekend revised its social distancing alert to its lowest level, lifting restrictions on indoor meetings and open-air gatherings and opening sporting events to spectators.

Singapore, Indonesia to start travel green lane

SINGAPORE and Indonesia will establish a reciprocal green lane for travel, according to a joint statement from the countries’ ministries for foreign affairs.

The green lane will enable crossborder travel for essential business and official purposes. Applications for the green lane will open on October 26 and travel will commence soon after.

UK set to tighten restrictions

The UK prime minister is set to announce a new-tiered system of alert levels on Monday that would see millions of Britons subject to more stringent curbs on their everyday lives.

Johnson will unveil plans to divide England into areas of “medium,” “high” and “very high” alert, with the levels determining the extent of restrictions imposed.

The government said it’s working with local leaders to decide which places need to be in the top category, and what curbs are required in those areas.

Brazil’s deaths reach six-month low

BR A ZIL reported 290 virus-related deaths in its latest daily count, the fewest since April 5, according to Health Ministr y data. Weekly new cases fell to the lowest since early June during the seven days that ended on Saturday.

The country, which has the most reported infections behind the US and India, added 12,342 cases, bringing the total to almost 5.1 million. The official death toll rose to 150,488.

New French cases decline

FRANCE reported a drop in new coronavirus cases to 16,101, the lowest number in five days following two record-breaking 24-hour periods. Deaths have increased at a slower pace.

Several provincial cities have been added to a list of urban centers, including Paris, that are on the highest alert for spread of Covid-19. The most recent is Toulouse, where bars will be ordered to shut down.

XI EXPECTED TO PUSH GREATER BAY PLAN IN SHENZHEN TRIP

P

RESIDENT Xi Jinping is expected to shore up plans this week to make southern China a global technology hub, including a speech in Shenzhen and meetings with the leaders of Hong Kong and Macau.

Xi is scheduled to deliver an address on Wednesday, the official Xinhua News Agency said Monday. The trip is intended to mark the 40th anniversary of the special economic zone that transformed Shenzhen from a sleepy fishing village to a bustling metropolis of more than 13 million people and home to multinational companies including Huawei Technologies Co. and Tencent Holdings Ltd. Hong Kong Chief Executive Carrie Lam—who will travel to Shenzhen for the celebrations—on Monday delayed her annual policy address, which had been scheduled for Wednesday. Lam said she aimed to deliver it by late November.

The Communist Party intends to build Shenzhen, a stone’s throw from Hong Kong across the mainland border, into a “socialist pilot zone with Chinese characteristics” over the next five years, Xinhua reported on Sunday, publishing an outline of the plan. China will push forward cooperation between Shenzhen and Hong Kong to a “higher level” to strengthen the key role in the Greater Bay Area, said Xinhua, without offering more details.

Shenzhen will host a trial on the digital yuan and push forward with international cooperation, Xinhua reported. Chinese shares listed in Hong Kong were set for their biggest gain since early July on optimism that Xi could unveil plans to further open the nation’s economy to foreign investment. The Hang Seng China Enterprises

Index rose 2 percent as of 11:22 a.m. local time.

Xi’s Shenzhen trip, which had been speculated about by Hong Kong media in the run-up to the anniversary, was reported on Sunday by the South China Morning Post.

Lam told a press conference on Monday that she would travel to Beijing in late October to explain to Communist Party officials the policies she planned to lay out in her yearly address. She said she wanted to include any support measures from mainland China in the speech, but that it did not need to be vetted in its entirety by Beijing.

“We have been putting forward proposals for the Central Peoples’ government to consider,” she said. “And they have responded positively lately.

There is absolutely no arbitrary delay.”

Greater Bay area

THE trip comes as China seeks to bolster plans to better integrate Shenzhen, the surrounding province of Guangdong and the former colonies of Hong Kong and Macau into what it calls the “Greater Bay Area.” The ambitious effort faces new challenges amid trade and security disputes with the US, anxiety over the new security law in Hong Kong and travel restrictions prompted by the pandemic.

The report suggests a prominent role for the Greater Bay Area in China’s next five-year development, which is expected to be approved by lawmakers next year in Beijing. Top party leaders were scheduled to convene on Oct. 26 to discuss an outline for the five-year plan.

Bloomberg News

New York vows enforcement in hot spots

NEW YOR K ’s su rge i n c a ses slowed slightly, as it reported 1,143 new infections, a 0.2 percent rise compared with the average 0.3 percent daily increase over the previous seven days. It was the sixth consecutive day with more than 1,000 cases as the state battles hot spots in New York City and upstate.

Governor Andrew Cuomo said Sunday the state is doing “very well” overall, with a 0.84 percent positive test rate when excluding the hot spots. The rate in “clusters” where cases are elevated is 5.7 percent, he said.

Italy cases above 5,000 for third day a row

ITALY reported 5,456 new cases on Sunday, the second highest since late March, despite that lower numbers of testing were processed.

The positivity rate, which has almost doubled in the last 10 days, jumped to 5.2 percent.

Italy’s government is considering reinforcing measures to contain the pandemic as infections surge. Prime Minister Giuseppe Conte, Health Minister Roberto Speranza and some members of the ruling coalition reviewed additional measures on Saturday including restrictions on private parties, amateur sport activities and social gatherings, according to SkyTG24.

Coronavirus can persist on banknotes, study finds

THE new coronavirus may remain infectious for weeks on banknotes, glass and other common surfaces, according to research by Australia’s top biosecurity laboratory that highlights risks from paper currency, touchscreen devices and grab handles and rails.

Scientists at the Australian Centre for Disease Preparedness showed SARS-CoV-2 is “extremely robust,” surviving for 28 days on smooth surfaces such as glass found on mobile phone screens and plastic banknotes at room temperature, or 20 degrees Celsius (68 degrees Fahrenheit). That compares with 17 days survival for the flu virus. Bloomberg News

Libya reopens biggest oil field, giving Opec+ new headache

L

IBYA took a major step toward reviving its battered oil industry by reopening its biggest field, presenting a new headache for Opec+ as the alliance of major producers tries to curb global supplies.

The National Oil Corp., Libya’s state energy company, lifted force majeure on the western deposit of Sharara and instructed its operator to resume production, according to a statement on Sunday. The field will initially pump 40,000 barrels of crude a day, before reaching its capacity of almost 300,000 barrels in 10 days, a person with knowledge of the situation said.

That would roughly double Libya’s overall output to about 600,000 barrels daily, said the person, who asked not to be identified because they aren’t authorized to speak to media.

Sharara’s reopening follows a truce in Libya’s long-running civil war that’s already led to many oil fields and ports in the east starting up after an almost total shutdown since January.

While Libya is an Opec+ member, it’s exempt from the group’s supply cuts, initiated in May as the coronavirus pandemic battered economies and caused oil prices to tank. The alliance, led by Saudi Arabia and Russia, planned to ease the curbs by 2 millions barrels a day from the start of 2021.

Yet with virus cases accelerating in many countries, the cartel faces a difficult decision at its next policy meeting on November 30-December 1 to stay the course or delay the increase in production. Benchmark Brent crude has more than doubled to $42.85 a barrel since May, but it’s still down 35 percent this year.

“The Libyan oil restart is gaining momentum faster than most people expected,” said Bill Farren-Price, a director at energy analytics firm Enverus.

The likelihood of more Libyan exports is “an additional headwind for Opec at a time when it is already grappling with softer than expected demand as the second wave of Covid-19 intensifies.”

The NOC, based in the Libyan capital of Tripoli, said it reached a “gentlemen’s agreement” with militias known as the Petroleum Facilities Guard that were nearby Sharara. The militias are obliged to “end all obstacles” hindering operations at the field, the NOC said. That came after United Nations-sponsored talks this month in Egypt, which were partly about restoring security at Libya’s oil facilities.

Bloomberg News

A6 Tuesday, October 13, 2020 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

All-Filipino

T

he economic crisis brought about by the pandemic makes the “Buy Filipino” campaign even more important.

Cabinet Secretary Karlo Alexei Nograles in September urged Filipinos to buy local food and other products to support businesses and preserve jobs.

“Let’s go local, let’s go all-Filipino,” Nograles said. “Locally-manufactured food products are world-class and, in many cases, are cheaper than their imported counterparts, and the same goes with food staples in the market like rice.”

Nograles noted that food accounts for nearly half of the total output of the country’s manufacturing sector, which contributes around 23 percent to 24 percent of the country’s gross domestic product.

“Local food producers and manufacturers would benefit greatly from the support of consumers, especially given our current economic climate,” he said.

This, indeed, is the time to help our farmers and other food producers by buying their products. But “Buy Filipino” can go beyond food and it should start with government purchases.

The government should strictly implement the local procurement law and minimize smuggling activities to mitigate the impact of the pandemic on the local economy.

The Government Procurement Act mandates the government to prioritize the purchase of locally made and produced items.

The recently enacted Bayanihan 2 law also gives preference to locally made products, as it directs the Department of Budget and Management’s Procurement Service to award contracts to the lowest domestic manufacturer-bidder even if its bid is 15 percent higher than the lowest foreign bid.

Bayanihan 2 also liberalizes the grant of incentives for the manufacture or importation of critical or needed equipment or supplies or essential goods, including health-care equipment and supplies.

With its spending budget, the government is the biggest consumer in the country and it can do wonders for faltering industries.

Every year, hundreds of billions of the national budget are allocated for construction, government supplies, furniture and equipment, repair and maintenance, rice importation and many other goods and services.

If the government’s capital outlay can be used to support local industries, they would have a good chance of surviving the pandemic.

The government should also use ODA (Official Development Assistance) funds to procure local products and services. ODA funds are not free or simple donations. They are loans that the government has to pay, and so the country must have a say on how such funds are used and spent to help the local economy.

Another example: If all government uniforms were to be sourced locally, using indigenous fibers like abaca, banana, pineapple and others, this big job order can help the country’s garments industry, perhaps saving thousands of jobs.

What more if every Filipino follows the government’s lead?

Many companies have been buying garments from China and other countries because they are cheaper. Even the big department stores and the known local brands would rather import than buy from local suppliers. The market is dominated by imports, while local manufacturers are suffering.

But if every Filipino wears local-made, including shoes and undergarments, perhaps this increase in demand can lead to more sales that could be used to fund larger manufacturing units, modern machinery, thereby improving economies of scale, productivity and competitiveness.

When we buy local, we don’t just meet a personal or professional need. We meet the country’s needs as well. Our purchases provide income to the Filipino sellers and producers. And these Filipino sellers and producers do the same, buying and providing livelihood to other Filipinos, the multiplier effect of one simple purchase of a Filipino product.

Filipinos can also help the country’s tourism industry recover from the pandemic by touring their own country first. A strong domestic tourism market can more than offset the lack or absence of international visitors, an ADB (Asian Development Bank) report said. The ADB noted that in 2018, the Philippines attracted 7 million foreign tourists, while a bigger 8 million Filipinos traveled overseas.

“If all outbound tourists stayed in the Philippines, then the country would have an excess demand of 1 million. Across Asia and the Pacific, in more than half of cases, domestic tourism technically has the potential to fully replace foreign visitors,” the ADB report said.

Filipinos can choose to buy or go local whenever possible, and by this choice alone, can help this country survive, even thrive during this pandemic. Going all-Filipino supports our domestic economy, which needs all the support it can get right now. When the welfare of the country is at stake, let’s try to change our purchasing habits.

Since 2005

BusinessMirror A broader look at today’s business ✝ Ambassador Antonio L. Cabangon Chua

Investing for the future Manny B. Villar

THE Entrepreneur

I

t looks like the economic lull brought about by the pandemic will take a bit longer than expected. As we adapt to the “new normal,” we should use this pause to strengthen our infrastructure and increase our public investments to ensure we are in the best position to rebound from the crisis.

I share the optimism of Bangko Sentral ng Pilipinas Governor Benjamin Diokno, who said the Philippines may become an “economic champion” once the pandemic is over, so long as we pursue more reforms in tandem with the “Build, Build, Build” infrastructure program.

Governor Diokno’s statement jibes with the International Monetary Fund’s position that public investment should play a “central role” in supporting the economic recovery from the coronavirus downturn.

The IMF has advised countries to revive delayed infrastructure projects and build new ones to help in the recovery efforts. “Public investment can provide that support to economic activity and job creation

that is needed,” Paolo Mauro, head of the IMF’s fiscal affairs department, was quoted as saying.

According to the IMF’s estimate, raising public investment by 1 percent of the gross domestic product could generate between 2 and 3 million jobs in the European Union, and nearly 2 million jobs in the United States. I guess the figure could be higher in a developing country like the Philippines, where construction is more labor-intensive.

The fund also estimates that every $1 million spent on traditional infrastructure creates two to eight jobs.

More importantly, public investment encourages the private sector to also invest. The IMF says hiking public investment by 1 percent of the GDP

WHO knows–or not

Founder Publisher Editor in Chief Associate Editor News Editor

T. Anthony C. Cabangon

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

Online Editor

Ruben M. Cruz Jr.

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

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

OUTSIDE THE BOX

Jennifer A. Ng Vittorio V. Vitug

Senior Editors

Creative Director Chief Photographer

John Mangun

Lourdes M. Fernandez

‘C

reated in 1948, the World Health Organization (WHO) has a broad mandate to guide and coordinate international health policy, monitoring public health risks, and coordinating responses to health emergencies.” Its main objective is “the attainment by all peoples of the highest possible level of health.”

WHO has an impressive record: “WHO has played a leading role, most notably in the eradication of smallpox, the near-eradication of polio, and the development of an Ebola vaccine.” WHO was actually founded at the request of the Republic of China.

Between 1990 and 2010, WHO’s help has contributed to a 40 percent decline in the number of tuberculosis deaths, and since 2005, over 46 million people have been treated, with an estimated 7 million lives saved through practices advocated

by WHO. Unlike some other UN organizations such as the UN Human Rights

Commission with major human rights abusers as members and the United Nations Children’s Fund, with Unicef admitting failures amid child abuse allegations. WHO has succeeded because it was trusted and strived to be non-political.

The current Director-General of WHO is Ethiopian Tedros Ghebreyesus, who was his nation’s Minister of Health from 2005 to 2012. But from 2012 to 2016 he was the Minister of Foreign Affairs.

Think of Ethiopia as a beautiful country, perhaps the historical home of the biblical Queen of Sheba, maybe the final resting place of the Ark of the Covenant, and outstand-

To sustain these gains, we should continue to open up the economy, while observing health protocols and striking a balance between saving lives and protecting jobs. To prepare for economic rebound, we should boost public investments and encourage the private sector to follow suit. bolsters private investment by 10 percent, employment by 1.2 percent and GDP by 2.7 percent.

In the Philippines, the government is leading the way toward economic recovery, as many private companies, especially micro, small and medium enterprises, are struggling to remain afloat.

The Department of Public Works and Highways, led by Secretary Mark Villar, is aggressively building roads, bridges, schools and healthcare facilities, keeping thousands of construction workers employed.

The agency is in charge of putting up quarantine/isolation facilities to address the urgent need for medical facilities amid the pandemic.

It is building a pop-up hospital at the Lung Center of the Philippines in Quezon City. The 16-bed modular hospital is being put up by the DPWH Task Force to facilitate the

ing coffee. But since the 1974 overthrow by the Derg, a communist military government backed by the USSR, of the Ethiopian monarchy under Haile Selassie, it has become a classic “Third-World Hellhole.”

In 1977-1978, up to 500,000 were killed as a result of the Derg “Red Terror” policy. An almost democratic government came to power in 2018 after the first ruler in modern Ethiopian history stepped down; previous leaders have died in office or been overthrown. But the country still is rated “Not Free” at the same level as Kazakhstan and Cambodia.

During Ghebreyesus time as Foreign Minister, China became Ethiopia’s largest foreign investor with 60 percent of its total FDI. Ethiopia owes China about $12 billion, equal to more than 10 percent of the total GDP. In 2016, Ghebreyesus actively campaigned for the top WHO position. He was—according to the Guardian newspaper—“supported by a bloc of African and Asian countries, including China, which has considerable influence with those members. One observer called it “a really nasty” election.”

January 22, 2020: “Coronavirus: WHO steps back from declaring

augmentation of local and national health facilities and support the demand for health-care services at the Lung Center.

The DPWH is also actively supporting public-private infrastructure projects, such as the Skyway Stage 3, Metro Rail Transit Line 7 and North Luzon Expressway extension, which, when completed by next year, would significantly ease traffic congestion in Metro Manila.

Meanwhile, a big chunk of the proposed 2021 national government budget amounting to P4.5 trillion would go to public investments that aim to create 1.6 million jobs. It allocates P1.12 trillion for infrastructure projects to ensure continuous job creation, according to the National Economic and Development Authority.

These public investments would make up for the massive job losses in the private sector. The Department of Trade and Industry estimates that about 6 percent of companies in the Philippines have not yet resumed operations since the community quarantine was imposed in mid-March. Small businesses are particularly vulnerable given their limited cash. The Employers Confederation of the Philippines estimates that 90 percent of See “Villar,” A7

public health emergency.” January 30, 2020: “WHO declares global public health emergency.” February 11, 2020: “WHO says Covid-19 is not a pandemic.” February 17, 2020: “WHO warns of ‘very grave’ global virus threat.”

March 3, 2020: “World health officials say the mortality rate for Covid-19 is 3.4 percent globally, higher than previous estimates of about 2 percent.” And that turned out disastrously wrong as WHO incorrectly compared Covid to the flu.

The fatality rate for the coronavirus did not include those who had the coronavirus but were not confirmed as with the flu.

Now we come to this. October 8, 2020: “Dr. David Nabarro, the WHO’s Special Envoy on Covid-19, tells Andrew Neil: “We really do appeal to all world leaders: stop using lockdown as your primary control method.” Once again, we need to go back to work, isolate areas with outbreaks, and quarantine the sick not the healthy.

E-mail me at mangun@gmail.com. Visit my web site at www.mangunonmarkets.com.

Follow me on Twitter @mangunonmarkets. PSE stock-market information and technical analysis tools provided by the COL Financial Group Inc.

www.businessmirror.com.ph

Opinion

‘Proud of Taiwan’

A reckless and deadly president

BusinessMirror

By President Tsai Ing-wen

Conclusion

A

S commander-in-chief, I always have the future of our military and our military of the future in my heart.

We will continue to modernize defensive combat capabilities and accelerate the upgrading of our asymmetrical capabilities to deal with military expansion and provocation from the other side of the Taiwan Strait. As we procure military hardware, we still remain dedicated to promoting our national self-defense capabilities.

We have also already made substantial progress in manufacturing advanced training aircraft and submarines. We take a dual-track approach to strengthening our defensive capabilities.

We have not only upgraded our military hardware capabilities, but even more importantly, we are focusing on cultivating high-quality personnel. In addition to improving the professionalism of our volunteer officers and soldiers, we need to establish an effective reservist system to enhance the quality and capabilities of our military personnel.

I am sure that many reservists recently on active duty for training feel that the process has been streamlined. Next on the agenda will be the rapid implementation of reserve and mobilization system reforms based on the principle of integrating standing and reservist forces.

In order to avoid potential conflicts due to miscalculations or accidents, we will address threats to regional peace and stability by upholding our principle of neither fearing nor seeking war. The Ministry of National Defense will report on People’s Liberation Army activities when appropriate, exchange information with neighboring countries, and strengthen security partnerships. The Ministry will also keep the public informed about the situation in the Taiwan Strait, solidifying overall national defense.

Proactively participating in regional collaboration

For some time we have all been paying close attention to changes in regional security. From sovereignty disputes in the South and East China Seas and the China-India border conflict, to developments in the Taiwan Strait, as well as the “Hong Kong version of the National Security Law” that has garnered international concern, it is clear that democracy, peace and prosperity in the Indo-Pacific are currently facing serious challenges.

Countries in this region have forged various alliances to ensure that their national security and democratic systems are not affected by external influences. This has already caused unprecedented changes to the region.

We must turn this testing time into a historical opportunity. Our commitment to our sovereignty and democratic values will not change, but we will also maintain strategic flexibility and be responsive to changes.

As circumstances change, advance preparation is the only way

Villar. . .

Continued from A6

the businesses in the country are micro-enterprises that absorb 60 percent of all employees.

A survey undertaken by the World Bank in collaboration with the Department of Finance and Neda in July, meanwhile, shows companies incurred more than 60-percent reduction in sales between April and July. The online survey was conducted from July 7 to 14 among 74,031 companies across the regions.

“Reported sales revenue has gone down by 64 percent on average between April and July 2020, with 89 percent of firms reporting a continued reduction in sales. This was in addition to already significant loss by 65 percent experienced in March 2020 compared to February 2020, with 75 percent of firms reporting reduction in sales,” the survey said.

Three quarters of the companies surveyed reported a decrease in demand, with 1 in 3 of them experiencing a decline by more than 50

to exercise control over the future, and not just drift with the current or have others decide our fate.

We will play an active role in establishing new regional and international orders. We will forge alliances based on shared values and friendly ties throughout the international community, and continue to enhance partnerships with like-minded and friendly nations. We will also participate more actively in regional and international multilateral cooperation and dialogues.

The most important values that Taiwan stands for in the region are upholding peace and promoting economic development. We want to be an advocate for the forces of good, and share our progressive and good faith values with the whole world.

I am also aware that the leader across the Strait has publicly stated in a video message to the United Nations General Assembly that China will never seek hegemony, expansion, or a sphere of influence.

As countries in the region and around the world are now concerned about China’s expanding hegemony, we hope this is the beginning of genuine change.

At this critical time when the entire world has grave concerns about Indo-Pacific and cross-strait developments, if Beijing can heed Taiwan’s voice, change the way it handles cross-strait relations, and jointly facilitate cross-strait reconciliation and peaceful dialogue, I believe that regional tension can surely be resolved.

In addressing cross-strait relations, we will not act rashly, and will uphold our principles. Maintaining stability in cross-strait relations is in the best interests of both sides. We are committed to upholding crossstrait stability, but this is not something Taiwan can shoulder alone; it is the joint responsibility of both sides.

At this stage, the most pressing cross-strait issue is to discuss how we can live in peace and coexist based on mutual respect, goodwill and understanding. As long as the Beijing authorities are willing to resolve antagonisms and improve cross-strait relations, while parity and dignity are maintained, we are willing to work together to facilitate meaningful dialogue. This is what the people of Taiwan advocate, and it is a cross-party consensus. percent because of the temporary mobility restriction.

Fortunately, positive signs have recently emerged to show that recovery is under way, as more people returned to work following the easing of quarantine restrictions in Metro Manila.

The relaxation of quarantine restrictions has started to yield encouraging results, as reflected in the recent growth of electricity demand, factory output and merchandise trade. The inflation rate remains manageable at 2.3 percent as of September, because of the strong peso and the adequate supply of essential commodities.

To sustain these gains, we should continue to open up the economy, while observing health protocols and striking a balance between saving lives and protecting jobs. To prepare for economic rebound, we should boost public investments and encourage the private sector to follow suit.

For comments, e-mail mbv.secretariat@gmail. com or visit www.mannyvillar.com.ph.

Manny F. Dooc

TELLTALES

S

omething must be really wrong when a highly respected medical journal in the US, the New England Journal of Medicine, weighs in on American politics and calls on its highbrowed readers to vote Trump out of office. It’s the first time in its 208th-year history since the magazine was first published in 1812 that the prestigious journal has become political and urged Americans to deny the incumbent president his reelection.

In a scathing editorial signed by all its editors, the publication scorched the current administration: “When it comes to the response to the largest public health crisis of our time, our current political leaders have demonstrated that they are dangerously incompetent. We should not abet them and enable the deaths of thousands more Americans by allowing them to keep their jobs.” By far, this is the most serious indictment of Trump’s incompetent handling of the pandemic, which is characterized by his predilection to prioritize politics over science. In condemning Trump’s policies vis-a-vis the coronavirus, the Journal’s Editor-In-Chief has stressed that “there have been many mistakes made that were not only foolish but reckless.” While The New England Journal of Medicine has not openly endorsed former Vice President Joe Biden, other venerable medical publications like the

175- year-old Scientific American has breached its policy by coming out in favor of Biden. Earlier this year, another esteemed publication, The Lancet, has urged the Americans “to make Trump a one-term president.”

Trump’s own handling of his personal health crisis when he was declared positive for Covid-19 has been questionable, to say the least.

He and his doctors would not even state when he was last tested negative of the virus before he tweeted in the early hours of Friday, October 2, that he was tested positive for the coronavirus. This date is material to determine if Trump has been moving around and recklessly meeting people despite knowing that he was already contagious. Trump had taken part in over a dozen public events and mingled with thousands of supporters and donors who attended his campaign rallies and fundraisings until Thursday evening. Photos of

Letter of authority Atty. Irwin C. Nidea Jr.

Tax law for business

T

he first love letter that a taxpayer receives from the Bureau of Internal Revenue (BIR) is a letter of authority (LA). It is the basis by which the power of the revenue examiners is anchored on.

Taxpayers must be aware that there are details in an LA that they must watch out for. First, an LA must only state a taxable year. It cannot cover an indefinite number of years.

Second, an LA must be signed by the Commissioner, Regional Director or by an Assistant Commissioner/Head Revenue Executive Assistant of the Large Taxpayers Service. A Revenue District Officer (RDO) has no power to issue an LA. Third, an LA must be served within 30 days from the issuance date. If the LA is served beyond 30 days, it is void. Fourth, the LA must have no erasures or alterations.

The LA will also be considered void if erasures or alterations are found.

A recent revenue issuance (RMC 110-2020), emphasized how an electronic Letter of Authority (eLA) must be served to the taxpayer. This

was issued because it was observed by the Commissioner that revenue officers (RO) are not aware that aside from personal service, an LA may be served by substituted service or by mail.

If by per personal service, a copy of the eLA must be registered at the taxpayer’s registered or known address or wherever he may be found.

A known address means a place other than the registered address where business activities of the party are conducted or his place of residence.

It must also be noted that personal or substituted service of the eLA must be effected by the revenue officer assigned to the case. They are revenue officers whose names may be found in the eLA. But service may also be made by any BIR employee, as long as he is duly authorized for the purpose.

Tuesday, October 13, 2020 A7

the various events where Trump was personally present on the week he was tested infected with the disease showed that the attendees were neither maintaining physical distancing nor wearing masks, just like the President who disdains putting on one. Now his camp has admitted that Trump actually was not taking Covid-19 tests every day despite their earlier claim that the President has been undertaking the test daily. This debunks the myth that Trump has been rigorously practicing strict testing protocol not only for his own but also for the safety of others who may come in contact with him. Based on the number of White House officials and political allies who attended Trump’s public functions and caught the virus, Trump was a super spreader of the disease, and an irresponsible one at that. His utter lack of transparency is almost duplicitous without regard to other’s safety. For instance, when was the last time Trump tested negative before October 2? Why can’t he and his doctors answer such a simple question? His lack of transparency adds apprehension to the American people. How sick is Trump? His doctors have provided little information, if not inconsistent details, of his medical condition. Upon his return to the White House following his release from the Walter Reed Hospital, he immediately removed his mask, and triumphantly declared: “Don’t let it dominate you. Don’t be afraid of it. You’re going to beat it.”

His reprehensible conduct is reckless and deadly. There is no candor, just

In case personal service is not possible, the eLA must be served either by substituted service or by mail. According to the RMC, substituted service can only be resorted to when the party is not present at the registered or known address. The eLA may be left at the taxpayer’s registered address, with his clerk or with a person having charge thereof.

If the known address is a place where business activities of the party are conducted, the eLA may be left with his clerk or with a person having charge thereof.

If the known address is the place of residence, substituted service can be made by leaving the eLA with a person of legal age who resides in that address. If no person is found in the taxpayer’s registered or known address, the ROs concerned must bring a barangay official and two disinterested witnesses to the address so that they may personally observe and attest to such absence.

The original copy of the eLA shall be given to said barangay official. There is also a prescribed acknowledgement receipt that must be filled in.

Should the taxpayer be found at his registered or known address or any other place but refuses to receive the eLA, the ROs concerned shall bring a barangay official and 2 disinterested witnesses in the presence of

obfuscation and they do very little to calm the apprehension of the ordinary Americans. A president who is not upright and honest has no business staying a minute longer in office. Maybe the American voters should listen to the editors of the prestigious publications in the US. nnn

At least in the Philippines, our government officials obey the health protocols and guidelines issued by the IATF-IED. Even President Duterte strictly observes the rules issued by the Task Force. In public functions and meetings that he attends, it is commendable to see him following social distancing and wearing a mask. It likewise pleases us to read the authorities enforce the law even against their fellow government officials to prevent the spread of the virus. The incidents involving Governor Daniel Fernando of Bulacan, Mayor Francis Zamora of San Juan and Senator Koko Pimentel are notable cases in point.

Furthermore, the Philippines has the longest and strictest lockdown imposed anywhere in the world.

It is no wonder that in the latest Pulse Asia survey, 84 percent of the respondents have approved our government’s handling of the coronavirus. However, the real test of the pudding is when we see the incidence of the coronavirus flattens and when our economy recovers. nnn

St. Peter backs up Speaker Alan Cayetano but the Lord supports Rep. Allan Velasco. Who do you think will prevail?

the party so that they may personally observe and attest to such act of refusal. The original copy of the eLA shall be given to said barangay official. Service by mail, on the other hand, must be done by sending a copy of the eLA through registered mail with an instruction to the Postmaster to retum the mail to the sender after 10 days, if undelivered.

It can also be done through a reputable professional courier service; or by ordinary mail, if no registry or reputable courier is available in the locality of the taxpayer.

An LA is the start of a long process of examination. If the BIR does not comply with the due process requirement laid down by law in its preparation and manner of service, you will be surprised that the courts will declare the whole assessment process void.

The author is a Senior Partner of Du-Baladad and Associates Law Offices (BDB Law), a memberfirm of WTS Global.

The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at irwin.c.nideajr@ bdblaw.com.ph or call 8403-2001 local 330.

Covid makes domestic work even more precarious

By Adam Minter Bloomberg Opinion

W

hite House officials have been likening their workplace to a “ghost town” since President Donald Trump was diagnosed with Covid-19. East Wing staffers are under orders to work from home, while many in the West Wing—if they aren’t isolating with their own cases—are also staying away. It’s a smart choice, but not one that’s available to everyone. Out of sight, the White House residence staff, numbering about 90, continues taking care of the daily needs of a contagious president and first lady.

The risks are considerable, and they’re not just health-related. Even in good times, domestic workers—a category that includes housekeepers, nannies, home health aides and butlers—make up one of America’s most vulnerable and poorly paid workforces. During the Covid outbreak, thanks to private

homeowners cutting back on outside help, many of these workers have been left with few protections or alternatives.

Working from someone else’s home, it turns out, is one of the most precarious of pandemic professions.

Throughout history, domestic workers have provided a useful lens for understanding social hierarchies. In America, they first arrived as slaves and indentured servants in the 17th century.

After the Civil War, their lowly status persisted as former slaves became lowpaid housekeepers and caregivers. By 1870, 52 percent of employed women worked as “domestic and personal service,” and such work remained the largest category of women’s labor in the US until the 1940s.

Even as that began to change, though, the transition from domestic work into other professions wasn’t an equal one.

During the 1960s, nearly 90% of Black women in the South still worked as domestic servants. Today, such work is still

practiced most often by marginalized groups that have struggled to overcome racial and class barriers. According to the Economic Policy Institute, 92 percent of domestic workers are female and 52 percent women of color. They’re also disproportionately immigrants, with noncitizens making up more than half of the nation’s housecleaning force.

Immigrants, especially undocumented ones, are particularly vulnerable in such situations. But the informal nature of so much domestic work makes it unstable for nearly everyone involved.

Contracts for housekeepers and cleaners are rare and cash payments are common.

Because domestic workers are often fearful about their ability to find other jobs, employers can get away with bottomscraping wages. In California, the median hourly wage for a domestic worker is $10.87. Benefits, including health insurance, are uncommon.

Regulators have long been reluctant to treat home-based employment as

similar to a traditional worksite, and that may make sense from a practical standpoint. But it also has some serious downsides. In a recent survey of 700 California domestic workers, who are excluded from the state’s Occupational Safety and Health Act, 75 percent reported a job-related injury, illness or other harm in the past 12 months. About one in four reported catching a contagious disease. From their standpoint, though, it’s best not to complain: More than two-thirds expected employer retaliation if they refused to perform an unsafe task.

The pandemic has only raised the stakes. Cleaners aren’t just keeping the homestead neat; they’re keeping it safe from the coronavirus. Nannies aren’t just taking care of children; they’re potentially caring for carriers of an infectious disease. At the same time, the pandemic has made many would-be employers reluctant to let workers into their homes, or simply unable to afford them.

A8 Tuesday, October 13, 2020

Privacy body reminds stores to protect customers’ data

By Elijah Felice E. Rosales

T

@alyasjah

HE National Privacy Commission (NPC) has warned business establishments they may be penalized for up to P5 million if they fail to protect the data listed on contact tracing forms of their customers.

In a statement on Monday, the NPC called on business owners to handle with extra care the data written on contact tracing forms. The agency said firms should understand the gravity of information they have just by collecting basic details from individuals.

Khane S. Raza, director at the NPC’s Compliance and Monitoring Division, said establishments should make a reasonable way to collect data to prevent accidental and unauthorized leakage.

“As you are in the best position to anticipate and manage risks based on your store setup, you should be able to identify points of possible risks for you to develop the security measures appropriate for your operations,” Raza explained.

The NPC said negligent firms may be penalized under the Data Privacy Act with jail time and fines. With a combination of prohibited acts, a violator could be slapped with P5 million in fine and sentenced up to six years behind prison.

Gela Boquiren, head of the Privacy Council for retail and manufacturing, stressed stores should base their contact tracing efforts on the joint memorandum circulars of the government.

The first is the circular issued by the NPC with the Department of Health outlining the process and disclosure of Covid-19 related data for disease surveil-

lance and response. The second is the document released by the Departments of Trade and Industry and of Labor and Employment on the supplemental guidelines on workplace prevention and control of the virus.

“As we start to support our favorite stores physically, we need to accomplish contact tracing forms with correct information so authorities can contact us, just in case,” said Boquiren, who acts as the data privacy officer of San Miguel Corp.

As such, she asked business owners, especially of commercial establishments like malls, to “use proper contact tracing forms and prevent the unauthorized use of customers’ contact details.”

Several business establishments are in hot water after reports of alleged mishandling and misuse of contact tracing data. The NPC reported it is taking steps against these charges on a mall, a fast food, drug store chains, supermarkets, a European fast fashion retailer and a North American coffee shop franchisee.

Chief concerns raised were the improper use of log books and the lack of data protection measures that left in the open filled-out contact tracing forms, which usually contain data on customers’ name, address, contact details, among others.

The government is banking on contact tracing efforts by the private sector as numerous industries are operating from 50 percent to full capacity. Contact tracing is a crucial step in managing the spread of the virus, as it allows authorities to easily find individuals who may have interacted with someone who contracted Covid-19.

Velasco elected Speaker, but Cayetano not yielding

I

By Jovee Marie N. dela Cruz

@joveemarie

N a session outside the Batasang Pambansa, lawmakers on Monday elected Marinduque Rep. Lord Allan Velasco as the new Speaker of the House of Representatives, replacing Taguig-Pateros Rep. Alan Peter Cayetano.

In a session held at the Celebrity Sports Plaza in Quezon City, 186 lawmakers from PDP Laban, Nationalist People’s Coalition, National Unity Party, Nacionalista Party, Party-list Coalition, Visayan bloc, Northern Luzon Alliance, Mindanao bloc, Metro Manila bloc, solons from Bicol and Bangsamoro Autonomous regions invoked the 2019 term-sharing agreement and nominated Velasco as lone candidate for the Speaker post.

Buhay Par t y-list Rep. Lito Atienza raised the motion to declare the speakership post vacant. The plenary voted to accept Atienza’s motion.

In the same session, Atty. Jocelia

Bighani-Sipin was elected Secretary General and retired Police Major General Mao Aplasca was installed Sergeant of Arms of the House of Representatives.

Cayetano: I’ll preside on budget

CAYETANO promptly called the remote session as “fake” and insisted that the House of Representatives will hold a “proper, orderly session” for the national budget on Tuesday under his watch.

“The budget bill can be passed in 2 or 3 days provided the House majority supports it,” said Cayetano.

The House, which abruptly suspended sessions off-calendar last October 6 in what was seen as Cayetano’s bid to avoid turning over the speakership to Velasco following the term-sharing brokered by President Duterte in 2019, is returning to the Batasang Pambansa on Tuesday after Duterte—worried by the suspension’s jeopardizing timely passage of the 2021 budget—asked for a special session on October 13 to 16.

Top agenda

VELASCO said his leadership’s top agenda will be passage of the proposed 2021 P4.5 General Appropriations Act as well as the remaining legislative agenda of President Duterte.

“To my esteemed colleagues,

this is Day 1 of another chapter in this House, when we renew and strengthen our commitment to support the President’s legislative agenda and contribute to the shining legacy that the Duterte administration will leave behind,” he said.

“We commit to pass laws that are responsive to the needs of our fellow Filipinos here and abroad, laws focused on jobs, the economy, health care, food on the table, peace and order, and clean and sustainable energy. And most of all, today’s events would ensure that the President’s call for a timely, legal and constitutional approval of the 2021 budget will be complied with,” Velasco added.

The new Speaker said they only invoked the 15-21 term-sharing agreement between him and Cayetano.

“I was asked why I would want to lead the House of Representatives during the worst possible time, in the midst of a global pandemic that has crippled governments and upended our lives.... But why not? The true measure of leadership comes not when things are easy, but especially when things are most difficult. Whether famine or feast, poverty or plenty, a leader will always rise to the challenge and respond to the call of service,” said Velasco.

“It has been a difficult journey to get to where we are, one fraught with many frustrations and complications, but then we are all here, and this is a testament to our indomitable spirit and our collective commitment to honoring our word. For what are we, who are we, if we cannot live up to our word? This is not the triumph of one, this is the triumph of everyone who believes that ‘a promise is a promise!” he added.

Peaceful transition

ACCORDING to Velasco, he wants

to meet Cayetano for a “peaceful transition.”

“I would like to extend my hand to Speaker Cayetano and hope that he would be amenable to sit down with me as we comply with the agreement for a peaceful transition for the benefit of our members and the country,” he added.

Cayetano, however, questioned the legality of the session conducted outside the Batasang Pambansa.

“If they come in peace, allow us to do the budget, we will have no problem. If they come, and wrestle for positions, I am constitutionally bound to preside. Now, if I resign, it’s not Velasco who will replace me, but one of the deputy speakers,” he said, partly in Filipino.

“So there’s no way in the world that the Supreme Court, the Palace, or any other agency can recognize what they did, not only because of illegality per se but because of the precedent that it will set,” Cayetano said.

“I will not allow you to burn this house down. If you try to burn this house down, you will get one hell of a fight. Holding a fake session sets a dangerous precedent. Don’t throw the Constitution away. Don’t throw the Constitution into the waste basket,” he added.

“All the maces, old and official, are currently in the possession and safekeeping of the Sergeant at Arms. These prove that what they are doing is clearly a rump and illegal session where rules of the House will not apply and cannot be used,” Cayetano said.

For his part, House Committee on Constitutional Amendments Chairman Rufus Rodriguez said there is nothing in the 1987 Constitution that says the Congress session is invalid in the absence of the mace.

He said the House can resume its session outside the session hall if there is a quorum.

Senators grill DND on telco SC asked towers, cyber-security issues to intervene in detained mom’s case

By Butch Fernandez

S

@butchfBM

ENATORS took turns grilling Department of National Defense officials Monday on various issues bugging the DND, including the controversial deal allowing a company minorityowned by a state corporation of China to put up telco towers inside military camps, feared to be used as “listening posts” for intelligence gathering.

Senators Risa Hontiveros and Ramon Revilla Jr. raised lingering issues involving China’s Dito Telco towers to be installed in AFP camps.

Hontiveros recalled that Defense Secretary Delfin Lorenzana had confirmed to members of the House of Representatives that he recently signed an agreement allowing the new telecommunication player to install cell towers within camps “similar to mobile service providers Smart and Globe.”

Hontiveros noted, partly in Filipino, that, “of course Mr. Chair, Smart and Globe are not seizing our islands in the West Philippine Sea. They are not constructing artificial islands and they are not bullying our fishermen there.”

She recalled that retired Senior Associate Justice Antonio Carpio also raised concerns that China was “putting up a listening device” inside the Philippines’s premises, noting that “the East Asian giant

has the capability to install spy software and applications through the towers.”

Hontiveros also requested that the Senate be provided a “copy of the AFP’s agreement with Dito as well as its existing agreements with Globe and Smart, for purposes of comparison and contrast.”

For his part, Lorenzana clarified that, in the first place, China is not the one putting up a telco tower inside the military camp. “Dito is a Philippine company. A Chinese company is just an investor there, 40 percent,” Lorenzana said.

The defense chief assured senators that they conducted studies on their own and found out that Smart and Globe are also using Huawei, the Chinese technology giant. “The posts they are using in their networks are all from Huawei, 100 percent in the case of Globe or Smart,” Lorenzana pointed out, partly in Filipino.

“So, what is the difference between them and Dito? If the equipment being used are both Chinese? We single out Dito, but not the other two, just because there is an investor there that is Chinese? I think it’s immaterial if the investor there is Chinese or not, because if you are using Chinese systems anyway, they may also have the capabilities to listen...install listening devices in their equipment,” he added.

HE Nationa l Union of Peoples’ Lawyers (NUPL) on Monday asked Chief Justice Diosdado Peralta to look into the case of detained activist Reina Mae Nasino, who has been seeking furlough to see her threemonth-old child who recently died of pneumonia.

The 23-year-old Nasino sought furlough before Branch 42, Regional Trial Court (RTC) of Manila City last October 9, when her baby was still confined at the Philippine General Hospital. On the same day, however, Nasino’s child died.

Lawyers from NUPL filed a motion on Monday before the Manila RTC informing the Court of baby River Emanuelle Nasino’s passing and reiterating their prayer for Nasino to be allowed to go on furlough to attend the wake of her baby.

“We are compelled by the circumstances to humbly bring this matter to your Honor’s attention for your information and for any appropriate action as you deem necessary and warranted,” the NUPL said in its letter.

Nasino was among the more than 20 political prisoners who asked the Supreme Court in April to allow their release from jail on humanitarian grounds due to Covid-19.

Continued on A2

Continued on A2

T

Companies BusinessMirror

www.businessmirror.com.ph

DOLE: Firms abusing ‘floating’ status scheme face sanctions

C

By Samuel P. Medenilla

@sam_medenilla

ompanies that will abuse the “floating” status scheme and violate their workers’ right to security of tenure could face sanctions from the Department of Labor and Employment (DOLE).

Labor Undersecretary Benjo M. Benavidez issued the warning on Tuesday as more and more companies are placing their workers under “floating” status, which resulted in their employees’ temporarily displacement due to the Covid-19 pandemic.

He said the “floating” status scheme aims to help establishments reduce their expenses so they could cope with the business disruptions caused by the pandemic.

Some firms, however, may use the scheme to retrench their regular employees and hire new ones so they could save on wages and benefits.

“Our workers could question such circumvention of their right to security of tenure so they could remain employed in their company,” Benavidez said in an online media forum on Monday.

However, he said some companies enforcing a floating status scheme

could still legitimately hire new workers in some cases.

“It is a case to case basis. We need to take a look at who are the workers on floating status and are the ones being hired. They might not be in similar positions,” Benavidez said.

Automatic retrenchment

Based on its latest data, DOLE said there are currently over 2 million workers who were affected by the temporary closure of 85,438 establishments nationwide as of October 4.

It also registered 358,050 workers from 5,210 firms who were sent on forced leave.

Benavidez noted these workers can face automatic retrenchment if they are under “floating” status for over 6 months based on existing jurisprudence.

He said DOLE is trying to remedy the situation by releasing an issuance, which could extend the period for allowed “floating” status beyond

@llectura

P

etron Corp. on Monday lauded the government’s efforts through the Philippine National Police (PNP) for going after illegal LPG (liquefied natural gas) refillers.

In a span of three months, two separate raids were conducted by the PNP-Criminal Investigation and Detention Group (CIDG) in Cavite, seizing millions worth of Petron LPG products.

Last June, P4.6 million worth of illegally refilled Petron Gasul tanks were seized in Imus, while another 180 were captured in Bacoor with an estimated value of P500,000.00.

The CIDG also confiscated several fake and illegally refilled LPG tanks in a recent entrapment operation in Valenzuela City, following a joint complaint filed by Petron

Manila Water customers urged to pay bills via app

A

bout 7 million Manila Water customers can now inquire about their outstanding balances, know their current billings and even pay their bills through a web-based customer application.

The concessionaire for the East Zone of Metro Manila recently launched a web-based application called My Manila Water App or MMWA. “We fully recognize the need for mobile applications that our customers can use to minimize travel and exposure to the Covid-19 in physical payment centers; hence, we are launching the My Manila Water App to make it more convenient for them,” Jeric Sevilla, Manila Water’s Head for Corporate Strategic Affairs Group said in a statement.

“Through this app, our customers can also lodge directly their concerns, requests and queries.”

Sevilla also said the app is not only limited to residential customers but is also accessible to commercial and industrial accounts.

“In the coming months, we will release a downloadable version of the app as we continue to add more features in the application and expand it to include service advisories and interruptions; news and updates; traffic advisories, checking and tracking the locations of any of our ongoing activities such as pipelaying, emergency repairs, maintenance activities, among others.”

Customers only need to register via https:// my.manilawater.app/ and enter their account verification details using the details found in any of their bills within the last six months.

In the past months, Manila Water also launched its SMS Bill Inquiry and Bill on Demand which customers may continue to use. Jonathan L. Mayuga

and Isla Gas. The owner of the said illegal outlet was consequently arrested and imprisoned.

Petron Gasul cylinders are replicated and sold by unauthorized refillers and sellers without undergoing the proper safety and quality checks. To distinguish between a legitimate and a fake Petron Gasul cylinder, customers must look for a laser-printed quality seal with a unique QR-code, certifying that the cylinder has passed through rigorous safety and quality testing.

“There are very serious dangers to illegal refilling which is why it has to stop. It puts at risk the lives of consumers because illegally refilled tanks do not undergo proper safety checks nor do they undergo weight inspections, so these are also often underfilled,” said Petron President and CEO Ramon S. Ang. The country’s largest oil company also reminded consumers to

trust only authorized dealers and legitimate retailers for their own safety and protection.

“Our law enforcers are doing a commendable job in keeping an eye on illegal LPG outlets. If the LPG Bill will be passed, they can do even more in suppressing illegal trade practices in the LPG sector,” added Ang. The LPG Bill, a measure that seeks to strengthen and streamline laws and regulations in the LPG sector, is currently pending in Congress. Under the proposed bill, violations like illegal refilling, underfilling, hoarding, and operating without a valid license are fined anywhere from P5,000 to P10 million.

Petron emphasizes the safety and practicality of sourcing cylinders from authorized sellers. The company said it strictly follows Department of Trade and Industry (DTI) standards on wall thickness, weld

During the same meeting, Benavidez said DOLE will also discuss the possible deferment or exemption of payment of 13th-month pay for some establishments.

He noted there is already an existing mechanism allowing companies to be “exempted” from giving their employees 13-month pay if they are “distressed” under the implementing rules and regulation (IRR) of Presidential Decree 851.

However, he said no company has applied for exemption from giving out the 13-month pay.

For one, the DOLE has yet to come up with a criteria for classifying a company as “distressed.”

Benavidez said this could be tackled during their stakeholder consultation on October 13.

integrity, and valve fitting when manufacturing each Petron Gasul cylinder.

Petron also strongly advises against using LPG-filled butane canisters because these are dangerous and illegal. Last year, the company introduced a 2.7-kg variant of its Fiesta Gas LPG brand as a safer alternative.

An alarming number of fire incidents is caused by butane explosions including one last year in Cagayan de Oro, killing two persons including a 12-year-old. Earlier this March, another butane explosion took place in a refilling plant in Cebu leaving two more with seconddegree burns.

In 2019, a series of fire incidents blazed through Cebu again due to illegally refilled butane canisters with four of these happening in less than a week and causing P4 million in damages.

T

BusinessMirror file photo

partnership but also to create employment opportunities especially this time of the pandemic," Bambalan said in a statement. “Eventually, it will be the local communities who will manage the plantation,” she added.

To cover the replacement scheme from site assessment, seedling production, plantation establishment, and 3-year maintenance and protection activities, the FCF and OGPI shall allocate funds in the amount of P6.4 million and P2.9 million, respectively.

As part of the agreement, the mining companies may transfer the full amount covering the cost of the entire duration of implementation or transfer the funds on annual budget requirement basis per approved work and financial plan.

A total of 192 hectares of plantations

‘Flight to nowhere?’ PAL calls it an ‘aerial tour’

Mechanism

Mining firms told to develop NGP sites

wo mining companies operating in the Cagayan Valley have agreed to a condition set by the Department of Environment and Natural Resources (DENR) to develop National Greening Program (NGP) sites.

The firms have agreed to replace every tree they cut down as part of their operation with 100 native trees.

The condition is embodied under a "Tree Replacement Program" agreement entered into by FCF Minerals and OceanaGold Philippines Inc. (OGPI) with the DENR Region 2 Office in support of the government's Expanded-NGP (E-NGP).

DENR Region 2 Regional Executive Director Gwendolyn C. Bambalan, FCF Minerals represented by Leopoldo G. Castro Jr. and OceanaGold Philippines represented by Jayson Magdaong signed the agreement as a precondition for the issuance of tree-cutting permits by the DENR recently.

Based on DENR regulations, the company is required to replace each tree affected by their operation with 100 native tree seedlings. The mining companies themselves will develop the area as part of the agreement.

To recall, Bambalan recommended for the area development scheme in support of the NGP rather than just producing, buying, and donating seedlings to yield better impact.

“We engage a people’s organization or a community to develop and maintain the plantation not only to promote

B1

the current 6-month limit.

The labor official said this will be tackled during their scheduled meeting on Tuesday with employers and labor representatives.

Petron: Tighter LPG rules to help PNP

By Lenie Lectura

Tuesday, October 13, 2020

will be funded by the FCF and 90 hectares by the OGPI within the provinces of Nueva Vizcaya and Quirino.

The sites which include NGP graduated areas with low survival rate and other suitable areas will be planted with timber and fruit trees.

Meanwhile, the DENR is tasked to conduct survey, mapping, and planning, and engage beneficiaries within the project sites for the actual implementation of the program activities following the family approach in NGP. The agency shall also provide technical assistance to the identified partners in seedling production, plantation establishment and protection and maintenance of the planted areas. The tree replacement program will be implemented for 3 years starting in 2021. Jonathan L. Mayuga

Photo from www.philippineairlines.com

By Ma. Stella F. Arnaldo @akosistellaBM Special to the BusinessMirror

P

IONEERING flag carrier Philippine Airlines (PAL) is selling 108 seats on its Airbus 321-Neo aircraft for a scenic “aerial tour” of key destinations in the Philippines for October 31.

A PAL source said the planned flight’s aim is “whet tourism appetite, and of our course earn much needed revenue.” Like many international carriers, PAL has been incurring immense expenses from parked aircraft with little or no flight revenues coming in.

A flyer obtained by the BusinessMirror from the Dominican Tour & Travel Agency, showed the flights, scheduled to leave at 11 a.m. would take three hours upon departure from Manila. It will then take a scenic route over Legazpi to see the Mayon Volcano, on to Caticlan for Boracay Island, Kalibo, Iloilo (Gigantes Island), Cebu, Tagbilaran (Chocolate Hills), Puerto Princesa, San Vicente (white beach), Busuanga (Coron), then back to Manila.

The flight is packaged with an overnight stay at Conrad Manila in Pasay, with free breakfast for two guests. A spokesperson said, the hotel “has sent a letter [to the Department of Tourism] requesting a certification to operate for staycations, but it’s still being processed.” Conrad Manila is currently accredited as a quarantine hotel for returning overseas Filipino workers and overseas Filipinos.

Full scenic business class seats (12) are priced P28,499 per person excluding taxes.

Full scenic economy class seats (64) are priced at P18,499 per pax. Twelve semi-scenic economy class seats (overwing) are available for P14,999 per pax, while 20 cabin experience only seats (overwing) in the economy class are available for P11,099.

For said flight, the middle seats in the aircraft’s economy class will be blocked to conform with social distancing rules. A specially catered lunch will also be served during the flight, and amenity kits distributed to all passengers. A DOT-accredited tour guide will

be onboard to talk about the destinations.

Freebies for the flight include a “complimentary” RT-PCR test two days before departure at the PAL medical unit in Pasay, with business class passengers offered a home-service option. Pre-flight activities with light snacks and refreshments along with a complimentary chauffeur service from Conrad Manila to Naia terminal 2 are also included, as well as on the return.

More gas expended

For passengers to be able to take in the scenic views, the aircraft has to fly “a bit above the minimum safe altitude,” said the PAL source, which “varies from area to area.

Around 2,000 to 5,000 feet would give great views on a clear day…. Normal cruising altitude can be 26,000 to 40,000 feet, lower in a turboprop.” The source added, “The Neo would be the best, most fuel efficient among the Airbuses.”

A pilot and aviation expert consulted by this paper confirmed that an Airbus jet can safely fly to as low as 5,000 feet for a scenic tour of the islands, “at a cruising speed of 189 kilometers per hour. But they’re going to use up more avgas, double in fact, than what they use when on a normal cruising altitude and speed.”

Airlines such as EVA Air and Qantas Air recently mounted “flights to nowhere,” bringing cooped up citizens on flights around Taiwan and Australia. But Singapore Airlines canceled its planned flight to nowhere after being lashed by environmentalists for expending carbon “for no good reason.”

PAL Holdings Inc. recorded P22 billion in losses in the first half of the year due to Covid-19, a massive six-fold surge from P3 billion loss incurred in the same period in 2019.

Flight cancellations which began in March pulled down its revenues by 55 percent to P36.82 billion.

In a statement on October 5, PAL said it is laying off 35 percent of its workforce as “part of a larger restructuring and recovery plan as the flag carrier rebuilds its domestic and international network amid the global pandemic.”

B2

Companies BusinessMirror

Tuesday, October 13, 2020

PSE STOCK QUOTATIONS

October 12, 2020

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

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

44.5 87.75 64.85 21.65 9.15 39.95 8.99 16.72 23.65 51 96 16.9 90.7 54.3 0.75 26.2 0.455 3.23 6.81 1.07 0.305 0.57 155.5 1900

45.3 87.8 65 21.7 9.18 40 9.42 17.36 23.7 51.6 103.9 17 90.95 54.4 0.8 26.3 0.58 3.36 7.89 1.15 0.31 0.59 156.8 1945

44.5 87.8 64.9 21.6 9.25 39.9 8.57 17.36 23.75 51.7 96 17.3 90.65 54.3 0.74 26.9 0.55 3.21 7.84 1.12 0.3 0.59 156.9 1900

45.4 88.25 65.4 21.75 9.25 40 8.97 17.36 23.9 51.7 96 17.3 91.8 54.5 0.75 27.5 0.58 3.37 8.4 1.17 0.315 0.59 156.9 1900

44.5 87.75 64.4 21.6 9.1 39.3 8.57 17.36 23.65 51 96 17 90.65 54.3 0.74 26.2 0.55 3.21 7.84 1.05 0.29 0.55 153.5 1900

45.4 87.8 65 21.6 9.15 40 8.97 17.36 23.7 51 96 17 90.95 54.3 0.75 26.2 0.58 3.36 8 1.15 0.31 0.59 156.8 1900

400 1262240 1583250 36800 439500 2829500 300 200 191800 610 30 20600 632220 9220 11000 82500 9000 12000 6300 315000 1300000 131000 5040 5

17890 111014506.5 102571756 796225 4020685 112750085 2651 3472 4559155 31117 2880 351664 57472605.5 500725 8150 2186435 5010 39220 51159 343820 396700 72730 775362 9500

13350 30219254 -3617456.5 -136239.9999 -175738 49749310 -509310 17000 -29547053 443084 2340 48680 9500

INDUSTRIAL AC ENERGY 3.37 3.38 3.11 3.38 3.11 3.37 66199000 216953620 1.25 1.27 1.26 1.27 1.22 1.27 653000 818120 ALSONS CONS 26.5 26.65 26.35 26.65 26.2 26.65 621700 16424325 ABOITIZ POWER 0.158 0.162 0.162 0.163 0.162 0.163 330000 53520 BASIC ENERGY FIRST GEN 23.3 23.8 23.35 23.9 23.3 23.3 2521700 59217240 FIRST PHIL HLDG 60.2 60.6 60.2 60.25 60.2 60.2 4790 288374 MERALCO 280.6 281 274 284.6 273.8 281 364560 101613882 13.9 13.92 13.9 14 13.88 13.92 1316500 18344050 MANILA WATER 3.01 3.02 3.01 3.04 3.01 3.02 910000 2750090 PETRON 3.07 3.19 3.19 3.19 3.19 3.19 31000 98890 PETROENERGY PHX PETROLEUM 10.92 11.14 11.18 11.18 10.92 11.14 115200 1271484 15.42 15.48 15.8 15.96 15.4 15.42 250000 3936540 PILIPINAS SHELL SPC POWER 10.28 10.3 10.3 10.3 10.12 10.28 331300 3409274 7.71 7.8 7.8 8.13 7.7 7.8 282700 2216165 AGRINURTURE 2.66 2.67 2.7 2.7 2.65 2.67 344000 917510 AXELUM 11.58 12.46 11.58 11.58 11.56 11.56 1000 11574 CNTRL AZUCARERA CENTURY FOOD 17.6 17.8 17.72 17.82 17.34 17.6 526400 9287982 DEL MONTE 4.66 4.72 4.65 4.72 4.65 4.66 25000 117200 DNL INDUS 5.53 5.56 5.5 5.58 5.45 5.53 1573600 8716011 9.86 9.88 9.89 9.89 9.82 9.88 460300 4541334 EMPERADOR 64.9 65 64.5 64.9 63.9 64.9 62160 4018752 SMC FOODANDBEV 0.63 0.64 0.64 0.64 0.62 0.63 169000 105750 ALLIANCE SELECT FRUITAS HLDG 1.17 1.18 1.21 1.21 1.16 1.18 7229000 8501230 GINEBRA 45.6 46 45.8 46 45.5 45.6 15100 689340 JOLLIBEE 145 145.4 143.8 145.4 142.9 145.4 831650 119899619 7.6 7.8 7.5 7.99 7.44 7.8 7500 57009 MACAY HLDG 4.8 4.82 4.85 4.85 4.7 4.8 168000 799110 MAXS GROUP 0.139 0.143 0.142 0.142 0.139 0.14 1260000 176770 MG HLDG SHAKEYS PIZZA 5.75 5.85 5.68 5.8 5.65 5.8 94500 541270 ROXAS AND CO 1.2 1.21 1.2 1.23 1.19 1.2 10549000 12790350 RFM CORP 4.71 4.93 4.9 4.95 4.9 4.93 12000 58880 0.104 0.105 0.105 0.105 0.105 0.105 40000 4200 SWIFT FOODS 134.6 135.3 136.3 136.3 134.2 134.6 460000 61945977 UNIV ROBINA 0.75 0.76 0.75 0.76 0.75 0.76 840000 633400 VITARICH CONCRETE A 50.3 51.3 50.05 51.4 50.05 51.3 470 23726.5 51.5 53.9 53 54 53 53.95 120 6379.5 CONCRETE B 1.67 1.68 1.57 1.67 1.56 1.67 38470000 62531640 CEMEX HLDG DAVINCI CAPITAL 4.41 4.6 5.27 5.27 4.4 4.5 311000 1428630 14.9 14.92 14.92 14.96 14.6 14.9 2766500 41199700 EAGLE CEMENT 7.06 7.2 7.1 7.2 7.02 7.2 407700 2895055 EEI CORP 5.31 5.35 5.27 5.4 5.27 5.31 376400 2007513 HOLCIM MEGAWIDE 7.1 7.11 7.25 7.27 7.04 7.11 827800 5,889,882( PHINMA 8.15 8.29 8.34 8.34 8.2 8.29 3700 30452 0.7 0.71 0.7 0.71 0.7 0.71 135000 94790 TKC METALS 0.7 0.72 0.7 0.72 0.69 0.72 202000 142010 VULCAN INDL 111.1 135.8 115.1 115.1 110.7 110.7 60 6862 CHEMPHIL 1.8 1.83 1.86 1.87 1.8 1.8 236000 431270 EUROMED PRYCE CORP 4.07 4.15 4.14 4.15 4.14 4.15 304000 1261420 CONCEPCION 19.8 20.6 19.8 19.9 19.8 19.8 96000 1900950 GREENERGY 2.39 2.4 2.45 2.45 2.36 2.4 10889000 26185080 5.54 5.65 5.77 5.88 5.52 5.54 190500 1073004 INTEGRATED MICR 0.96 0.97 0.97 0.97 0.95 0.97 109000 104480 IONICS 4.64 5.44 5.27 5.68 4.64 5.46 6200 32381 PANASONIC SFA SEMICON 1.38 1.39 1.44 1.44 1.38 1.39 1342000 1873570 CIRTEK HLDG 5.27 5.29 5.34 5.34 5.25 5.29 1301900 6872389

-1160200 2318515 -479050 -12642 33295128 -7004506 -589329.9996 -372674 -2098110 -1116435 13300 -324000 -23330 298621 -162320 -852752.5 70620 54750 27581141 -1540 28700 219513 6628780 44100 -24021734 -750 -5917970 -1193050 1320760 99638 2,418,311.9997) 78710 -59550 -199500 -203320 1068

HOLDING & FRIMS ABACORE CAPITAL 0.46 0.47 0.47 0.47 0.46 0.46 8260000 3842800 7.16 7.55 7.47 7.58 7.16 7.16 8300 61696 ASIABEST GROUP 706.5 707 710.5 710.5 706 707 160810 113769050 AYALA CORP 43.2 43.25 43.7 43.8 43.25 43.25 910200 39456095 ABOITIZ EQUITY ALLIANCE GLOBAL 7.06 7.07 7.02 7.15 6.99 7.06 8195800 57639197 AYALA LAND LOG 2.52 2.56 2.42 2.59 2.39 2.56 2796000 7048820 ANSCOR 6.36 6.55 6.33 6.56 6.32 6.55 4500 29029 0.54 0.55 0.54 0.55 0.54 0.55 23000 12550 ANGLO PHIL HLDG 0.63 0.64 0.64 0.64 0.62 0.64 2552000 1611490 ATN HLDG A 0.65 0.7 0.63 0.66 0.63 0.66 307000 199090 ATN HLDG B COSCO CAPITAL 5.19 5.2 5.15 5.23 5.1 5.2 816400 4236500 DMCI HLDG 4.2 4.21 4.3 4.36 4.2 4.21 12107000 51721490 FILINVEST DEV 8.51 8.72 8.73 8.73 8.72 8.72 200 1745 387 387.2 387 391.2 386.4 387.2 211090 81802100 GT CAPITAL 61.6 62.4 62.9 63.5 61.6 61.6 1585840 99110289.5 JG SUMMIT 0.61 0.63 0.63 0.63 0.61 0.62 216000 133840 LODESTAR LOPEZ HLDG 2.76 2.77 2.79 2.79 2.72 2.76 3236000 8899360 LT GROUP 8.98 9 8.98 9 8.97 9 1312400 11799978 MABUHAY HLDG 0.48 0.5 0.5 0.51 0.5 0.5 53000 26550 3.87 3.89 4.04 4.04 3.87 3.87 63970000 251498090 METRO PAC INV 3.01 3.14 3.05 3.16 3 3.01 9000 27540 PACIFICA HLDG 0.79 0.8 0.79 0.82 0.78 0.8 138000 109730 PRIME MEDIA SOLID GROUP 0.98 0.99 0.98 0.98 0.98 0.98 52000 50960 897 900 899.5 903 894.5 900 72620 65311855 SM INVESTMENTS SAN MIGUEL CORP 99 99.9 100 100 98.55 99.9 165070 16385473.5 0.62 0.64 0.64 0.64 0.64 0.64 150000 96000 SOC RESOURCES 120 124 124 124 124 124 10 1240 TOP FRONTIER 0.142 0.144 0.135 0.143 0.135 0.142 2240000 312820 ZEUS HLDG

-492550 -38600280 -10467845 21407917 -59049.9999 7800 199090 3285084 -20215410 -873 -23751468 -17253084 -132000 440280 -107703160 22111670 -540517.5 -

PROPERTY ARTHALAND CORP 0.56 0.57 0.55 0.57 0.55 0.56 413000 231530 29.35 29.55 29.75 29.75 29.05 29.35 9452200 277677245 AYALA LAND 0.96 0.97 0.97 0.97 0.97 0.97 48000 46560 ARANETA PROP 25.55 25.65 25.6 25.7 25.5 25.65 1058600 27099320 AREIT RT BELLE CORP 1.37 1.38 1.37 1.38 1.37 1.37 115000 157640 A BROWN 0.78 0.79 0.8 0.8 0.78 0.79 2422000 1902540 0.78 0.8 0.81 0.81 0.77 0.78 61000 47660 CITYLAND DEVT 0.127 0.129 0.129 0.129 0.127 0.127 1190000 152050 CROWN EQUITIES 4.75 4.77 4.79 4.79 4.76 4.76 35000 167180 CEB LANDMASTERS 0.355 0.365 0.36 0.365 0.355 0.355 2580000 917850 CENTURY PROP CYBER BAY 0.31 0.315 0.295 0.305 0.295 0.305 150000 45650 13.94 14 14 14 13.94 14 375300 5249428 DOUBLEDRAGON DM WENCESLAO 5.33 5.41 5.45 5.45 5.3 5.41 74000 396432 0.26 0.265 0.26 0.265 0.26 0.26 260000 67850 EMPIRE EAST 0.085 0.09 0.09 0.09 0.085 0.085 90000 7800 EVER GOTESCO 0.92 0.93 0.93 0.94 0.92 0.93 6114000 5688470 FILINVEST LAND GLOBAL ESTATE 0.76 0.77 0.74 0.76 0.74 0.76 68000 50680 8990 HLDG 6.5 6.51 6.62 6.62 6.46 6.5 78600 511908 PHIL INFRADEV 1.37 1.39 1.4 1.4 1.32 1.39 8035000 10933750 0.68 0.72 0.7 0.73 0.68 0.68 73000 51700 CITY AND LAND 2.89 2.92 2.95 2.99 2.88 2.89 21864000 63430950 MEGAWORLD 0.325 0.335 0.355 0.365 0.325 0.325 215870000 74367450 MRC ALLIED PRIMEX CORP 1.16 1.17 1.18 1.18 1.11 1.17 41000 46890 14.8 14.84 14.7 14.84 14.44 14.84 1764600 25869808 ROBINSONS LAND ROCKWELL 1.48 1.52 1.55 1.55 1.43 1.48 92000 135770 2.65 2.68 2.68 2.68 2.68 2.68 2000 5360 SHANG PROP 1.88 1.95 1.98 1.99 1.9 1.9 335000 645460 STA LUCIA LAND 29.8 30 29.1 30 28.95 30 4610800 136730185 SM PRIME HLDG VISTAMALLS 3.66 3.7 3.6 3.78 3.6 3.67 93000 342820 1.17 1.18 1.2 1.21 1.16 1.17 1040000 1232180 SUNTRUST HOME 3.27 3.28 3.32 3.36 3.28 3.28 3127000 10371400 VISTA LAND

140000 -124789715 -9700 4062365 -16530 3850 -3383084 -488970 18500 -299630 28450 -48694200 -236850 8837334 46719115 -343640

SERVICES ABS CBN 12.6 12.64 14.5 14.52 12.5 12.6 3695900 48018626 4.94 4.95 4.97 4.99 4.95 4.95 1369000 6815550 GMA NETWORK 0.395 0.41 0.39 0.41 0.39 0.41 480000 189700 MANILA BULLETIN 2002 2020 2050 2060 2002 2002 77050 154917440 GLOBE TELECOM PLDT 1292 1298 1310 1317 1292 1292 240085 313075095 APOLLO GLOBAL 0.054 0.055 0.056 0.058 0.055 0.055 103480000 5785260 DFNN INC 3 3.04 2.91 3.04 2.91 3.04 49000 146370 6.15 6.16 6.45 6.56 6.12 6.16 105111900 663089476 DITO CME HLDG 1.29 1.34 1.59 1.59 1.28 1.38 13000 17800 IMPERIAL 1.53 1.56 1.56 1.59 1.53 1.53 66000 101360 JACKSTONES NOW CORP 4.67 4.68 5 5.02 4.6 4.68 30441000 147249640 TRANSPACIFIC BR 0.235 0.238 0.24 0.243 0.231 0.235 13360000 3172240 PHILWEB 2.29 2.34 2.45 2.48 2.28 2.34 4614000 10815790 8.52 8.6 8.4 8.95 8.32 8.6 154500 1343350 2GO GROUP 15.52 16.26 15.52 15.52 15.52 15.52 1400 21728 ASIAN TERMINALS 5.49 5.5 5.76 5.8 5.49 5.5 9906400 55752080 CHELSEA CEBU AIR 38.05 38.1 38 38.35 37.5 38.1 175000 6639270 INTL CONTAINER 119.4 120 116.2 120 115.2 120 1964430 233018607 LBC EXPRESS 14 14.58 14 14.6 14 14.6 1300 18260 0.98 0.99 0.79 1 0.78 0.98 1103000 995230 LORENZO SHIPPNG 4.39 4.4 4.42 4.48 4.34 4.4 1406000 6188090 MACROASIA 1.81 1.83 1.77 1.85 1.77 1.81 443000 802880 METROALLIANCE A METROALLIANCE B 1.76 2 1.75 1.75 1.75 1.75 2000 3500 5.8 5.85 5.85 5.89 5.75 5.85 30500 178089 PAL HLDG 1.39 1.4 1.06 1.43 1.06 1.39 61717000 79936400 HARBOR STAR 1.08 1.19 1.13 1.13 1.08 1.08 35000 38250 ACESITE HOTEL 0.026 0.027 0.026 0.027 0.025 0.027 33200000 863700 BOULEVARD HLDG 0.39 0.395 0.4 0.4 0.385 0.39 2160000 837700 WATERFRONT CENTRO ESCOLAR 6.49 6.5 6.5 6.5 6.5 6.5 1100 7150 492 550 500 500 500 500 420 210000 FAR EASTERN U STI HLDG 0.31 0.315 0.315 0.315 0.31 0.31 1730000 536900 2.7 2.74 2.69 2.79 2.64 2.7 1102000 2998000 BERJAYA 7.15 7.2 7.12 7.2 7.1 7.2 3906400 27945383 BLOOMBERRY 1.76 1.8 1.8 1.8 1.74 1.8 118000 207880 PACIFIC ONLINE LEISURE AND RES 1.42 1.44 1.42 1.46 1.41 1.44 402000 569750 MANILA JOCKEY 2.05 2.17 2.05 2.05 2.05 2.05 23000 47150 2.91 2.98 2.91 3.07 2.9 2.91 263000 778980 PH RESORTS GRP PREMIUM LEISURE 0.31 0.315 0.315 0.315 0.31 0.31 5480000 1705050 5.88 5.9 5.96 5.96 5.81 5.9 953700 5599495 ALLHOME 1.37 1.38 1.34 1.37 1.34 1.37 525000 710090 METRO RETAIL 45.45 45.5 45.5 45.6 44.9 45.5 1891300 85737150 PUREGOLD ROBINSONS RTL 64.25 64.95 64 65 63.7 64.25 568320 36442484 PHIL SEVEN CORP 112.8 114 114.2 114.2 112.8 114 94320 10751495 SSI GROUP 1.09 1.1 1.09 1.12 1.08 1.1 5699000 6299930 15.5 15.52 15.42 15.58 15.42 15.52 2021100 31223564 WILCON DEPOT 0.29 0.3 0.305 0.305 0.295 0.3 1450000 432450 APC GROUP 7 7.04 6.85 7.09 6.8 7 71700 497400 EASYCALL GOLDEN BRIA 292 303 303 303 303 303 40 12120 0.26 0.265 0.249 0.27 0.24 0.26 57380000 14632640 PRMIERE HORIZON SBS PHIL CORP 4.09 4.2 4.22 4.22 4.2 4.2 54000 227600

-20289430 -129878630 84570 -90000 -3358763 -1070150 -18640 -284650 -49360 400627 -846485.0003 -9921266 233770 221970 250100 100000 31000 10947820 -1420 -116000 -310000 1171219 -11392975 -6341390 16177 -3107450 -1472640 -80600 -223400

MINING & OIL ATOK 7.07 7.68 7.68 7.68 7.68 7.68 1400 10752 1.6 1.61 1.6 1.66 1.59 1.61 16554000 26900360 780750 APEX MINING 0.001 0.0011 0.001 0.0011 0.001 0.0011 9688000000 10037400 121800 ABRA MINING ATLAS MINING 3.91 3.95 4.05 4.2 3.9 3.95 2930000 11798030 -802590 BENGUET A 2.85 2.93 2.7 3 2.7 2.93 598000 1727920 2.9 2.95 2.94 2.98 2.85 2.95 73000 213290 BENGUET B 0.235 0.24 0.233 0.244 0.232 0.24 710000 167490 COAL ASIA HLDG 7.45 7.59 7.4 7.63 7.4 7.59 6500 49002 DIZON MINES 1.3 1.31 1.26 1.3 1.25 1.3 17961000 23104570 -86550 FERRONICKEL GEOGRACE 0.224 0.228 0.223 0.228 0.223 0.228 340000 76000 0.154 0.155 0.151 0.162 0.149 0.155 59790000 9264010 LEPANTO A 0.153 0.154 0.149 0.16 0.149 0.154 6180000 965120 LEPANTO B 0.01 0.011 0.0099 0.011 0.0099 0.01 141100000 1408190 MANILA MINING A 0.01 0.011 0.011 0.011 0.01 0.011 6900000 75000 MANILA MINING B 0.96 0.97 0.95 0.99 0.95 0.96 5557000 5339250 -7980 MARCVENTURES NIHAO 2.31 2.32 2.37 2.37 2.3 2.31 615000 1423320 4640 NICKEL ASIA 3.68 3.69 3.62 3.84 3.59 3.69 33617000 124540950 645040 OMICO CORP 0.33 0.36 0.36 0.36 0.36 0.36 100000 36000 0.6 0.61 0.59 0.61 0.58 0.6 2599000 1550420 ORNTL PENINSULA 4.82 4.84 4.8 5.08 4.8 4.82 5816000 28348800 -554400 PX MINING 10.96 10.98 10.98 11.1 10.84 10.98 5163800 56678850 3072240 SEMIRARA MINING UNITED PARAGON 0.0049 0.0052 0.0049 0.0052 0.0049 0.0052 9000000 45500 5.91 6.05 5.9 6.05 5.9 6.05 7700 45822 ACE ENEXOR 0.0084 0.0087 0.0086 0.0086 0.0084 0.0084 15000000 127000 ORNTL PETROL A 0.0085 0.0086 0.0085 0.0086 0.0085 0.0085 14000000 119800 ORNTL PETROL B 0.0079 0.0084 0.0078 0.008 0.0078 0.008 40000000 317600 PHILODRILL 5.2 5.21 5.36 5.48 5.12 5.2 1690700 8946592 769110 PXP ENERGY

PREFFERED AC PREF B1 511 515 513 515 513 515 5000 2567000 -5150 101 101.1 101.1 101.1 101.1 101.1 1550 156705 ALCO PREF B 510 515 515 515 514 515 710 365450 AC PREF B2R 101.5 102.7 101.5 101.5 101.5 101.5 20000 2030000 CPG PREF A DD PREF 101.1 101.5 100.4 101.1 100.4 101.1 110 11114 106.6 107 107 107 106.6 106.6 66250 7064750 FGEN PREF G 508 510 508 508 508 508 200 101600 GLO PREF P 1006 1020 1005 1005 1005 1005 300 301500 GTCAP PREF B 101.4 101.5 101.4 101.5 101.4 101.5 56100 5693624 MWIDE PREF 98 99.8 99.8 99.8 99.8 99.8 1020 101796 99800 PNX PREF 3A PNX PREF 3B 101.5 102 101 102 101 102 4400 448500 976 996.5 970 997 970 997 5660 5524110 PNX PREF 4 1058 1059 1059 1059 1059 1059 3300 3494700 PCOR PREF 3A 1.51 1.98 1.5 1.5 1.5 1.5 1000 1500 SFI PREF 77.85 78 78 78 77.25 77.25 20150 1558121 SMC PREF 2C 75.65 76.75 76.8 76.8 75.55 75.55 13010 982918 SMC PREF 2E SMC PREF 2F 77.5 77.9 77.5 77.5 77.25 77.3 173340 13421277.5 75.65 76.5 76.1 76.5 75.55 76.5 13250 1006640 SMC PREF 2G 76.4 77.5 76.3 76.3 76.3 76.3 23400 1785420 SMC PREF 2I

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 11.84 12 12.6 13 11.8 11.84 249300 3008438 -112500 4.77 4.89 4.78 4.78 4.77 4.77 4000 19090 GMA HLDG PDR

WARRANTS LR WARRANT 0.68 0.72 0.73 0.73 0.67 0.72 198000 140380

SMALL & MEDIUM ENTERPRISES ALTUS PROP 10.98 11 10.84 11.08 10.18 11 1849000 19643060 -7207814 2.69 2.7 2.44 2.7 2.38 2.69 14100000 35977700 366460 ITALPINAS 4.84 5 4.96 4.97 4.82 4.84 113000 554050 24800 KEPWEALTH 2.5 2.6 2.6 2.93 2.5 2.6 220000 601070 MAKATI FINANCE MERRYMART 3 3.01 3.03 3.04 2.99 3 19695000 59266920 33210

EXHANGE TRADE FUNDS

FIRST METRO ETF 89.5 89.7 89.95 89.95 89.3 89.7 39240 3518302.5 -2589230

www.businessmirror.com.ph

AgriNurture seeking to fund expansion via green bonds

By VG Cabuag

T

@villygc

he board of AgriNurture Inc., the agri products trading company of billionaire Antonio Tiu, has approved the sale of up to 75 million euros (about P4.2 billion) in longterm green bonds, proceeds of which will be used to expand its operations.

In its disclosure to the Philippine Stock Exchange, the company said the company will issue the commercial papers with maturity of up to seven years. The terms and conditions will still have to be finalized.

“The issuance shall fund the agricultural project expansion of the

company geared towards climate change adaptation and minimized environmental footprint,” the company said.

The company is also increasing its authorized capital stock to P5 billion from the current P2 billion as it launched its stock rights offer,

the terms of which are also being changed.

According to its new rules, shareholders participating in the stock rights offering, the company will give one warrant for every three stock rights availed.

“The ratio shall be one warrant equivalent to one underlying common share upon conversion,” the company said.

The warrants shall have the exercise price of a discounted rate of 5 percent of the weighted average volume of trade 15 days prior to maturity, to be exercised after 5 years from date of listing.

Meanwhile, Tiu’s energy firm Greenergy Holdings Inc. is also conducting its own stock rights offer, giving the same terms of one warrant for every three rights shares availed.

It is also using the same terms and conditions as in Agrinurture’s

rights offer.

Agrinurture was incorporated in 1997 and became public in 2009. It started its business as an importer, trader and fabricator of postharvest agricultural machineries intended to improve the productivity and increase the income of rural Filipino farmers.

It eventually diversified into other agro-commercial businesses under the “farm-to-plate” model, focusing on the export trading of fresh produce as its main revenue stream.

Agrinurture said its income grew five folds in the first half to P356.99 million, from P70.72 million last year.

Sales fell 25 percent to P1.79 billion for the period from P2.4 billion last year. Philippine operations contributed 56 percent, while foreign operations accounted for 44 percent of consolidated sales.

‘Coal plants to boost Luzon grid capacity’

By Lenie Lectura @llectura

N

early 6,000 megawatts (MW) of total power generation capacity would be added to the Luzon grid until 2025, the Department of Energy (DOE) said.

A report released Monday showed that bulk of the committed power projects as of August this year are coal-fired power plants, which make up 3,436MW of the total committed capacity.

Power plants fueled by natural gas came in next with 1,750MW, representing a 29.7-percent share of the entire committed capacity.

Third in the list are renewable energy (RE) based power facilities with a total committed capacity of 404MW, or 6.8 percent. Of which, committed solar power projects would contribute 255MW; wind, 132MW; and biomass, 17MW. Oil-based power plants, with a total capacity of 311MW, have been committed by various power producers. These, represent 5.3 percent of the total committed projects.

Aside from the 5,901 MW of committed capacity for Luzon, the grid will also take in 430MW of capacity from Battery Energy Storage System (BESS).

Under coal-fired power plants, 300MW will come from AES Masinloc Power Partners Co., Inc.’s Masinloc expansion project in Zambales by December this year; 1336MW from GNPower Dinginin Coal Plant Ltd. Co. by 2021; 1,200MW from Atimonan One Energy by second quarter of 2024; and 600MW from Redondo Peninsula Energy, Inc. For oil-based power projects, Ingrid Power Holdings Inc. has committed 300MW by March 2021 while Supreme Power Corp. committed to add 11.04MW by August next year.

The 650MW natural gas power projects of Energy World Corp. and 1,100MW of Batangas Clean Energy, Inc. will come online by December 2022 and 2025, respectively.

For biomass, the commitment of Hypergreen Energy Corp. (12MW) and Isabela La Suerte Rice Mill Corp.

(5MW) is to deliver these within the year.

The solar power projects of Energy Logics Philippines, Inc. (100MW), Solarace Energy Corp. (120MW), Petrosolar Corp. (20MW), Solar Philippines Tarlac Corp. (15MW) are expected to come online between this year up to December 2021.

The 132MW wind power project of Energy Logics Philippines, Inc. will be operational by December this year.

British Airways chief steps down in shakeup at IAG

B

ritish Airways Chief Executive Officer Alex Cruz is being replaced, just weeks after fellow Spaniard Luis Gallego took over as head of parent company IAG SA. Sean Doyle, who has been running BA’s Irish sister-carrier Aer Lingus, will take on the CEO role immediately and also succeed Cruz as the United Kingdom airline’s non-executive chairman after a transitional period, IAG said in a statement Monday.

Cruz, 54, is leaving after being passed over in January for the top job at IAG. He joined the Londonbased group when it bought out Vueling, the Barcelona-based discount carrier he headed, in 2012, and went on to become BA CEO four years later.

Initially seen as the replacement for longtime IAG chief Willie Walsh, Cruz was attacked over the extent of cost reductions and service changes at BA. Pilots, former employees and customers suggested the unit’s image as a premium carrier was being tarnished, even as Walsh, who retired last month, kept up pressure

for deeper cutbacks.

The Spanish executive this year clashed with unions and U.K. politicians over plans to slash as many as 12,000 jobs as the coronavirus pandemic wiped out demand for travel.

Tough challenge

“Cruz faced a difficult job trying to balance much-needed cost cuts, for which he got a lot of criticism,” said John Strickland, director of JLS Consulting. “But he did lead investment in fleet and upgrading the long-haul business class, the results of which would have been visible had it not been for the pandemic.”

The shakeup marks Gallego’s first major act since taking the helm at IAG, a move that was delayed for several months as Walsh stayed on through the start of the health crisis.

Doyle, 49, has been CEO of Aer Lingus for less than two years. Before that, he spent 20 years at British Airways, rising through finance and strategy roles to join the executive and management committee in 2016. Bloomberg News

For BESS, all 10 projects are committed by SMC Global Power.

These will all be operational by January 2021.

On the average, electricity demand in Luzon normally increases anywhere from 600 to 800 MW every year.

At end-2019, Luzon’s installed capacity stood at 16,633MW while de-

mutual funds

pendable capacity was at 15,095MW. In 2019, peak demand in Luzon stood at 11,344MW. Based on historical data, the DOE said when the Philippines experienced an expanding economy or a positive GDP growth rate, that expansion was directly proportional to electricity consumption. The country’s GDP grew 5.9 percent in 2019.

October 12, 2020

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 194.95 -22.14% -12.21% -5.19% -22.59% ATRAM Alpha Opportunity Fund, Inc. -a 1.0649 -29.27% -13.17% -3.16% -22.95% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.6378 -31.81% -16.24% -7.04% -28.29% Climbs Share Capital Equity Investment Fund Corp. -a 0.6683 -28.29% -12.77% n.a. -25.58% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.6736 -20.78% n.a. n.a. -20.69% First Metro Save and Learn Equity Fund,Inc. -a 4.1811 -21.39% -10.42% -5.19% -21.53% First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.6523 -23.56% -12.5% n.a.

-23.58% MBG Equity Investment Fund, Inc. -a

84.83 -26.03% n.a. n.a. -17.82% PAMI Equity Index Fund, Inc. -a 39.095 -23.46% -10.91% -4.1% -23.76% Philam Strategic Growth Fund, Inc. -a 419.81 -21.03% -10.27% -4.21% -21.2% Philequity Alpha One Fund, Inc. -a,d,5 0.9038 n.a. n.a. n.a. -12.26% Philequity Dividend Yield Fund, Inc. -a 1.0006 -22% -10.25% -3.71% -22.25% Philequity Fund, Inc. -a 29.302 -22.47% -9.95% -3.38% -22.68% Philequity MSCI Philippine Index Fund, Inc. -a 0.7707 -23.94% n.a. n.a.

-24.3% Philequity PSE Index Fund Inc. -a 3.9929 -23.09% -10.4% -3.39% -23.56% Philippine Stock Index Fund Corp. -a

667.58 -22.97% -10.33% -3.5% -23.44% Soldivo Strategic Growth Fund, Inc. -a 0.6084 -31.71% -13.94% -7.21% -28.54% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.0695 -27.03% -11.9% -4.92% -27.07% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.7647 -23.2% -10.61% -3.58% -23.59% United Fund, Inc. -a 2.8011 -23.46% -9.35% -3.27% -23.32% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 89.6029 -22.9% -10.05% -2.74% -23.39% Primarily invested in foreign currency securities ATRAM AsiaPlus Equity Fund, Inc. -b

$1.0795 14.79% -0.02% 3.67% 4.97% Sun Life Prosperity World Voyager Fund, Inc. -a $1.5453 22.09% 8.31% n.a.

12.08% Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.5387 -3.67% -5.75% -3.08% -1.54% ATRAM Philippine Balanced Fund, Inc. -a 2.0332 -9.66% -5.76% -1.52% -6.78% First Metro Save and Learn Balanced Fund Inc. -a 2.3829 -9.04% -4.42% -2.99% -9.45% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.1807 -21.37% n.a. n.a.

-20.92% NCM Mutual Fund of the Phils., Inc. -a 1.8303 -6.07% -2.29% 0.11% -6.69% PAMI Horizon Fund, Inc. -a 3.4458 -8.18% -4.04% -1.13% -9.06% Philam Fund, Inc. -a 15.4007 -8.46% -4.17% -1.22% -9.2% -10.64% Solidaritas Fund, Inc. -a 1.9027 -5.14% -1.39% -10.34% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.2349 -15.86% -6.37% -2.53% -16.27% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.9304 -7.83% n.a. n.a.

-8.4% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.825 -16.94% n.a. n.a.

-17.2% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.8008 -19.11% n.a. n.a. -19.37% Sun Life Prosperity Dynamic Fund, Inc. -a 0.7932 -18.62% -7.55% -3.46% -18.63% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.03905 1.09% 2.65% 2.08% 2.23% PAMI Asia Balanced Fund, Inc. -b $1.0569 8.34% 0.87% 4.44% 3.21% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.2129 13.47% 5.95% 6.28% 7.73% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.1718 6.3% 3.1% n.a.

3.82% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 368.56 3.82% 3.07% 2.64% 2.97% ATRAM Corporate Bond Fund, Inc. -a

1.9519 1.74% 0.81% 0.31% 2.62% Cocolife Fixed Income Fund, Inc. -a 3.2036 3.73% 4.75% 4.96% 2.75% Ekklesia Mutual Fund Inc. -a 2.2948 3.79% 2.69% 2.23% 3.21% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4501 4.89% 3.37% 2.17% 3.86% 4.29% Philam Bond Fund, Inc. -a 4.6489 7.91% 2.83% 6.31% Philam Managed Income Fund, Inc. -a,6 1.3126 5.8% 4.37% 2.48% 4.45% Philequity Peso Bond Fund, Inc. -a 3.957 5.62% 4.24% 2.36% 4.46% Soldivo Bond Fund, Inc. -a 1.0381 9.1% 3.61% 2.12% 7.65% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1819 4.87% 4.67% 2.98% 3.46% Sun Life Prosperity GS Fund, Inc. -a 1.7447 3.99% 4.02% 2.38% 2.56% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $479.96 2.99% 2.59% 2.8% 2.48% ALFM Euro Bond Fund, Inc. -a Є217.44 -1.33% 0.77% 1.2% -1.07% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.2412 3.07% 3.09% 2.53% 2.82% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0265 2.32% 1.96% 1.66% 2.71% PAMI Global Bond Fund, Inc -b $1.0877 -1.47% 0.26% 0.24% -0.54% Philam Dollar Bond Fund, Inc. -a $2.5067 3.63% 3.8% 3.41% 4.29% Philequity Dollar Income Fund Inc. -a $0.0616661 2.27% 2.39% 2.15% 2.27% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.1916 0.37% 1.91% 2.42% 0.52% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 129.22 3.48% 3.31% 2.52% 2.69% First Metro Save and Learn Money Market Fund, Inc. -a 1.0455 2.13% n.a. n.a.

1.87% Sun Life Prosperity Money Market Fund, Inc. -a 1.2913 2.78% 3.02% 2.62% 2.08% Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0499 1.59% n.a. n.a.

1.12% Feeder Funds Primarily invested in Peso securities Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d,7 1.0278 n.a. n.a. n.a. n.a.

Primarily invested in foreign currency securities ALFM Global Multi-Asset Income Fund Inc. -b,d,2 $0.95 n.a. n.a. n.a.

-4.04%

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

‘Blockchain tech to make PHL Asia’s fintech center’

I

n an ambitious bid to make the Philippines as Asian financial technology (fintech) capital, the chairman of the House Committee on Ways and Means on Monday filed House Bill (HB) 7864, or the Blockchain Technology Development Act. Albay Rep. Joey Sarte Salceda said his bill aims to ensure that blockchain technology is legally recognized and regulated in the country.

“Blockchain is actually more than just cryptocurrency. At the heart of blockchain is technology that makes the storage and updating of records more secure. It also lowers transaction costs and is very difficult if not impossible to defraud,” Salceda said.

With blockchain, Salceda said he expects transaction costs for money transfers and other financial services to be cheaper for Filipinos.

“Blockchain is also very secure and the records are highly portable.

That makes it a perfect tool for programs such as the National ID system, better records management in Philhealth and better distribution of social benefits,” Salceda added.

Blockchain, or distributed ledger technology, is a method of passing information from one terminal to another in a fully automated and secure manner. One party to a transaction initiates the process by creating a block.

Salceda said this block is verified by thousands, or even millions of computers distributed around the net. The verified block is added to a chain, which is stored across the net, creating not just a unique record, but a unique record with a unique history.

He added the way that blockchain distributes transaction histories

across the net is a reason why it is used for cryptocurrencies such as Bitcoin.

“Blockchain can be applied across so many areas in both the public and private sectors. I want us to grab the opportunity to be a hub for this development,” said the lawmaker.

The measure identifies the permitted and restricted uses of blockchain technology while establishing the Bangko Sentral ng Pilipinas (BSP) as the policy-making and regulatory agency for the use of blockchain in the financial sector.

It also encourages the use of blockchain in the broader economy and the use of blockchain technology in human development programs.

The measure also releases blockchain use from overregulation by local governments; and explores the use of blockchain in the National ID system.

Earlier, Salceda said that he hopes to lead the charge in Congress for policies that will make the country a hub for financial technology firms fleeing Hong Kong due to stringent regulations, and Singapore and Shanghai due to oversaturation.

“We have a large untapped market of consumers of financial products. And we have an untapped labor force that could be trained to become skilled workers in this field. The Philippines is definitely in the game,” Salceda said.

Salceda has also a $20 billion in annual foreign direct investment as the country’s goal for rapid national development.

The lawmaker said the efforts to make the country a fintech capital are part of his goal to meet this national target. Jovee Marie N. Dela Cruz

Transport modernization gets LandBank support

T

he Land Bank of the Philippines (LandBank) signed an agreement with government agencies to initiate six programs for transportation systems and services modernization.

These projects are the following: the appraisal of the NorthSouth Commuter Railway Extension (NSCR-Ex); the resettlement action plan entitlements distribution mechanism; the distribution of cash subsidy for operators; the automatic fare collection systempilot production testing; the support package for environmentfriendly and efficiently-driven public utility vehicles; and, the interim rehabilitation support to cushion unfavorably-affected enterprises by Covid-19 for better urban services transport lending program.

The LandBank, Department of Transportation (DoTr), Land Transportation and Franchising and Regulatory Board (LTFRB) and the Philippine National Railways (PNR) inked the deal on Monday.

We welcome “the opportunity to contribute to the continuous development of our transportation systems, in line with providing commuters with more efficient, safe and comfortable modes of transport.” LandBank President Cecilia C. Borromeo said. “Our combined efforts will fast-track the delivery of muchneeded programs and services for the sector amid the ongoing pandemic.”

Under the NSCR-Ex project, the LandBank is set to appraise 15 properties in Bulacan, Pampanga, Manila, Makati and Laguna.

The state-owned bank will also be serving as the distribution agent of the resettlement action plan entitlements distribution mechanism. It is also set to deliver cash entitlements to eligible residents and other people they call “project-affected persons,” or PAPs, living along the railway right-of-way from Malolos, Bulacan to Clark, Pampanga, as well as from Tutuban, Manila to Calamba, Laguna.

The bank, along with the LTFRB, will distribute cash subsidy to PUV operators who have been affected by the lockdown measures—prompting reduced ridership and suspension of public transportation operations.

In addition, the DoTr and Landbank will be conducting the pilot production testing of the automatic fare collection system.

The inspection is needed to prepare the system before its commercial use.

The LandBank also formalized its transport lending programs in line with the PUV modernization program.

As of August, the bank has approved P737.21-million worth of loans to 16 borrowers for the acquisition of 407 modern jeepneys.

LandBank, meanwhile, allotted P3 billion for its bus transport lending program.

Tyrone Jasper C. Piad

Financial inclusion now easy with natl ID–Fintech group

F

By Tyrone Jasper C. Piad

@Tyronepiad

inancial technology (fintech) group FintechAlliance.ph welcomed government’s initiative to launch the National ID system after it was tapped as the state’s financial inclusion partner.

The group said that having a national ID was “very timely” because it can help more Filipinos in accessing basic banking services.

“Low income families will have access to basic banking services ensuring the accuracy, transparency and efficiency of the delivery of aid and facilitating access to more job oppor-

tunities among others,” it explained.

The organization noted that the unbanked sector comprises 77 percent of the general population or 52 million.

The fintech group is serving as the financial inclusion partner of the Philippine ID System (Philsys).

FintechAlliance.ph Chairman

Angelito M. Villanueva welcomed the government initiative.

“We in the financial sector commit to provide an easier access for Filipinos to financial services using the Philsys,” he said.

The Philippine Identification System Act was signed into law by President Duterte on August 6, 2018, creating Philsys. An online kick-off program was held last week for the National ID system launch.

Philsys registration is available until December 30.

The program is eyeing to register around five million low-income household heads by year end. Having this ID, they can receive government aid more efficiently, access government-to-government services more quickly, prepare applications requiring government-issued IDs more easily and open bank accounts.

Mastering your money like Bruce Lee

‘I

fear not the man who has practiced 10,000 kicks once, but I fear the man who has practiced one kick 10,000 times.”

This is one of the most quoted lines from the Martial Art superstar, Bruce Lee, which emphasizes the importance of focused practice and a high level of competency.

Lee was so focused in perfecting his kick by consistent practicing of the kind of kick that is matched to his fighting method.

Such powerful was his kick that his signature move “Skip sidekick” to a 200 pounds guy with a safeguard armor resulted in the latter falling 20 meters away into the swimming pool. One Martial Arts expert by the name of Sensei Knudson tested Lee’s kick and felt his eyes like bulging out of his eye socket. Lee can also kick 135 kilos of sandbags to the ceiling.

For Lee to have such power, he has to generate speed; and power is in the hips and waist. They both generate the torque needed to supply the power and speed. In one of his movies he mentioned that to have power, one has to put his hips into it. A strong midsection is also a requisite.

Aside from his kick, he also perfected the art of punching, especially his so-called “one-inch punch.” He has mastered it and from a distance of one inch, he can deliver an explosive blow than can knock opponents clean off the ground.

Edmund Lao

personal finance Why was Bruce Lee able to do all these? It is all because of focus.

Bruce hungered for knowledge and exchanged ideas with different masters. From all his learning, he discarded the useless and retained the useful and practiced everyday.

When he sees an error he makes correction that will be a perfect match to reach his goal of perfecting his Martial Art. For personal financial management, the same can be done. As long as a person can focus on his goals, for sure, he will be able to have an almost perfect financial future.

Below are some tips that can help: 1. Master yourself. One can be a master or slave to himself. He has to be in control and must not give in to vanities. Self-control and discipline is a must just.

I remember a Jackie Chan movie where he cheats his master while training and he ended up being beaten up by a kung fu expert. When he realized his mistake, he conquered himself and trained with discipline.

In the end he beat up his tormentor.

One has to have a change in mindset and have a coach to help mentor him.

2. Master your craft. The best way to earn more is by being expert in one’s chosen career.

Note that people who have expertise in their field are often paid very attractively. Examples are well known public speakers, architects and doctors.

The more that an individual is in demand, the higher is his potential income. These well-known people started as unknowns but because of diligence, they were able to make their mark and became the top of mind when the need came.

3. Master your money. Money is said to be either a terrible master or an excellent servant. Money is neutral and our behavior will reveal whether we are master or servant to it. Money, as servant works 24 hours a day without complaint.

By starting to save and invest, one is paying himself and making money work for him instead of the other way around. There are a lot of investment instruments that can help our money grow.

As Bruce Lee chose his kicking style that fits him, a person can also choose the investment instrument that is a match to his risk profile.

Then just like practicing a kick 10,000 times, he can focus on his chosen investment and do it on a monthly basis. Without doubt, he will have a substantial amount for his future retirement fund.

If he tries to invest in different asset classes (like practicing

P

over its past year of operations in the country.

The celebrations will kick off with a discussion via online conference led by company CEO Lee Longa on October 13. The company said this discussion is open to hundreds of Pru Life UK Investments’ CIAs, who are insurance agents of Pru Life UK and certified to sell the insurer’s Unit Investment Trust Funds (UITFs).

In July, the group released a handbook outlining standards for the fintech sector in a bid to unify the regulators, policy-makers and stakeholders.

The fintech taxonomy titled “Unchartered Beyond” includes standards for nomenclatures, definitions and classifications of concepts that are yet to be explored by the industry.

Among the concerns the fintech group seeks to address with the handbook are inconsistency of terms, overlapping jurisdictions over semantically similar concepts, concepts not covered by existing taxonomies, implementation mismatch and policy conflict.

FintechAlliance.ph is also hoping that the initiative will help in establishing new rules or amendments to existing laws.

10,000 different kicks), for sure he will not be able to get a good return because of lack of expertise. He also runs the risk of getting scammed. Just today, I read of complaints of newbie investors who lost money because they listened to an expert.

What they did not know was that the said expert really knows his stuff and the newbies are not. They should have studied what the expert taught and then tested it via a small amount.

As the saying goes, before investing, INVESTigate first.

4. Master your emotion towards money. When it comes to money, emotion is the biggest adversary. As money is a tool, one must treat money as such. A lot of people love money but bear in mind that money has no emotion and therefore cannot give back love. As the Holy Bible says, the love of money is the root of all evil.

A lot of scammers know this fact and they prey on the emotions of their would-be victims. If one loves money less, greed will gradually disappear. An individual can then use his logic rather than emotion in his financial decision.

Through focus, one can master anything.

Edmund Lao is a registered financial planner of RFP Philippines. To learn more about personalfinancial planning, attend the 86th RFP program this October 2020. To inquire, e-mail info@rfp.ph or text at 0917-6248110.

IPOPHL to expand online payments channels

I

n an effort to enable more Filipinos to protect their intellectual property (IP) assets in safer and more convenient ways, the Intellectual Property Office of the Philippines (IPOPHL) has added PayMaya into its payment options for all its online services.

IPOPHL Director General Rowel S. Barba and PayMaya Philippines Inc. Founder and CEO Orlando B. Vea signed on October 8 the memorandum of agreement that expands IPOPHL’s payment gateways for new trademark applications, new patent applications, and post-registration compliance requirements, among others.

At IPOPHL’s Taguig headquarters, Director General Rowel S. Barba holds up inked MOA with PayMaya after signing ceremony last October 8.

“We are very pleased to partner with one of the country’s leading remittance networks in providing Filipinos with a new mode of transacting with IPOPHL. In this way, the public can look forward to a fast, secure, and convenient way of paying for their transactions with IPOPHL,” Barba said.

“More importantly, given PayMaya’s robust share of the online transacting public, IPOPHL’s broad range of services will be made accessible to a wider public, en-

BSP’s Diokno to speak on investments, financial inclusion ru Life UK Asset Management and Trust Corp., the asset manager of life insurer Pru Life UK plc, announced on October 8 it would celebrate its first anniversary with a series of virtual investment talks for its certified investment advisors (CIAs), employees and the public.

The company said it will showcase its product offerings and achievements

Tuesday, October 13, 2020 B3

“The conversation is expected to cover topics such as Pru Life UK’s business highlights, its strategic plans and development programs for its CIAs,” the company said.

There will also be a virtual learning session on October 16 to further strengthen the skills of CIAs, the insurer said.

On October 23, Bangko Sentral ng Pilipinas Governor Benjamin E.

Diokno will participate in the celebration as a keynote speaker at a free public webinar open to clients, CIAs, stakeholders and partners.

In this event, Diokno is expected to discuss the role of investments in reshaping the future of financial inclusion in the country.

“Pru Life UK Investments will continue to empower Filipinos to build their wealth and a sound financial

wellbeing for themselves and their future generations. Our ambition is to be the asset management company of choice for new and seasoned investors,” Longa was quoted in the statement as saying. “These activities reflect our appreciation of our people for their hard work and our clients for placing their trust in our expert advice, tailor-fit investments, and innovative wealth solutions.”

couraging Filipinos to create more intellectual properties and protect them through IPOPHL,” he added.

For his part, Vea said the signed partnership has “a very special meaning” to the fintech company.

“As the ultimate beneficiaries of IPOPHL are the knowledge creators themselves and Paymaya is part of this creative community that serves as an engine of growth for this county,” Vea said.

IPOPHL will soon be partnering with more fintechs aside from PayMaya to add to its digital payment ecosystem and allow more innovators and creators to leverage its services.

B4

Tuesday, October 13, 2020 • Editor: Gerard S. Ramos

Show BusinessMirror

www.businessmirror.com.ph

News presenters make the big switch

Today’s Horoscope

By Eugenia Last

z

CELEBRITIES BORN ON THIS DAY: Caleb McLaughlin, 19; Kate Walsh, 53; Hiro Kanagawa, 57; Marie Osmond, 61.

HAPPY BIRTHDAY: Tie up loose ends. Get rid of clutter, and prepare for new beginnings. A change of scenery will spark your creative imagination. Think big, but don’t exceed your budget. Hesitation will lead to regret and uncertainty. Know what you want, and be honest with those who will be affected by the decisions you make. A financial gain looks promising. Your numbers are 3, 9, 20, 27, 33, 39, 49.

FROM left: Erwin Tulfo, Rhea Santos and Ted Failon

a

ARIES (March 21-April 19): Learn, explore and research. The better prepared you are, the less aggravated you will become. Stay calm, and focus on what you want to accomplish. Don’t take offense if someone is difficult. Keep the peace, and go about your business. HHH

L

OCAL newscasters are considered stars in their own right, and even have their own loyal followers. Some of these news presenters have evolved into very credible TV hosts for lifestyle and public service programs, and a few have even successfully launched political careers.

With the recent major turbulence caused by the pandemic and the denial of the free TV franchise renewal petition of media giant ABS-CBN, we witnessed some big albeit calculated movements among newscasters.

Ted Failon, who served the Lopez-owned network for three decades, is now with TV5 as main anchor for Radyo 5 on weekdays, and he is on the air for four hours every morning.

“Everything happens for a reason. I felt sad I was left without a choice to leave the company I served for a long, long time. But then again, a new door opened, and negotiations were swift and smooth, so I said yes to Radyo 5.”

He added, “Radio has always been special to me.

I really can’t say for certain if I’ll be back as a TV newscaster. Only time will tell. I am enjoying more ‘me time’ at the moment, and spending it with my family and my grandkids is just so precious to me.”

Another newscaster who took the big leap is Erwin Tulfo, who used to be one of the lead anchors for Aksyon on TV5 where his tandem with the station’s news bureau chief Luchi Cruz-Valdes was widely followed.

Tulfo is now with PTV4’s prime-time newscast Ulat Bayan. Tulfo teams up with Alex Santos, Dianne Querer and Aljo Bendijo, and they are being touted as the government station’s Power4. Santos had stints with UNTV, ABS-CBN’s DZMM and Studio 23 while Bendijo was once the most promising young

b

TAURUS (April 20-May 20): Make a change that will give you the boost you need to try something new. Discuss your intentions with someone close to you, and it will help give you a different perspective on life, love and the meaning of success. HHHHH

c

GEMINI (May 21-June 20): Think twice before you get involved in someone’s business. Protect your reputation, stick to your principles and avoid compromising situations. Take care of personal problems and responsibilities, and let others fend for themselves. Avoid gossip. HH

d

CANCER (June 21-July 22):Make fitness and health priorities. Fix up your space to fit your current lifestyle. Let others know your intentions, and share your thoughts and feelings. Spend quality time with someone special. HHHH

newscaster of the ABS-CBN news department during his younger years. Credited in gathering this formidable team is Kat de Castro, the daughter of ABS-CBN’s main anchor Noli de Castro.

It is interesting to note that Tulfo has made the rounds of all major TV networks as news presenter.

Aside from his stint with TV5, he also cohosted Bitag on IBC13, delivered the news for RPN’s NewsWatch Aksyon Balita and hosted the popular Isumbong Mo program with his brothers. He also had memorable experiences with ABS-CBN’s Magandang Gabi, Bayan and Magandang Umaga, Pilipinas.

But his first outing was with PTV4 for Pangunahing Balita and PTV Weekend Report from 1987 to 1992.

“With Ulat Bayan, I come full circle. I am happy to be of service to the Filipino people as a newscaster.

I am excited because we will not only be delivering comprehensive coverages of the news, but we will also have investigative segments. What excites me also is

that the four of us will be discussing interesting issues and will be be doing a lot of free-flow bantering on air,” Tulfo shared.

And while we are on the topic of new beginnings for newscasters, I am just happy to learn that Rhea Santos, then GMA New TV’s prized and perhaps the station’s most gorgeous broadcast journalist, has just launched her newscasting career in Canada.

Santos, a former anchor of GMA’s Unang Hirit, migrated to Vancouver last year and now delivers the Filipino newscast for Canadian broadcasting company OMNI Television.

“I am just elated to have been presented with this opportunity to do what I love, and to continue my passion as a broadcast journalist. And this time, to be of service to all the Canadian-Filipinos where I live now,” she enthused.

All the best to Erwin, Ted and Rhea. Continue to make us proud. n

‘High-Rise Lovers’ highlights many faces of marriage I CAN See You: High-Rise Lovers cast Winwyn Marquez (from left), Tom Rodriguez and Lovi Poe.

GMA paints a realistic picture of marriage in the third installment of the unique drama anthology I Can See You: High-Rise Lovers, which premiered last night on the primetime block. “High-Rise Lovers” is headlined by Lovi Poe, Winwyn Marquez and Tom Rodriguez.

In observance of anti-Covid-19 protocols alongside the network’s precautionary measures, the cast and crew of the show underwent RT-PCR tests, lock-in tapings and strictly practiced government-mandated safety and health protocols on the set.

Lovi shares her trust in the network, and her excitement to return to work prompted her to take on the project, “’Yung tiwala ko sa network and sa buong team really just made me want to go back to work. Even before the pandemic, safety always comes first when it comes to our production. It wasn’t a hard decision for me. I’m just really excited to see my friends and work with the whole team again.”

Winwyn, who seals her acting comeback with this project, reveals what she finds most interesting about her character: “Ysabel is very free-spirited and she doesn’t like commitments. She just wants to have fun and ang iniisip niya ’yung sarili niya. I think a lot of young viewers can relate to her

character. But deep inside we all just want to find love.”

Meanwhile, Tom expresses how small-scale projects such as their weekly series can be of help in the entertainment industry during this pandemic: “Natututo kaming gumapang

ulit bago maglakad. It’s really a nice training wheel para we can get used to the swing of things again. So if ever they’re going to attempt to do big projects from the ground up, mas kaya siyang ma-accomplish. For me, these small-scale projects, they’re a nice training ground.”

“High-Rise Lovers” follows the story of married couple Samantha (Lovi) and Luis (Tom) whose relationship dwindles as their opposing goals in life get the best of them. After moving into a new condominium unit, Samantha continues to strive for a big promotion at work while Luis, an unemployed contractor, is forced to accept a renovation job for another occupant—the mysterious and sultry Ysabel (Winwyn).

Will Luis yield to the temptation of a new lover who comforts his bruised ego, and will Samantha realize that her marriage is still worth saving?

Also starring in the installment are Teresa Loyzaga as Greta Fontanilla, Samantha’s boss and mentor; and Kenneth “Tetay” Ocampo as Ru Paul Esguerra, workmate and loyal friend of Samantha.

I Can See You: High-Rise Lovers, under the helm of director Monti Parungao, airs weeknights right after Encantadia on GMA.

e

LEO (July 23-Aug. 22): Take time to do your own thing. Don’t let generosity put you in a difficult position. You cannot buy love, respect or loyalty. If someone uses you, know enough to walk away. Concentrate on self-improvement and personal gains. HHH

f

VIRGO (Aug. 23-Sept. 22): Embrace change and what life has to offer. Be part of the solution, not the problem. Set high standards, and express your opinions. Follow your heart, and don’t back down from adversity. Enjoy life, show love and strive for happiness and peace of mind.

HHH

g

LIBRA (Sept. 23-Oct. 22): Frustration and anger won’t help you solve problems or get ahead. Expand your mind, restructure your plans and distance yourself from situations that are holding you back. HHHH

h

SCORPIO (Oct. 23-Nov. 21): A last-minute change will favor you. Your patience, consistency and honesty will encourage others to support your efforts. Don’t give up or give in.

Pursue your goals. Clear up an emotional situation with an honest discussion. Romance is favored. HHHH

i j

SAGITTARIUS (Nov. 22-Dec. 21): Keep your thoughts to yourself, and focus on your responsibilities. Leave nothing to chance or in someone else’s hands. A change at home or work will have pros and cons. HH

CAPRICORN (Dec. 22-Jan. 19): Discuss your intentions before you start. The suggestions you receive will have an impact on the way you proceed. A joint venture and a financial gain look promising. Aim to make personal improvements, and choose peace and love over discord. HHHHH

k

AQUARIUS (Jan. 20-Feb. 18): Keep your money and possessions out of sight. Expect an added expense due to someone else.

An intelligent approach will be more effective than getting into a dispute over something that has already happened. Choose your words wisely. HHH

l

PISCES (Feb. 19-March 20): Stand your ground, and get things done. The changes you suggest will draw attention as well as encourage exciting offers. Expect a financial change, gift or proposal to come your way. HHH BIRTHDAY BABY: You are powerful, determined and secretive.

You are inventive and tenacious.

‘comma bond’ BY PAUL COULTER The Universal Crossword/Edited by David Steinberg

ACROSS 1 About 5 DEA agents 10 Fairy-tale word after “once” 14 Bridge measurement 15 Eyeball benders 16 La ___ (weather phenomenon) 17 “Excellent, NHL legend Lemieux!”

19 What one can’t sing?

20 Swaps 21 Strong Starbucks order 23 Infatuated 25 Former Russian ruler 26 Earthy pigment 29 “Well done, country musician Hill!”

34 Mortgage org.

35 Came in first 36 “Santa Baby” singer Kitt 37 DVR choice 39 “___ Kick Out of You” 41 Gas station shop 42 Emulated running mates?

44 “___ be my pleasure” 45 Malcolm X director Spike

6 “I like it, pop star Furtado!”

4 48 Cake section 50 Final Four org.

51 Full-circle air show maneuver 53 Popular coffee flavoring 57 Like the population of Siberia 61 Big name in skin care 62 “Outstanding, skater Hamilton!”

64 Sole 65 Bequeath 66 Tools for weeding 67 Boardwalk or Park Place 68 Bugs bugs him 69 Jodie Comer won one for Killing Eve DOWN 1 ___ prof.

2 Cowboy boot attachment 3 Spanish appetizer 4 Antsy 5 Takeout order at a restaurant?

6 Shrinks’ org.

7 Pink, as a steak 8 The Count of Monte ___ 9 Comes to a complete halt

0 Softball pitching style 1 11 Name of 12 popes 12 Aces, sometimes 13 Western alliance acronym 18 Back 22 Tennis star Nadal, informally 24 All excited 26 A lot 27 ___ dog (food with a meaty sauce) 28 Devastation 30 Buck in baseball history 31 Europe’s “boot” 32 Midafternoon hour 33 Inapt anagram of “heart” 35 Kind of lens 38 Alert 40 Texter’s “Ta-ta!”

43 Abbr. at the bottom of a business letter 47 Victory symbol 48 Cuts off 49 Cochise’s Southwestern tribe 52 Blender brand 53 Grasp

54 Burn balm 55 Author Grey 56 Mets, Jets or Nets 58 Study or library 59 ___ the tide 60 Site with handmade masks 63 Fifth, e.g., in NYC

Solution to Friday’s puzzle:

Home BusinessMirror

www.businessmirror.com.ph

Editor: Gerard S. Ramos

• Tuesday, October 13, 2020

B5

❶

A MACHINEWASHABLE quilt or pillow sham with the look and feel of a handcrafted treasure, the Olney Blue Beddings from the Trove collection gives any bed a luxurious softness.

❷

❶

PAINTERLY black rings encircle the speckled Stella Dinnerware from the New Deco collection, finished in modern matte white. Handpainted by talented artisans, the collection brings a unique, organic beauty to your table in minimalist monochrome.

INDULGE in the sumptuous leather surrounding the Wells Leather Sofa, an updated version of the classic from the Modern Prairie collection. Wells looks rustic and modern as it tucks cushions onto a slim frame supported by iron legs.

New styles for the new normal W

Airbnb blocking some rentals over Halloween to halt parties AIRBNB will prohibit one-night rentals over Halloween weekend as part of its ongoing effort to crack down on party houses.

The action, announced on Friday, comes nearly a year after a deadly shooting at an Airbnb in Orinda, California.

Five people were killed in the shooting, which happened during an unauthorized Halloween party. San Francisco-based Airbnb said it will ban one-night rentals of entire homes in the US and Canada on October 30 or October 31. Previously booked one-night rentals will be canceled and Airbnb will offer refunds.

Airbnb said it will also look more closely at two- and three-night reservations during Halloween. A guest may be denied, for example, if they try to book a whole home close to their own home during that period and they don’t have a history of positive reviews on Airbnb.

Airbnb has taken a series of steps to crack down on parties since last year’s shooting. Last November, it started manually reviewing US and Canadian reservations to weed out suspicious rentals. The company’s efforts have intensified as it prepares for an initial public stock offering, which could come later this year.

In July, the company banned US and Canadian guests under age 25 with fewer than three positive reviews from booking entire homes close to where they live. That policy was later expanded to the United Kingdom, Spain and France. And in August, Airbnb banned parties worldwide and limited occupancy at its rentals to 16 people.

Airbnb has also warned guests and hosts that it could take legal action against violators. In August, for the first time, it started legal proceedings against a guest who held an unauthorized house party in Sacramento, California. AP

ITH most of us spending more time at home, we’re looking at exciting ways to transform it into a comfort zone that’s both creative and functional.

To that end, Crate&Barrel’s new fall collection highlights four new styles that give the homemaker great ideas, and great opportunities for selfexpression: Modern Prairie, Urban Retreat, New Deco and Trove. The new styles can be viewed at Crate and Barrel stores in SM Aura Premier, SM Makati and SM Megamall. n Modern Prairie is an update on the aesthetic of the Prairie School of Architects to be at home with

nature, to embrace it in every crafted detail, earthy texture and wooded view.

Seen through Crate&Barrel’s modern lens, it’s still how we want to live today. In an homage to American craftsmanship, the home emphasizes warm woods and natural materials that showcase exquisite quality and craft. n Urban Retreat is about creating an urban retreat where luxury is in the details sink-into-soft textures, colored washed hues, sustainable materials and welcoming silhouettes. Balanced, personal and blissfully relaxed. n New Deco is about remixing deco for modern

❷

living. A bold statement. A glam twist. Elegant curves and head-turning profiles. Every piece is a statement.

There are so many beautiful possibilities when fresh style meets timeless design. n Trove this season, energizing color and striking silhouettes give the forever modern look of Danish design a right-now moment.

Spotlight is on the flexible, modular pieces that maximize style and function in small or impermanent spaces.

So, under this new normal we live in, make your personal space be a calming oasis amid all the uncertainties outside. n

Til décor do us part? How couples can decorate together

By Melissa Rayworth The Associated Press

SHARING a home with someone you love can be wonderful. But decorating together isn’t always easy, especially when your tastes aren’t the same.

If one partner loves filling every space with mementos and the other is clutter-averse, who gets their way? It can be hard to find good compromises when one loves bold colors and patterns, while the other favors calming shades of gray.

Interior designer Penny Drue Baird draws as much on her doctorate in psychology as on her design training when she works with couples decorating a home. “I’m there as the mediator, like a marital therapist,” Baird says, “working out how to approach it so both persons don’t feel like they’re the one that can’t get what they want.”

Here, Baird and two other New York-based interior designers—Deborah Martin and Michelle Gerson— discuss how couples can tackle the sometimes challenging task of decorating shared space.

SHARING YOUR VISION ALL three designers begin by doing an intake meeting with a couple to find out “everything that they are hoping to achieve, and the look they feel like they’re going for,” Baird says. Clients will bring photos they’ve ripped from magazines or show pages from design books to help explain what appeals to them.

A couple can sit down together and have this sort of meeting even if they aren’t working with a designer.

By showing your partner what you envision, you may find that you have more common ground than you realized. Martin says that sometimes a client begins with a preconceived notion that they don’t like a certain pattern or style, but when they see it in context

they do like it. “It’s about discovery,” Martin says. Just as a designer must “take some risks and present what you feel will work very well in the home,” a partner can take the risk of showing their vision and taking in their partner’s vision with an open mind. Both may end up happily surprised.

In some cases, one partner might say they’re fine turning over the reins completely. If you’re redecorating a home or moving to a new one and your partner says you can make all the design choices, keep them updated along the way to avoid any unpleasant surprises.

COHESIVE COMPROMISES GERSON recommends making a list of items you both need in the room or home you’re decorating.

These are the shared must-haves you can agree on, like plenty of seating in the living room if you both like to entertain.

Find that common ground, she says, and try to agree on one major piece of furniture. Maybe it’s a sofa that one partner loves the shape of and the other likes the fabric. Once each person feels like their biggest requests have been heard, it may be easier to compromise on other details.

Another way to compromise: If one person likes a space full of colorful things and the other dislikes clutter, Gerson says, “then we try to organize the stuff.

When stuff looks organized and purposeful, and not just like stuff all over the place, then people start to realize they do like having stuff around.”

For one client who had a collection of music memorabilia, Gerson added built-in shelving in a home office to display the collection in an organized way that pleased both partners.

If a home is big enough, couples with differing taste might find it’s easier to compromise on the main

rooms if they will each have more influence on one other room, Baird says. One person might choose darker colors for a home library, for instance, while another can use bright, bold colors for their home office or hobby space. The main rooms can serve as a bridge, connecting those styles together more smoothly. Martin agrees: “I try not to create a ‘his space’ or a ‘her space’ in favor of creating spaces that flow nicely and have continuity.”

Some couples opt to mix their contrasting tastes throughout their home, but Baird says creating an “eclectic” room that mashes up two different decorating styles can be difficult. “People bandy around the word eclectic, but it really is a mishmosh,” she says. “It’s very rare to see a room or a home that I would call eclectic that is well done.”

TAKE YOUR TIME GERSON says people often are in a rush to completely decorate a room and fill every space. That can lead you to compromises that neither of you like, she says.

Don’t be afraid to leave a bit of empty space until you discover the right piece to put there.

“It’s OK if you have a fabulous sofa and a great coffee table and a rug,” Gerson says, to then wait until you stumble upon a wonderful chair you both like that can complete the room.

Time also makes the shared decorating process easier: “I find that the longer a couple has lived together or been married, the more likely they are to have the same design objectives,” Martin says.

“They’re on the same page, especially older couples.”

And with enough communication and patience, Baird says, most couples manage to decorate their homes without conflict. “I’ve never had anyone get divorced,” she says, “until after we were done decorating.”

CREATE your own urban retreat with Crate&Barrel’s Fayette Bar Cabinet inspired

by Parisian Art Deco, the Vernet Travertine Cane End Table made of woven rattan and marble, and the architecturallyinspired Diderot chair—all from the Urban Retreat collection.

B6 Tuesday, October 13, 2020

Villar provides agricultural assistance to promote urban gardening in Marikina Make owning the Lexus of your dreams a reality with long-payment plans for up to 36 months

T

HERE is a certain satisfaction that comes from taking the extended way to your destination. This is especially true if you enjoy driving and can appreciate the machinery that connects you to the road underneath. That feeling is further enhanced when you are behind the wheel of a Lexus. When the car you are driving has been engineered with cutting-edge technology and was built to the highest standards, you would choose the scenic route all the time.

Lexus is taking the long route, too, so that you can bask in these long payment schemes. So sit back and relax with these offers when you purchase your dream Lexus this October. Take advantage of these extended payment plans for up to 36 months on selected models.

The participating models with a 30% downpayment, 36-month term, at 0% interest are below: The Lexus RX 350 (SRP P4,378,000) will turn you into a driving enthusiast if weren’t one before. It boasts of a 3.5-liter V6 direct-injection engine that offers excellent fuel economy but with pulsepounding performance when you need it. Mated to this engine is an eight-speed automatic transmission that delivers an exciting drive and an efficient delivery of power to the driven wheels. Key features of the RX 350 are its drive-mode selector; Adaptive Variable Suspension; and 10, sensor-controlled SRS airbags lining the cabin that providing enhanced protection for all occupants.

The Lexus RX 350 F Sport (SRP P4,938,000) is top-selling SUV that will take your driving experience to the next level. The RX 350 F Sport will satisfy the enthusiast driver who is also looking for a practical crossover for the family. It is fitted with sporty 20-inch twin-spoke aluminum wheels in dark metallic paint. Inside are unique F Sport dials with full-length illuminated needles that add an element of excitement. The cabin is decked out in dimpled leather with an exclusive perforated finish on the steering wheel and shift knob.

And then there are the aluminum pedals,

exclusive to F Sport models.

The Lexus NX 300 (SRP P3,208,000) compact luxury crossover is a model that you will surely enjoy during extended drives. Power comes from a turbocharged 2.0-liter inline 4-cylinder direct-injection engine which delivers 235hp and 350Nm of torque to all four wheels via a six-speed automatic transmission. For a more engaging driving experience, the NX 300 features a gravity ball sensor that detects when the car is braking, accelerating, or cornering, and finds and holds the right gear. Interior leg room room is impressive on the NX 300 as well.

The Lexus NX 300h (SRP P3,678,000) is another enticing hybrid model from the super-efficient fleet of eco-friendly Lexus variants. This variant features Lexus Hybrid Drive which draws power from both electric and petrol motors, resulting in instant torque and rapid acceleration. The NX also offers a massive outer-sliding moon roof that features a one-touch auto close function, while fins and lips on the deflector reduce wind noise. At low speed the EV drive mode uses an electric motor for silent and emission-free cruising.

The Lexus NX 300 F Sport (SRP P3,708,000) is a sportier take on the NX and has a number of key features that elevate it from other SUVs in its segment.

F Sport seats feature integrated foaming technology to keep you firmly in place even during aggressive driving. Plus, the cabin features dimpled leather with an exclusive perforated finish on the steering wheel and shift knob. Outside, the 18-inch aluminum wheels with a unique two-tone finish enhance the aggressive looks.

Meanwhile, the participating models with a 30% downpayment, 24-month term, at 0% interest are below: The Lexus ES 350 (SRP P4,478,000) midsize sedan is a work of automotive art. It boasts of a human-centered cabin; a coupe-like silhouette; advanced passive and active driver-safety technologies; and an innovative infotainment system with a 12.3-inch display and 17-speaker Mark Levinson Premium Surround

Sound System. Under its hood is a 300hp 3.5-liter V6 engine mated to an 8-speed automatic transmission. It is worth noting that the ES is also Lexus’s most popular sedan model. Ambient interior lighting has been adopted to achieve a warm and gentle atmosphere.

An enlarged moon roof allows natural light to enter and enhances the cabin’s sense of spaciousness while cutting 98% of UV rays.

The Lexus RX 350L (SRP P4,858,000) was engineered to cater to ever-growing families. The addition of third-row seating is a luxury in itself--a practical feature that you never knew you was essential until you needed the added space for passengers and cargo. Rear seats slide, recline and fold virtually flat in a 60/40 split, while storage compartments are conveniently spread throughout the interior.

Under the hood is a powerful 3.5-liter V6 engine.

The Lexus RX 450h (SRP P5,178,000) is the hybrid version of one of the most popular SUVs in the entire Lexus lineup.

Under its sculpted and aggressive exterior lines is a very sophisticated hybrid drive system, the heart of which is a 3.5-liter V6 direct-injection engine with front and rear electric motors.

The Lexus UX 200 (SRP P2,538,000) is the ideal introduction to the world of Lexus if you have never experienced the brand before. If you are a demanding driver and your taste in vehicles has elevated, then it is time to slip behind the wheel of the UX. This model is fondly known as the gateway model into the world of Lexus and the ideal crossover for the buyer who expects more in a vehicle.

It offers SUV performance, stunning design, and the nimble handling of a hatchback. Its Sashiko-quilted leather seats and dashboard trim are unique Japanese elements that highlight the amazing craftsmanship that goes into the creation of the UX. A vibrant 7-inch multi-information screen offers convenient access to numerous vehicle features such as the audio and airconditioning systems.

The Lexus UX 200 F Sport (SRP P3,108,000) will bring out the driving enthusiast in you. Because of its dimensions, it is an ideal crossover for the city. You will be surprised by its impressive maneuverability. The UX 200 is compact and responsive, with a bestin-class turning radius. Exclusive to the F Sport variant are the LFA-inspired gauges; 18-inch alloy wheels; F Sport grille; and sport seats. Under the hood, a 2.0-liter, 4-cylinder engine with a new Direct-Shift.

To learn more, contact your Lexus dealer at (632) 8856 5050 or visit Lexus Remote for a hassle-free contactless purchase journey.

PLDT’s prepaid fastest wireless internet now available at Php 1,995 for a limited time only

W

ITH the resumption of classes nationwide, there’s greater need for homes to be equipped with fast and reliable internet connections so students can seamlessly attend their online classes. The country’s fastest fixed network and leading digital services provider, PLDT Home introduces an all-new and most advanced prepaid internet solution that can be ordered hassle-free online.

This all-new and improved PLDT Home Wifi Prepaid Advance unit offers LTE-Advanced (LTE-A) technology that can deliver the fastest wireless internet speeds versus the previous PLDT Home Wifi Prepaid modem. The PLDT Home Wifi Prepaid Advance modem is more efficient compared to its previous version with its carrier aggregation features and ability to combine frequency channels that enable faster LTE speeds and better customer experience.

Just like the previous PLDT Home Wifi Prepaid unit, this newly improved PLDT Home Wifi Prepaid Advance modem is a plug-and-play device that’s convenient to use, especially for schoolage children (with adult supervision)

at home. Customers can also buy the PLDT Home Wifi Prepaid Advance unit via GrabMart. Every device comes with free 10GB valid for 7 days so customers can immediately browse online and can be reloaded through GrabApp using the GrabPay wallet, Paymaya, myPLDT Smart app, or through PLDT Home and Smart’s retailers nationwide. Customers can also choose from a wide array of Prepaid FamLoad options for bigger data packages tailor-fitted to their needs.

For a limited time only, customers can instantly avail of their own PLDT Home Wifi Prepaid Advance unit for only P1995 to enjoy uninterrupted and fastest wireless connectivity at home. Customers can order a unit through the PLDT Home website (https://pldthome.com/ homewifi) and receive their order quickly via Grab Express service. Purchases can either be paid through debit or credit card for cashless delivery, or cash-on-delivery.

The original price of Php 2,495 is slashed to just Php 1,995 only until November 30 to allow customers to take advantage of this advanced and affordable internet device in time for the

opening of the school year.

This timely offer is part of PLDT Home’s efforts to bring more onlinedriven services, boosting their already significant digital presence amid the new normal. With a more advanced technology, PLDT Home answers the needs of more Filipino families for a reliable and fast internet connection so they can do their work, attend online classes, and likewise be entertained online, in the new normal.

S

EN. Cynthia A. Villar has donated 50 sacks of fertilizer and 24 packs of seeds to Technical Education and Skills Development Authority (TESDA) Marikina City to help establish farms and vegetable gardens in support of the city government’s goal to achieve food sustainability amid the COVID-19 pandemic.

The assistance, provided through the Villar Social Institute for Poverty Alleviation and Governance (Villar SIPAG), were turned over to the National TVET Trainers Academy of TESDA (NTTA-TESDA)-Marikina City.

Perla Lucas, NTTA-TESDA Administrator, earlier sought the assistance of Villar, Chair of the Senate Committee on Agriculture and Food, in line with her advocacy to transform vacant lots and pocket spaces into urban farms by planting assorted vegetables.

Villar said the organic fertilizers came from kitchen wastes which were collected from households in the Las Pinas City. The kitchen wastes were then turned over to composting and vermi-composting centers where they are converted into organic fertilizers. The collection of kitchen wastes in the city is in line with the Senator’s ongoing

initiative to manage the city’s waste and at the same time, provide livelihood to residents.

“Our composting and recycling projects have transformed 70% of Las Pinas City’s household wastes into reusable resources and enabled us to save on garbage hauling services.

This is very timely given the challenges on garbage collection with the ongoing restrictions brought about by the COVID-19 pandemic,” Villar said, who also chairs the Senate Committee on Environment.

Villar further stated that workers in these composting and recycling centers live nearby and operate on spacious areas where social distancing can be easily observed. In a month, the composting centers established by the senator produce 70 tons of fertilizers which are being given to farmers from nearby provinces.

“In Metro Manila, there are also urban gardeners and vegetable farmers who benefit from this free farm input,” Villar emphasized.

The senator assured that she will continue to work with national and local governments, as well as communities to advance urban gardening so Filipino families are able to meet their daily nutrition needs especially during the COVID-19 health crisis.

Keeping the business alive amidst the pandemic

T

HE beauty industry, parlors and salon in particular, is among the hardest hit by the health pandemic worldwide. Many have been closed for the past six months of lockdown in the country.

But Mary Pauline Salon has redirected its business and saved the company from closure.

Owner Mary Pauline Danga-Obias shared, “I instructed my team to get the business moving by offering home services to our clients and strengthening our online marketing.”

So instead of clients going to the salon, MPS staff go to their homes to service them. In this set-up, pandemic protocol is carefully placed, with staff being tested for COVID-19 every two weeks and getting flu/ pneumonia vaccines. The staff, apart from health protection provision, continuously receive their salaries and allowances on time as well.

“Our aim for the public is for them to feel beautiful inside and out despite this pandemic,” said Obias. Today with the gradual opening of businesses, MPS outlets are installed with foot baths, alcohol dispensers, face masks, face shields, air purifiers, and UV sanitation boxes. Likewise, the workers practice social distancing in salon outlets which has also installed several cashless payment options for clients.

Established in 2004, with Kerabond treatments and Rebonding services, MPS immediately attracted countless regular customers and several celebrities in the field. By 2011, it ventured into franchising through Mary Pauline Salon Franchising Corp. Currently MPS has around 200 branches nationwide, mostly franchises with several branches of their own. Outlets in Surigao Del Sur and Surigao Del Norte will be opening very soon as negotiations to build a Greenbelt branch got underway.

Known as a celebrity salon, MPS lives up to that name by making sure to offer quality, affordable services. Thus 2019 saw the launch of Mary Pauline Skin that offered a complete set of beauty regimens from facial soap, toner, and day and night cream.

MPS owner Mary Pauline Danga-Obias with daughter Ruthie.

Likewise, MPS is constantly honing young stylists from all over the countey to be deployed in franchise outlets. This is done via the Salon Pangkabuhayan livelihood training program in partnership with the offices of the mayor and PESO (Public Employment Support Office) of the localities.

Obias urged, "COVID-19 might have wreaked havoc on our economy but I believe in the resilience of the Filipinos.

I would like to encourage our youth to consider getting into the trade and training for it. I am envisioning a more professional approach in the selection and training of personnel and better opportunities for both the salon owners and their staff.”

Sports BusinessMirror

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

Tuesday, October 13, 2020 B7

TNT TARGETS 2-0 START IN PHL CUP T

NT Tropang Giga’s lethal backcourt weapons Roger Pogoy and William Jayson Castro will be marked by Terra Firma’s defense when the two teams square off on Day 3 on Tuesday of the Philippine Basketball Association Philippine Cup at the Angeles University Foundation gym.

TNT Head Coach Ferdinand “Bong” Ravena said he expects another great performance from Pogoy and Castro as he hopes to match Terra Firma’s deadly running game led by last year’s rookie of the year CJ Perez.

TNT faces Terra Firma Dyip at 6:45 p.m.

“Definitely, we are expecting him [Pogoy] to be more consistent,” Ravena told BusinessMirror after the team’s practice on Monday, a day after Pogoy erupted for 45 points highlighted by 10 triples to smash Alaska, 100-95, on opening day Sunday.

Ravena said besides Pogoy and Castro, he also expects a strong offensive performance from Troy Rosario, who had nine points against NLEX on Sunday night.

“They are our scoring guys [Pogoy, Jayson and Rosario]. But we need that kind of performance in our offense. If he [Pogoy] can’t repeat that, hopefully, he gets his numbers,” Ravena added.

TNT is hoping Bobby Ray Parks will play on Tuesday after recovering from a minor strained calf injury.

“Hopefully everybody is healthy,” said Ravena, noting they will take it one game at a time inside the bubble.

For the Terra Firma Dyip, Coach John Cardel will rely on rookie Roosevelt Adams, Perez, Eric Camson and Rashawn Mcarthy.

The first game at 4 p.m. pits Rain or Shine against a defending champion San Miguel Beer side hobbled by the absence of six-time Most

Valuable Player June Mar Fajardo.

Two-time Most Valuable Player, 16-year veteran James Yap, expressed excitement playing alongside rookie teammates Prince Rivero, Adrian Wong, Vince Tolentino and Clint Doliguez against a talented Beermen squad in their first game of the unique season.

“We have a lot of rookies and I think they already adjusted. I am excited to see them how they play aggressively,” Yap said.

Yap and the Elasto Painters are facing a San Miguel Beer crew carrying a 1-0 won-lost record carried over from the Beermen’s 94-78 victory last March 8, the first and only game in the stunted Philippine Cup at the Smart Araneta Coliseum that was ran over by the Covid-19 pandemic.

A former University Athletic Association of the Philippines MVP out of University of the East who stayed fit while locked down in Italy with his family, said the Elasto Painters’ three-point shooting will be their main weapon.

San Miguel Beer Coach Leo Austria, on the other hand, said their first win of the season looks negligible inside the bubble.

“That’s an advantage [1-0] for now, but that was already a long time ago. We already enjoyed that one win for seven months,” said Austria, whose main man Fajardo is recovering from a leg injury he sustained in practice before the season started last February. Josef Ramos

PBA brass praise host hotel in Clark

AN JULIUS COLINA took the road least traveled, if not at all, by varsity basketball players—he joined the army.

The 6-foot-4 Colina, one of the promising big men out of Adamson University, joined the Philippine Army five years ago and is now a private first class.

He still packs a solid all-around game with his solid physique, but a full-pledged basketball career now ranks second to his desire of serving the country.

“When I entered the Philippine Army, it became my priority. Here in the Army, rain or shine, I have a good salary and I can feed my family all the time,” Colina told the BusinessMirror from the Army headquarters at the Fort Bonifacio in Taguig City.

Colina doesn’t regret shelving his dream of playing in the Philippine Basketball Association.

He was was selected sixth in the third round by Globalport (now Northport) in the 2012 Rookie Draft, but was unsigned.

“If I pushed my dream of playing in the PBA, I could probably make it in the league for just

T

HE Philippine Basketball Association (PBA) expressed its appreciation to the Bases Conversion and Development Authority (BCDA) and Clark Development Corp. (CDC) for the bubble in Clark which made the long-awaited restart of the PBA Philippine Cup possible.

“So far, everything is okay, and Quest Hotel is very cooperative I must say. As we move along, we learn, and as we learn, they are also adjusting. Their openness to adjust is very good,” PBA Chairman Ricky Vargas said.

The 350-strong PBA entourage is billeted at the Quest Plus Conference Center located within the Mimosa Plus estate in Clark.

Players like Magnolia Hotshots’ Paul Lee and Rafi Reavis, Rain or Shine’s Beau Belga and Barangay Ginebra San Miguel’s Scottie Thompson praised the quality of food served by the hotel’s kitchen staff.

“We’re very happy that it is not just one meal for everybody. You are adjusting to their requests, we are very happy and thankful that you are doing that,” Vargas said.

Vargas, PLDT Chairman Manuel V. Pangilinan and Samahang Basketbol ng Pilipinas (SBP) President Al Panlilio recently met virtually with BCDA President and CEO Vince Dizon and Vice President for Business Development Arrey Perez, and CDC President and CEO Noel Manankil.

During the meeting, Vargas said that allowing the PBA bubble delegates to play golf is “very helpful” as the players and coaches find ways to entertain themselves during the season. The Filinvest Mimosa Plus Leisure City golf course is exclusive for PBA bubble delegates every Monday.

Dizon said the PBA bubble would set the standards for other possible sports bubbles in Clark.

“We’ll set the standard there so that for the subsequent bubbles, we will just keep getting better at it,” he said.

The Clark bubble observes strict health measures and protocols to ensure that all participants are kept safe throughout the 45th season.

Delegates are required to use the StaySafe.

PH contact tracing application so that their movement within the bubble may easily be monitored. They will also undergo swab testing every two weeks.

Vincent Juico @VJuico Instagram vpjp_j, vince.juico@gmail.com

SPORTS WITHOUT BORDERS

Pro bubble

MERALCO’S Raymar Jose gets double teamed by Phoenix Super LPG’s Justin Chua and Jason Perkins in Monday night’s first game with the Fuel Masters giving debuting coach Topex Robinson a rousing welcome via a 116-98 victiory.

J

Colina heeds a different calling awhile. But in the Army, it’s for a lifetime and we have a lot of benefits,” added Colina, who also played in the PBA Developmental League.

Colina said Joseph Terso (National University) and Philip Paniamogan (Jose Rizal University) tagged him along to join a tryout for Army, which also offered a military career. He stayed behind to become an Armyman, but not the two.

The 31-year-old Cebuano, who was one of Leo Austria’s assistants when he was the Falcons’ head coach, remains active in the sport he loves and has his daily dose of sports from his wife, Kristine Celest Flores Colina, who edits and covers sports for Inquirer.net.

Colina also said he draws inspiration from their five-year-old daughter, Myrcella Celestine.

He is the head coach of the Army’s women’s basketball team that will compete in the Women’s

De los Santos keeps on winning ’em golds

JAMES DE LOS SANTOS with his student, Fatima Hamsain, strike a pose at the Maharlika Karatedo Kai of the Philippines International dojo in Taguig City.

J

By Annie Abad

AMES DE LOS SANTOS made it 2-of-2 in the world of online karate by bagging consecutive gold medals at the Fiest Euro Grand Prix E-Tournament and the Second e-Karate Games 2020 on Sunday night.

De los Santos upset South African Silvio Cereno Biagioni, 24.6-24.3 in the final round of the Euro Grand Prix for his 14th gold and snatched gold No. 15 in the e-Karate Games with a 24.3-23.3 victory over Murilo Alves of Brazil 24.3-23.3.

“I’m very ecstatic with my 14th and 15th gold. The hard work is really paying off,” de los Santos told the BusinessMirror.

“What makes me happier is seeing my students win medals in their respective categories,” de los Santos, a Cebu City native, said.

His students at the Maharlika Karatedo Kai of the Philippines International (MKKPI), also bagged medals at the e-Karate Games 2020 with Fatima Hamsain winning gold over Giselle Rensburg van Janse of Denmark, 23. 2-22.9, and Ian Julia Marcos settling for silver behind Australia’s Keira Sanft 23.4-23.6.

De los Santos’s two additional gold medals technically meant he is now No. 1 in the world but the 30-year-old former national team member preferred to get a confirmation from the sport’s international federation.

“I’m just waiting for the ranking points to be updated. I’ll announce it once it’s official,” De los Santos said.

Sharing de los Santos’s victory is his Japanese Coach Masa Saito, who has been monitoring every step he form from his base in Saitama, Japan.

“I’m more than happy. We started from scratch and we’ve come so far. We never gave up,” Saito said. “James is the most hardworking and enthusiastic karateka I know. I wish I could be there physically to celebrate our victories.”

Before his back-to-back golds over the weekend, de los Santos was at No. 2 in the world with 8,515 points behind Eduardo Garcia of Portugal with 8.575points.

Completing the top 5—who are further back and are no threats to the top two—are South Africa’s Silvio Biagioni (4,165), Switzerland’s Matias Moreno Dumont (3,975)and Slovenia’s Nejc Sternisa (3,815).

De los Santos started karate when he was 13 upon the prodding of an uncle, but it was only in 2005 when his interest in the martial art grew from watching the competitions Cebu City hosted during the Southeast Asian Games. In 2008, he joined the national team.

WORK BELL BOOKS MASTERFUL WIN IN JUVENILE RACE

T

HE Bell Racing Stable picked up from where it left off as its newest star Work Bell showed up the field with a masterful win in the 2020 Philippine Racing Commission (Philracom) Juvenile Fillies and Colts Stakes Race on Sunday at the Saddle and Clubs Parks Leisure Club in Naic, Cavite.

Ridden by former Philippine Sportswriters Association (PSA) Jockey of the Year JB Hernandez, Work Bell measured up the opposition until the last turn where it seized control before blazing to a four-length win in

National Basketball League (WNBL) Pro Season 1 set to start in January. He has national players Chack Cabinbin and Janine Pontejos in his roster.

With the Inter-Agency Task Force for the Management of Emerging Infectious Diseases allowing them to train recently, Colina’s major concern is to bring the players back to game shape because most of them were deployed as frontliners during the pandemic.

“We took care of the locally stranded individuals [LSI] for four months here in the Army gym in Fort Bonifacio,” said Colina, who thanked his commanding officer, Lt. Col. Dexter Macasaet, and team manager, Major Erwin Albesa, for always supporting him and the command.

Colina also played for the Bacolod team last year in Maharlika Pilipinas Basketball League of Sen. Emmanuel “Manny” Pacquiao. Josef Ramos

the short 1,300-meter race.

The two-year-old colt sired by Outwork out of Colony Crossing clocked one minute and 18.4 seconds on quarter times of 7, 22, 22 and 26 seconds.

“We worked the pace in the early goings and when I saw the chance, I went for the win,” said Hernandez, who rode Work Bell for just the third time but with am amazing result.

Work Bell is a stablemate of last year’s PSA Horse of the Year Union Bell, which went six for six last season, including the Philracom Juvenile

Championship. Union Bell, however, failed to take part in the first leg of the 2020 Triple Crown Series last October 4 due to a toe injury.

The win was worth P600,000 for Bell Racing Stable owner Elmer de Leon.

Kiss Muna, owned by Cipriano Sison Jr. and ridden by RG Fernandez, settled for the runner-up purse of P225,000, while Meteora (owner Peter Aguila, jockey RC Suson), received P125,000 at third spot. Fourth-placer My Sweet Lord (Francis Lim, RA Base) got P50,000.

To help stop the spread of Covid-19,

only the racing clubs’ employees, Philracom personnel, horse owners, jockeys, trainers and special guests were allowed at the venue, ensuring that only 25 percent of the usual crowd was present.

Jockeys wore special face masks and eye gear, while trainers and other horse-racing personnel at the stables had hazmat suits and other protective equipment.

Off Track Betting Stations are still not allowed to operate. But bettors for the races at the San Lazaro Leisure Park (Manila Jockey Club) and at the Saddle and Parks (Philippine Racing Club) can use Telebet, while the Metro Turf in Malvar Batangas utilize Fastbet.

PRIVATE First Class Jan Julius Colina takes a groufie with his fellow enlisted personnel at the Army’s Special Service Center Installation Management Command.

Marcial in forum

P

HILIPPINE Basketball Association (PBA) Commissioner Willie Marcial talks straight from the Clark bubble in Pampanga when he appears as special guest of the Philippine Sportswriters Association (PSA) webcast Forum on Tuesday.

Marcial is expected to discuss the successful return of the league’s 45th season last Sunday with the restart of the Philippine Cup at the Angeles University Foundation gym.

THE Philippine Basketball Association (PBA) restarted its season on Sunday and the Philippines Football League (PFL) resumes on October 24.

Both professional leagues will be playing in a bubble. The bubble supposedly will allow these professional athletes to focus more on the task at hand which is to end the year strong by winning their respective league titles.

The PBA reportedly spent P65 million to organize and set up the bubble. The PFL has a ready facility to house all six teams.

It’ll be interesting to see how these players will deal with possible mental health issues that may arise as a result of being away from their families and the pressure of winning day-in and day-out.

Both leagues will have short tournaments which means there won’t be a whole lot of margin for error so every point, possession and win will count.

The return of both sports brings back a sense of normalcy to our daily lives which was robbed by the outbreak. We’re sure that both leagues pulled out all the stops and spared no expense in bringing back their games and matches to millions of viewers all over the archipelago.

Best of luck to both leagues. May they both enjoy an infection free resumption of their respective seasons and that for at least for two to three hours, they make us forget about a disease that’s changed the very fiber of the way we live.

The 10:30 a.m. session is presented by San Miguel Beer, Go For Gold, Milo, Amelie Hotel Manila, Braska Restaurant and the Philippine Amusement and Gaming Corp., with Upstream Media as the official webcast partner and powered by Smart.

The Forum is aired live via the PSA Facebook page fb.com/ PhilippineSportswritersAssociation and also shared by Radyo Pilipinas 2 Facebook page.

10 LGUs nominated for Mobility Awards

T

EN local government units (LGUs) were nominated recently for the Mobility Awards’ most bike-friendly areas in the National Capital Region (NCR) by different biking communities and other sectors.

San Juan, Pasig, Caloocan, Makati, Mandaluyong, Manila, Marikina, Muntinlupa, Quezon City and Taguig were picked by the judges—Institute for Climate and Sustainable Cities (ICSC), MNL Moves, The Climate Reality Project (CRP) Philippines, 350 Pilipinas and the Pinay Bike Commuter Community as nominees for the People’s Choice Awards.

These cities were chosen because of the comfort and accessibility they provide for the biking community.

The deadline for nominations is on October 22 while the winners will be announced on October 29.

“We have been so used to the notion that traveling around Metro Manila can only be safe and efficient through cars,” Nazrin Camille Castro, branch manager of The Climate Reality Project Philippines, explained during an online news conference.

“We see the private sector as catalysts to influence their city leaderships to be more cycling-friendly,” said Castro, whose group is encouraging the government and LGUs to develop more bike lanes that are interconnected and holistic to infrastructures and policies.

“If commercial establishments and work places offer bike-friendly services, but our road systems managed by local government units do not have the same bike lanes, we will not be effective or responsive to employees’ and customers’ needs,” he said.

The nominees for the best work places are Gofer, Chinabank Savings in Makati City, One Griffinstone Building, Acquire, Grundfos IS Support and Operations Centre at Sykes Shaw 500, Security Bank Corp. on Ayala Avenue in

Makati, Risque Designs Marikina, The Medical City-Ortigas and S&P Global Philippines.

For the best commercial establishment, the nominees include nine SM malls—North Edsa Annex, Megamall, Mall of Asia, SM City Sucat, The Podium Ortigas, SM by the Bay, SM BF Parañaque, SM Aura Premier, S Maison and SM Cubao.

Also on the list are three Ayala malls— Ayala Malls Circuit Makati, Ayala Uptown Mall in Taguig and UP Town Center in Katipunan; two Robinsons malls—Robinsons Galleria Ortigas and Forums Robinsons Mandaluyong; five other malls—Gateway Araneta City, Greenhills Ortigas, Eton Centris and Fishermall in Quezon Avenue, Ortigas East: and three Decathlon branches—Alabang, Pasig and Tiendesitas.

University of Santo Tomas, Bonifacio Technology Center in Taguig, 711 United Nations Avenue, UCC Park Café in Ayala Avenue, Mercury Drugstore Malanday, Pan De Amerikana Katipunan Extension and Burger King in Frontera Verde were also nominated for the best commercial establishment awards.

Gift vouchers from the bike-friendly stores for their employees worth P5,000 for bronze, P8,000 for silver and P10,000 for both gold and Katipunan awardees will be given away, according to Maria Golda Hilario, an ICSC associate for program development.

Separate awards will also be handed to three outstanding cyclist messengers and delivery riders as the Padyak Power to the People! Awards in partnership with companies like Foodpanda, Grab, Padyak Padala PH and Gofer.

Organized by the Institute for Climate and Sustainable Cities, MNL Moves, The Climate Reality Project-Philippines, and 350.org Pilipinas, the Mobility Awards promote and inspire action for massive improvement of conditions of commercial establishments, LGUs and work places. Josef Ramos

Sports L.A. LAKERS: BUBBLE KINGS! BusinessMirror

B8 Tuesday, October 13, 2020

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

By Tim Reynolds

L

The Associated Press

AKE BUENA VISTA, Florida—The ultimate anguish. The ultimate joy.

This season, for LeBron James and the Los Angeles Lakers, had it all. And it ended in the only fashion that they deemed would be acceptable, with them back atop the basketball world.

For the first time since Kobe Bryant’s fifth and final title a decade ago, the Lakers are National Basketball Association (NBA) champions. James had 28 points, 14 rebounds and 10 assists, and the Lakers beat the Miami Heat, 106-93, on Sunday night to win the NBA Finals in six games.

“Our organization wants their respect. Laker Nation wants their respect,” James said. “And I want my damn respect, too.”

Anthony Davis had 19 points and 15 rebounds for the Lakers, who dealt with the enormous anguish that followed the death of the iconic Bryant in January and all the challenges that came with leaving home for three months to play at Walt Disney World in a bubble designed to keep inhabitants safe from the coronavirus.

It would be, James predicted, the toughest title to ever win.

“We have a PhD in adversity, I’ll tell you that much,” Lakers Coach Frank Vogel said. “We’ve been through a lot.”

They made the clincher look easy. James won his fourth title, doing it with a third different franchise—and against the Heat franchise that showed him how to become a champion.

Bam Adebayo had 25 points and 10 rebounds for Miami, which got 12 points from Jimmy Butler—the player who, in his first Heat season, got the team back to title contention.

Rajon Rondo scored 19 points for the Lakers, who put together the elite talents of James and Davis with this moment in mind.

And Davis, as white and gold confetti coated the floor around him, spent his first moments as an NBA champion thinking of Bryant.

“All we wanted to do was do it for him,” Davis said. “And we didn’t let him down.... I know he’s looking down on us, proud of us.”

With that, the league’s bubble chapter, put together after a four-and-a-half-month suspension of play that started March 11 because of the coronavirus pandemic and came with a promise that it would raise awareness to the problems of racial injustice and police brutality, is over. So, too, is a season that saw the league and China get into political sparring, the death on January 1 of commissioner

THE Lakers, playing the season in Kobe Bryant’s memory— make the clincher look easy. AP

emeritus David Stern—the man who did so much to make the league what it is—and then the shock on January 26 that came with the news that Bryant, his daughter Gianna and seven other died in a helicopter crash.

The Lakers said they were playing the rest of the season in his memory.

They delivered what Bryant did five times for LA—a ring, and the clincher was emphatic.

“You have written your own inspiring chapter in the great Laker history,” Lakers owner Jeanie Buss said. “And to Laker Nation, we have been through a heartbreaking tragedy with the loss of our beloved Kobe Bryant. Let this trophy serve as a reminder of when we come together, believe in each other, incredible things can happen.”

Game Six was over by halftime, the Lakers taking a 64-36 lead into the break. The Heat never led and couldn’t shoot from anywhere: 35 percent from two-point range in the half, 33 percent from three-point range and even an

uncharacteristic 42 percent from the line, not like any of it really mattered. The Lakers were getting everything they wanted and then some, outscoring Miami 36-16 in the second quarter and doing all that with James making just one shot in the period.

Rondo, now a two-time champion and the first to win NBA rings as a player in the cities of Boston and Los Angeles—the franchises now tied with 17 titles apiece—was 6 for 6 in the half, the first time he’d done that since November 2007. The Lakers’ lead was 46-32 with 5:00 left in the half, and they outscored Miami 18-4 from there until intermission.

Ball game. The 28-point halftime lead was the second-biggest in NBA Finals history, topped only by the Celtics leading the Lakers 79-49 on May 27, 1985.

“We didn’t get the final result that we wanted,” Heat Coach Erik Spoelstra said.

“But even what I mentioned to the guys, these are going to be lifetime memories that we have together. This locker room...we’re

NADAL PERFECT ON PARIS CLAY P

ARIS—All the years of work, all the many wins, led to this moment, with Rafael Nadal preparing to serve against Novak Djokovic, one point from a 13th French Open championship, one point from a 20th Grand Slam trophy to tie Roger Federer’s record for men.

Nadal swept his right foot along the baseline, clearing away the red dust as he has so many times before. He rapped his shoes’ soles with his racket— right, then left, then right again. He discarded one tennis ball behind him, another in the pocket of his blue shorts.

And then, finally ready to proceed, Nadal delivered an ace at 106 mph to cap a flawless performance and a surprisingly lopsided 6-0, 6-2, 7-5 victory over the No. 1-ranked Djokovic. Nadal dropped to his knees, smiling broadly, and pumped his arms.

Neither Djokovic, on this day, nor Federer, over the course of time, ever truly stood a chance of resisting the relentless Nadal.

“He keeps going. No holding him back, it seems like. It’s amazing. I mean, I admire all his achievements, especially the one here,” said Djokovic, who had won his last five Grand Slam finals.

“There’s not much you can say,” Djokovic said.

“All the superlatives that you can use, he deserves them.”

It’s the fourth time the No. 2-ranked Nadal won his favorite tournament without ceding a set and made his career mark at the French Open 100-2.

No, that is not a typo.

The 34-year-old left-hander from Spain has won his favorite event four straight times, following previous streaks of four from 2005-08, then five from 2010-14. Those go alongside four triumphs at the US Open, two at Wimbledon and one at the Australian Open.

Nadal made clear that while he never has been consumed with the idea of catching Federer, he can appreciate the accomplishment’s significance.

“I would love to finish my career being the player with more Grand Slams. No doubt about that, no? But on the other hand, I say, ’OK, I have to do [it] my way.... I’m not going to be thinking all the time, ‘Novak [has] this one, Roger is winning the other one.’ You can’t be always unhappy because your neighbors have a bigger house than you or a bigger

boat or have a better phone,” Nadal said.

“In terms of these records, of course I care. I am a big fan of the history of sport, in general. I respect, a lot, that,” he continued. “For me, [it] means a lot to share this number with Roger, no?”

Federer, 39, sat out the US Open and French Open after two knee operations. He posted a congratulatory message on Instagram on Sunday.

“As my greatest rival over many years, I believe we have pushed each other to become better players,” Federer wrote, and ended with: “I hope 20 is just another step on the continuing journey for both of us.

Well done, Rafa. You deserve it.”

Djokovic’s loss, meanwhile, left him at 17 majors; had he won, the standings would have read 20-19-18.

No other man has more than 14.

This was the 56th installment of Nadal versus Djokovic, the most between men in the professional era. Djokovic is ahead 29-27 now, including his 6-3, 6-2, 6-3 win at the 2019 Australian Open final.

“In Australia, he killed me.... Today was for me,” Nadal said.

The key statistic Sunday: Nadal limited himself to 14 unforced errors, impressive against anyone, but especially someone the caliber of Djokovic, who accumulated 52.

“He’s phenomenal,” Djokovic said. “He played a perfect match, especially in the first two sets.”

The first set was a 45-minute master class conducted by Nadal, who came out incredibly crisply and cleanly, steering his high-rpm forehands precisely where he wanted them and using his defense-to-offense abilities to slide and stretch and flick balls back with aggression.

“I played at my highest level when I needed to play at my highest level,” Nadal said.

Appearing resigned, Djokovic was less volatile than he often is when he struggles—such as the post-point whack of a ball that inadvertently hit a line judge at the US Open last month, earning a disqualification, his only other loss in 39 matches this season.

Instead, Djokovic puffed his cheeks or rolled his eyes, exasperated with himself, perhaps, but also unable to figure out how to counter what came from the other side of the net. After one exchange, he put up his palms, as if to ask, “What can I do here?” AP

going to remember this year, this season, this experience and that locker room brotherhood for the rest of our lives.”

True to form, the Heat—a No. 5 seed in the Eastern Conference that finished with a losing record last season, a team that embraced the challenge of the bubble like none other—didn’t stop playing, not even when the deficit got to 36 in the third quarter.

“We’re trending in the right direction,” Butler said. “We’re going to learn from this.

We’re going to get better. We’re going to come back.”

A 23-8 run by Miami got the Heat to 90-69 with 8:37 left. But the outcome was never in doubt, and before long confetti was blasted into the air as the Lakers’ celebration formally and officially began.

“Laker Nation,” Vogel, now a first-time champion who saw his title hopes as Indiana’s Coach thwarted three times by James and the Heat, bellowed during the trophy ceremony.

“We did it.”

THE 34-year-old left-hander Rafael Nadal wins his favorite event four straight times, following previous streaks of four from 2005-08, then five from 2010-14. These go alongside four triumphs at the US Open, two at Wimbledon and one at the Australian Open. AP

LEBRON JAMES, seen here celebrating with Anthony Davis, and the Lakers are back atop the basketball world. AP

LeBron James: Yes, I did it my way...

L

AKE BUENA VISTA, Florida—He went to Miami and became a champion.

He went back to Cleveland and won another title.

He went to Los Angeles and now the Lakers are back atop the basketball world.

LeBron James, love him or hate him, is in his own category now. He has led three franchises to National Basketball Association (NBA) titles, something nobody has ever done. His legacy was complete long before Sunday night, when the Los Angeles Lakers became NBA champions for the 17th time by beating the Miami Heat and winning the title to cap a season like none other, in a bubble like none other.

But that legacy is just a bit shinier now.

“I guess, as Frank Sinatra would say, I did it my way,” James said earlier in these playoffs.

That’s not up for debate.

He’s got four titles. He’s a four-time NBA Finals MVP, the second to win that many. He’s done it all with the NBA’s biggest target on his back, with every action and every word scrutinized and often criticized.

James has become the epitome of the independent superstar athlete, something many try to be but few even have a chance of pulling off. He does whatever he wants, whenever he wants, however he wants and makes it work. Bill Russell will forever have more rings and Michael Jordan will forever be the choice of many as the NBA’s greatest player. And that’s OK with James, who has forged his own path.

“The game of basketball will pass me by,” James said as the title loomed. “There will be a new group of young kids and vets and rookies throughout the course of this game. So, I can’t worry about that as far as on the floor. How I move, how I walk, what I preach, what I talk about, how I inspire the next generation is what matters to me the most.”

He’s never forgotten that he was once a broke kid from Akron, Ohio. If he’s not a billionaire yet, he’s trending that way. He’s on a Wheaties box now, saying its unveiling last week was “one of the best moments of my life.” He founded a school and stays involved with matters there. He’s actively trying to get more people, particularly Black people, to vote than ever before.

“I just hope I make my guys proud and that’s all that mattered to me,” James said. “I make my guys proud, make the fan base proud, my family back home, I can’t wait to get back home to them. Akron, Ohio, we did it again—and that’s what it’s all about.”

Oh, if that wasn’t enough, he delivered a championship to a Lakers franchise that went 10 years without one and did so in a year when they needed it most, letting them cry tears of joy after all the tears of anguish that followed the death of Kobe Bryant in a helicopter crash in January.

“I think it’s remarkable what LeBron is still doing at his age,” Denver Coach Michael Malone said of James.

“The minutes he’s playing, how effective he is on both ends of the floor, and the impact he has on both ends of the floor, his will to win is just incredible.”

The 35-year-old James finished this postseason with 580 points; no one at his age had ever done that.

He had 184 assists; no one at his age had ever done that. If he’s slowing down, he’s not showing it; he had 32 points in his first playoff game 14 years ago, he exceeded that six times in this postseason run.

“He’s shown why he is the player that he is, why he’s had the career and the legacy that he’s continually building,” Miami’s Jimmy Butler said.

James is 4,148 points behind Kareem AbdulJabbar for the regular-season scoring lead, meaning he’ll have to play at least two more full seasons to reach that mark. Sunday was his 260th career playoff appearance, passing Derek Fisher for the alltime record. He was All-NBA for the 16th time this season, a record. He started his 16th consecutive All-Star Game this season, yet another record. More fans picked him as MVP this season than Giannis Antetokounmpo, who won the award.

There’s nothing left to prove on the basketball court.

Then again, there’s been nothing left to prove for a while now.

“I think the story will be told how it’s supposed to be told and be written how it’s supposed to be written,” James said. “But I don’t live my life thinking about legacy. What I do off the floor is what means more to me than what I do on the floor.” AP