BusinessMirror October 14, 2020

CREATE ‘bogeyman’ flagged; splitting bill opposed

By Butch Fernandez

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THE BusinessMirror and Digital Out-of-Home Philippines (DOOH), the country’s pioneer and leading expert in providing innovation in out-of-home technology and display, entered into a long-term partnership recently.

Signing the memorandum of agreement are BusinessMirror Publisher T. Anthony C. Cabangon and Alvin Carranza, DOOH president and founder and CEO of Mac Graphics Carranz International Corp. With them are Rodel Suarez, BusinessMirror events partnership head; and Danny G. Ocampo, DOOH sales director.

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HE head of the Senate Committee on Economic Affairs dared the Duterte administration’s economic managers to unmask export processing zone locators abusing the tax privileges that they want removed under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act.

Sen. Imee Marcos raised the issue in plenary deliberations, even as she voiced concerns the potential abuse was “being made up to justify” the socalled rationalization of incentives, such as the low 5-percent tax on gross income earned (GIE).

She cited the assurance of the Philippine Economic Zone Authority (Peza), the country’s prime investment promotions agency, that “no such

abuse has occurred” since incentives are given not to companies but to products, new product development, new technology, and expansion for additional investment.

Taking the floor Monday, Marcos asked: “Have we contrived for ourselves an incentive bogeyman with which to bedevil each other and convolute our export incentives? Is the alleged abuse of the perpetual GIE of 5 percent nothing more than a self-inflicted nightmare, hardly a genuine threat?”

She noted that “fundamental questions have been left unsettled” by concerned agencies, including the Department of Finance (DOF) and the National Economic and Development Authority (Neda), to justify removing tax incentives granted by government for exporters.

“How much do we seek to raise by denying exporters these incentives?

And how much more do we risk losing from the exodus of the investors, jobs and foreign currency as a result?” Marcos asked.

The senator recalled that both the DOF and Neda claimed the removal of tax privileges for exporters would balance a revenue-reducing cut in corporate income tax (CIT) from the present 30 percent to 25 percent, and eventually to 20 percent.

Marcos agrees with a cut in CIT to move closer to tax rates as low as 15 percent in neighboring countries, but warned that the removal of tax incentives would “discourage foreign investment and worsen joblessness.” Other senators, and the head of Peza and top business groups have also given their qualified endorsement of CREATE, hailing the proposed CIT cut but warning against removing tax perks at a time

that the pandemic-impacted government needs to draw in investments and keep businesses afloat.

According to Marcos, “An additional deprivation of tax incentives would render our country costly and uncompetitive as an investment destination.”

Citing a Peza performance report, the senator noted that the Philippines lost some P19 billion investments in the first seven months of 2020, from the P71.2 billion recorded in the same period last year. Moreover, she added the value of Philippine exports also dwindled to $24.809 billion in January to June this year, a loss of $6.6 billion from the $31.367 billion recorded in the same period up to July last year.

Moreover, Marcos listed jobs lost in the country’s main export sectors— garments and electronics—reached

Continued on A2

BusinessMirror A broader look at today’s business

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TALKS, VOWS TIMELY OK

AERIAL view of the Skyway 3, as it seamlessly blends into the North Luzon Expressway in north Metro Manila, is seen in these photos provided

by San Miguel Corp. SMC president and chief operating officer Ramon S. Ang announced that over the weekend, construction of the entire 17.93-km stretch of the much-awaited Skyway 3 project, finally linking Southern and Northern Luzon seamlessly, has been completed, ahead of the original October 31 schedule. “I’m happy to announce that the whole structure of Skyway 3 is now complete. With this, Skyway 2 in Buendia is now officially extended all the way to the North Luzon Expressway,” Ang said. Story in Companies, B1. CONTRIBUTED PHOTO

By Jovee Marie N. Dela Cruz & Bernadette D. Nicolas

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HE House of Representatives on Tuesday reconsidered the second-reading approval of the P4.5-trillion General Appropriations Bill (GAB) for 2021.

The move was done to continue the sponsorship and debate, as well as the period of amendments, that were halted when former speaker Alan Peter Cayetano abruptly moved for the approval of the appropriations bill last week and then suspended sessions until November 16.

Despite the reconsideration of the second-reading approval, House

Committee on Appropriations Vice Chairman Joey Sarte Salceda guaranteed the swift passage of the budget, which has been certified as urgent by President Duterte.

Salceda said House Bill 7727 or the GAB will be approved on Friday.

Lawmakers appealed to the leadership of the House of Representatives to reopen and resume See “Budget,” A2

LNG importation ‘best’ way to fill energy gap

By Lenie Lectura

E

NERGY Secretary Alfonso Cusi said importation of liquefied natural gas (LNG) remains the best option for the country to meet its future energy requirements.

Luzon will initially require 3.5 MTPA (million tonnes per annum) of LNG to feed the existing 3,200-megawatt (MW) gas-fired power plants. Cusi said it could import more for the other poten-

tial downstream merchants, such as the industrial and transport sectors.

“They say that the Malampaya supply can go as far as 2027, but it does not have enough gas for the further expansion needed to provide future natural gas requirements, particularly with the plan to expand application of LNG in the industrial, commercial, residential and transport sectors,” Cusi said on Tuesday.

“We have taken the first step

PESO EXCHANGE RATES n US 48.3800

to establishing our LNG regasification capacity to secure replacement fuel for Malampaya and augment our power supply capability,” he added.

Cusi was referring to the country’s LNG players who were issued notices to proceed with their proposed LNG terminal projects.

These are Exalarate Energy, Batangas Clean Energy, Energy World Corporation and First Gen LNG Corporation, which has partnered with Tokyo Gas for their 5.26

MTPA interim floating and storage regasification unit.

“While the LNG industry in our country is still in its infancy stage, importation of LNG remains the best option for the Philippines at the moment to assure the country’s future energy requirements will be sufficiently met,” he said.

Importing LNG requires capital-intensive investment in large-scale terminals with regasification facilities.

This,

S&P: AMID SLUMP, BANKS TO BEAR MORE DISTRESSED ASSETS

By Tyrone Jasper C. Piad

T

HE Philippine banking sector is seen carrying more distressed assets amid a major economic downturn due to the coronavirus pandemic, S&P Global Ratings said, revising its outlook for two financial institutions.

The debt watcher estimates the industry’s nonperforming assets, which include restructured loans, to soar to 5.5 percent to 7.5 percent of the total borrowings portfolio.

As of August, the distressed assets ratio of the banks stood at 4.6 percent.

“In our opinion, weak economic activity and tough employment conditions will affect the Philippine banking sector’s asset quality, earnings and capitalization over the next two years,” S&P said in a statement on Tuesday.

The credit rating agency said it expects the economy to dip by 9.5 percent this year, worse than its previous forecast of 3-percent contraction.

In the first half, the country’s gross domestic product declined by 9 percent.

See “S&P,” A2

See “LNG,” A2

n JAPAN 0.4595 n UK 63.2327 n HK 6.2426 n CHINA 7.1717 n SINGAPORE 35.6548 n AUSTRALIA 34.8675 n EU 57.1706 n SAUDI ARABIA 12.8983

Source: BSP (October 13, 2020)

News BusinessMirror

A2 Wednesday, October 14, 2020

LNG… Continued from A1

Cusi said, may initially push the challenge due to the limited market of LNG in the country at this time.

To address this, Cusi said the administration is fully committed to develop the full potential of the National Downstream National Gas Industry. “Hence, I’m hopeful that the newly published Philippine LNG investor’s guide which we are actively promoting will lead more investors into our downstream LNG industry.

The DOE is committed to develop the Philippines as an LNG hub that can serve not only our energy needs but also that of the region,” said Cusi during the 9th LNG Producer-Consumer Conference.

The Philippines, he said, has been intensifying its efforts to ensure energy security with the expected depletion of the Malampaya gas field in the next few years.

“Being at the forefront of the energy regulation in the country, the primary objective of the DOE is to ensure energy sustainability and sufficiency. We also recognize the recent urgent need to attract more investments in the downstream LNG industry in the country,” added the energy chief.

Budget…

Continued from A1

plenary debates on the proposed budget to scrutinize and properly allocate the budget of every sector and government agencies pursuant to the process provided for in the Constitution.

18 agency budgets

ACCORDING to Salceda, the budgets of 18 agencies have not yet been discussed.

“By allowing the discussion of these agencies’ budgets, and allowing members to scrutinize these items, [we] will restore the confidence of the public in the processes of the chamber. This also allows the Minority to perform their function as fiscalizer in this most important of all of the House’s mandates,” he added.

Salceda said the Small Committee tasked to receive amendments from lawmakers will continuously do its function to fast-track the approval of the budget.

“Speaker Lord Allan Velasco’s first major decision as speaker, to resume deliberations on pending agencies that were not discussed and to reconsider the budget’s approval on second reading, is the proper path to take. With this move, he starts off on the right foot, and restores regular order in the House,” he said.

“Of course, as Sponsor of the budget’s General Principles, this also means that I will have to respond to the spirited interpellations on my portion of the budget process.

I am preparing to perform this function. As part of the Small Committee traditionally tasked to receive amendments, this also means we will work harder to complete the task we promised President Duterte that we will finish,” he added.

Palace expectations

BOTH Malacañang and the Department of Budget and Management are now expecting the proposed 2021 national budget to be passed on third and final reading within the week by the House following the resolution of the speakership row.

“Now, the President is very optimistic that that can be approved, because politics has been set aside and they can now concentrate on passing the budget in the House,” Presidential Spokesman Harry Roque said.

For his part, Budget Secretary Wendel E. Avisado welcomed the positive development, saying the government cannot afford to have a reenacted budget next year as the country reels from the impact of the Covid-19 pandemic.

“So, following the proclamation of President Duterte, we hope the budget is passed on third and final reading this Friday, October 16,” Avisado said.

On October 6, the House of Representatives under Cayetano’s leadership abruptly terminated plenary deliberations and approved the budget bill on second reading and suspended the session until November 16.

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1-seat-apart norm for PUVs, S&P… easing of restrictions OK’d Continued from A1

C

By Bernadette D. Nicolas

OMMUTERS will soon be required to be seated one seat apart from each other inside public transportation vehicles.

This, after Malacañang said on Tuesday President Duterte’s Cabinet had approved the recommendations of the economic cluster during Monday’s Cabinet meeting. This was the first full Cabinet meeting since March when the government started imposing stricter quarantine measures due to the Covid-19 pandemic.

All of the newly approved recommendations are set to be enforced upon publication in the Official Gazette.

“I repeat: the Cabinet allowed the proposal that in public transportation, the distance shall be one seat apart,” said Presidential Spokesman Harry Roque in a press briefing.

Roque added the seating capacity will also gradually be increased as long as there is a plastic barrier.

This comes after the Department of Transportation’s controversial policy to reduce physical distancing for passengers inside public utility vehicles from 1 meter to 0.75 meter as approved by the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF) was opposed by some sectors.

Meanwhile, Roque said the rail capacity will also be increased from 30 percent to 50 percent, while the allowed number of provincial buses, motorcycle taxis, shuttles and Transport Network

Vehicle Services (TNVS) will also be increased.

Asked what prompted the government to decide to reduce the one-meter distance into a one-seat apart policy for public transportation, Roque said it was “based on science.”

Pressed to clarify how this policy would be implemented, Roque said: “I’m sure DOTr [Department of Transportation] will issue the final guidelines, but it’s one seat apart; they cannot be seated beside each other.”

Also, the Palace said the use of service contracting to expand the number of buses and jeeps will also be accelerated.

The government is also set to strictly implement the “7 commandments” for all public transportation as proposed by health experts from diverse fields. These include: wearing of proper face masks, wearing of face shields, no talking and no eating, adequate ventilation, frequent and proper disinfection, no symptomatic passengers, and appropriate physical standing.

Further, the Cabinet also considered a more incremental opening of businesses through shorter curfew hours and multiple work shifts to allow more workers and buyers to contribute to the economy. It has also approved to ease the restrictions on business capacity to 75 to 100 percent, as well as expand the age group that will be allowed to go out, although the government has yet to announce the specific age group.

Despite the easing of quarantine restrictions, Malacañang is also unfazed that the number of Covid-19 cases in the country will rise again.

“I don’t think so; because after six/seven months of lockdown, we know the drill—mask, iwas, hugas,” he said.

Should Covid-19 cases rise again, the Cabinet has also approved to consider escalating quarantine levels “only as a last resort.”

“If the number of cases rises, the quarantine levels stay and stricter protocols and more localized quarantine will be enforced,” he said.

House ratifies vote for Velasco as Speaker; Cayetano ‘resigns’ Continued from A8

“President Rodrigo Roa Duterte’s meeting with House Speaker Lord Allan Velasco and former Speaker Alan Peter Cayetano pushed through in the early afternoon of Tuesday, October 13.

In the course of the meeting, the two representatives agreed to work together as one majority in order to ensure the timely passage of the 2021 budget and other priority legislation of the Duterte administration,” Presidential Spokesman Harry Roque said in a statement on Tuesday.

Malacañang also denied that President Duterte had a hand in the election of Velasco as House Speaker as it insisted that the President “respected the separation of powers” of the branches of government.

To recall, the President was the one who brokered the term-sharing agreement between the two in 2019, with Cayetano taking the first 15 months and Velasco to serve the remaining 21 months. The House turmoil began a few weeks ago, however, when the Cayetano camp said Velasco was moving to mount a coup ahead of the agreed-upon timeline, and Velasco in turn accused Cayetano of not wishing to honor the term-sharing agreement.

“The President was consistent from the very beginning—it’s an internal matter

of the House.... So I think it is fair to say that the President respected the separation of powers and allowed the members of the House to vote for whomever they want to vote as their Speaker,” Roque said.

representation has committed to uphold and work for,” he said.

Velasco is expected to meet Duterte within Tuesday to discuss policy direction, priorities and remaining legislative agenda.

Velasco’s vow

‘Clear conscience’

IN his acceptance speech after ratification of Monday’s vote by 186 members, Velasco said: “To this day, there is that sense of reverence to the memory and the legacy of the men and women who once lit up its [Congress] hallowed halls. It is incumbent upon each and every one of us who follow in their footsteps to respect their memory by living up to the code of honor to which they swore and lived by.”

Velasco added: “There is no need to open fresh wounds at this point, as there will come a right time for that.

However, there is no denying that all this unnecessary turmoil we are currently experiencing resulted from the abject refusal to honor that agreement. There is no other way to look at it.”

Velasco sought the help of his colleagues in restoring people’s trust and confidence in Congress.

“For sure, any level of redemption will require the collective commitment of every member of this august body.

However, such a resolve has to start at the top, and it is to this end that this humble

MEANWHILE, Cayetano said he is leaving his post “with a clear conscience.”

“I have done my best, I have given my all, I leave with no regrets, and I hold no rancor in my heart towards anyone,” he said.

Cayetano said he hopes his resigning as Speaker “will pave the way for the constitutional transition for the new leadership.”

“I call on my colleagues—let us restore the dignity of Congress as an institution and as a symbol of democracy, and right the wrongs that have been made in the name of partisan politics,” he said.

Priority measures

AFTER his meeting with Velasco, House Committee on Ways and Means Chairman Joey Sarte Salceda said the new leadership agreed to push for the passage of the economic measures to attract more foreign investments.

“This outline is a set of policy goals and items that emphasize the new Speaker’s vision, character and personality. We find that these policy goals align perfectly with

President Duterte’s agenda. The outline includes priority socioeconomic measures in past State of the Nation Addresses of President Duterte, as well as pending priority economic measures,” said Salceda.

According to Salceda, these measures include Package 2 of the Comprehensive Tax Reform Corporate Recovery and Tax or Incentives for Enterprises Act (CREATE), Package 3 of CTRP or the Real Property Valuation Reform and Assessment Reform (RPVRA) and Package 4 of CTRP or the Passive Income Tax and Financial Tax Act.

He said other legislative items that the House may tackle in the coming months are the proposed Digital Economy Taxation Act, Fiscal regime for Philippine Offshore Gaming Operations (POGO), a measure updating rates of the motor vehicle road users’ tax (MVRUT), tax administration reform to combat red tape.

Salceda said the House will also tackle the declaration of a climate emergency, enactment of a framework for green national development and the enhancement of “Build, Build, Build” to prepare the country for a global, digital economy.

He said the new Speaker will also push the passage of the amendments to Retail Trade Liberalization Act, Foreign Investment Act and Public Service Act, which are all pending before the Senate approval.

CREATE ‘bogeyman’ flagged; splitting bill opposed Continued from A1 60,379 in the second quarter of 2020 alone, with more layoffs expected as the pandemic forces companies to pay wages amid reduced production output, and hold back further capital investments or leave the Philippines for countries with better tax incentives.

Even the resilient business-process outsourcing (BPO) sector, she noted, has been forced to spend more on mandatory shuttle services, onsite accommodation for personnel, work-from-home arrangements, and health protocols to cope with the pandemic.

Should Congress opt to vote for the removal of tax incentives through the CREATE bill, “it should only apply to new export companies,” in Marcos’s view. At the same time, Marcos maintained that a “grandfather clause” should be provided for existing export companies to “still enjoy their incentives and not be pushed to relocate to other Asean countries that offer a better

deal.” Senate President Pro Tempore Ralph Recto had earlier pitched this “grandfather clause” in a bid to help businesses.

AER disputes Drilon

MEANWHILE, the Action for Economic Reform (AER) disputed Tuesday Senate Minority Leader Frank Drilon’s suggestion to separate fiscal incentives provided in the Duterte administration’s CREATE bill, reminding the senator that “fiscal incentive rationalization is a revenue matter.”

In a statement, the fiscal watchdog AER recalled that during the Senate’s October 7 plenary deliberations on the CREATE bill, Drilon had warned against the dangers of merging fiscal incentive rationalization and CIT reduction under one bill.

The Minority leader likewise argued that fiscal incentive rationalization does not qualify as a revenue measure and, therefore, it is improper for the entire bill to be subject to the President’s line item veto.

Senator Marcos herself, noting the universal endorsement for CIT cuts vis-à-vis the contentious issue of tax perks rationalization, had earlier floated also the idea of splitting the CREATE bill, if only to fast-track economic recovery as a 5-percent upfront CIT cut takes effect.

The AER noted that Senator Drilon, in effect, proposed that the Senate separate the bill into two: one bill for lowering corporate income taxes, and another for fiscal incentive rationalization, “in order to limit the President’s power of line item veto to the bill on lowering corporate income taxes.”

However, the AER disagreed with Drilon’s position, asserting that “the very definition of the term rationalizing fiscal incentives—whether to exempt or not exempt firms from paying taxes—essentially makes fiscal incentive rationalization a revenue matter.”

It noted that “exempting or not exempting companies from paying taxes affects tax revenues,” asserting that “the very fact that the bill that incorporates fiscal incentive rationalization has to go through the Ways and Means Committee of both Houses of Congress indicates a recognition that it is a revenue measure.”

The Ways and Means Committee “is defined as a legislative committee concerned with the function of having methods and resources for raising the necessary revenues for the expenses of a nation or state,” the AER said. “Certainly, rationalizing fiscal incentives covers both methods and resources for raising the necessary revenues.”

Moreover, the AER pointed out that Drilon “separates revenues or taxes from policies, when he says that the other provisions in the rationalization of fiscal incentives involve policies. Is he saying that a revenue measure does not involve policy? We do not think so. Rather, he is saying that policies pertaining to rev-

enue [or rates] are different from other policies that involve structure and governance. Again, he is wrong, because you cannot separate the two in tax policy.

They go together,” it added.

At the same time, the AER reminded Drilon about “the historical episode of the passage of the sin tax reform in 2012, in which he was the champion,” recalling that the reform was “not only about what he calls revenues.”

It added that equally important in the package of the sin tax reforms were “policies” to restructure the taxes to make them simpler and efficient and to remove the protection given to some players.

“We refer to the adoption of a unitary excise tax system and the removal of the price classification freeze, which Senator Drilon energetically fought for,” the AER said. “We argue that these reforms are in the realm of restructuring, and they are no different from the proposed restructuring of fiscal incentives.”

The AER warned that Drilon’s proposals will “create a situation in which Congress can hold the Executive hostage by stripping the latter of the power to veto most questionable, most dangerous provisions in an essentially revenue matter that is packaged by Congress as a revenue measure.”

“Furthermore,” it added, “we call on the senator to rescind his proposed amendment to split the CREATE bill into two, as fiscal incentive rationalization and corporate income tax reduction must go together and cannot be separated.”

“Strict lockdown measures in major metropolitan areas, including Metro Manila, together with lingering household caution amid high Covid-19 infection rates and limited fiscal policy support, are suppressing consumer spending and resulting in widespread job losses,” it explained.

With this, S&P sees local banks incurring more potential credit losses. At the same time, it estimates the sector’s credit costs to remain elevated at 1.5 percent to 2 percent for this year and in 2021.

S&P said there is at least 33-percent possibility—or one-in-three chance—that the local financial system will be facing a greater deal of economic risks over the next six months to two years.

“We could lower our economic risk assessment for the banking sector if the recession is longer and deeper than our forecast, potentially translating to banking sector’s credit costs staying above 2.5 percent over the next 12 to 24 months,” it said.

The debt watcher noted that banks have been earmarking significant provisions against potential credit losses as the nonperforming loans (NPL) ratio stood at 2.8 percent as of August, mainly because of unpaid housing and auto loans.

According to data from the Bangko Sentral ng Pilipinas (BSP), allowance for credit losses stood at P327.42 billion as of August. This, as NPLs reached P305 billion for the same period.

While the BSP allowed banks to stagger the recognition of credit losses for over five years, S&P said that major banks have not yet chosen to do so.

“Smaller banks are more likely to opt for the relaxed accounting and provisioning rules,” the credit rating firm said.

“They typically have higher exposure to weaker borrowers and could see a more pronounced impact on asset quality than their larger peers.”

Meanwhile, S&P said the banking industry’s return on assets only dipped by 15 basis points to 1.2 percent in the first half despite heavy provisioning, thanks to trading gains and better net interest margins.

Still, the low policy rate—currently at 2.5 percent—and high credit costs will drag the banks’ profits over the next 18 months, the debt watcher warned.

“We expect operating conditions for banks and borrowers in the Philippines to improve only gradually,” S&P said. “We are forecasting a 9.6-percent growth in the economy in 2021 from a low base, assuming an eventual flattening of the Covid-19 curve.”

The debt watcher added that the sector has robust capital buffers with Tier-1 capital ratio at 15 percent.

Negative outlook AMID its dim forecast for the banking sector, S&P revised its outlook on Bank of the Philippine Islands (BPI) and Security Bank Corp. to negative from stable.

Ratings of the banks, meanwhile, were affirmed by S&P. BPI and Security Bank have ratings of BBB+ and BBB-, respectively.

“We revised the outlook on BPI to reflect our view that the bank’s asset quality and profitability could be impaired over the next six to 24 months due to challenging operating conditions,” S&P analyst Ivan Tan said.

Tan explained that the BPI’s ratings affirmation was due to its position as the Philippines’s third-largest bank by assets, robust domestic franchise, and healthy capital accounts. Still, it is at risk of incurring high credit costs.

The debt watcher said that BPI’s rating could be downgraded if the economic conditions worsen in the next six to 24 months.

Meanwhile, S&P analyst Nancy Duan said that the “negative outlook on Security Bank reflects our view of a one-in-three chance that we would downgrade the bank in the next six to 24 months due to deteriorating operating conditions.”

“We affirmed our rating on Security Bank to reflect the bank’s midsize market position, strong capital buffers, and good funding and liquidity over the next six to 24 months,” she added.

Duan said that Security Bank’s credit costs are also expected to be higher for the period. This, in addition to being vulnerable to potential credit losses from unsecured consumer loans.

Security Bank’s rating may be downgraded if economic risks continue to rise or its capitalization slips below the 10-percent minimum threshold.

Meanwhile, both banks can have stable outlook again if the economic risks decrease, the analysts explained.

Economy BusinessMirror

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Westchester turns over land titles to Xevera homeowners

By Ashley Manabat Correspondent

M

ABALACAT CITY—Xevera homeowners here once again rejoiced following the turnover of their land titles to their home lots over the weekend.

This developed as Westchester Realty Corp. (WRC), which acquired three Globe Asiatique Realty Holdings Corp. (GARHC) properties in Pampanga from the Pag-IBIG Fund that included Xevera Mabalacat and Bacolor, as well as Sameera in Angeles City, turned over some 23 land titles to Xevera Mabalacat homeowners that have fully paid their loans.

Rodolfo G. Valencia, chairman of the RGV Group of Companies, which oversees WRC, personally delivered the land titles to the fully paid buyers in a simple ceremony at the clubhouse of the Xevera township in Barangay Tabun here on Saturday.

Delfin Lee, president of GARHC,

was on hand to “monitor” the event which he said was part of his commitment to Xevera Mabalacat home buyers since its inception in 2009.

“Dalawa talaga ang purpose dito, ang turnover ng mga units at papakita ng Westchester ’yung kanilang bilis ng pag benta,” Lee said.

“Ang papel ko lang talaga, bantayin ang Westchester na magawa ang commitment nila sa Globe Asiatique,” he added.

For his part, Valencia expressed elation, saying they are enjoying brisk sales of Xevera home lots despite the raging pandemic.

Valencia said out of 5,000 housing units at the Xevera township here, 1,140 units were sold as of the end of September since the WRC acquisition in June or for a period of only four months.

He attributed this to the affordability of the units which are all ready for occupancy (RFO) inside the Clark special economic zone.

Editor: Vittorio V. Vitug • Wednesday, October 14, 2020 A3

ERC readies new advisory to extend moratorium on power disconnection

T

By Lenie Lectura

@llectura

HE Energy Regulatory Commission (ERC) is expected to issue a new billing advisory soon that would extend anew the moratorium for disconnection to customers with unpaid electricity bills.

“We crafted an advisory that will actually require that we defer the disconnection due to non-payment.

To be included in our advisory is the relaxation of disconnection policy,” said ERC Chairman Agnes VST Devanadera Tuesday during a

Senate budget hearing.

The extension of the no disconnection policy could possibly take effect until end of the year. “An advisory will be released within the week,” said ERC Commissioner Atty. Rexie Digal said when sought for comment.

Early this week, the Manila Electric Co. (Meralco) said it would wait for the agency’s guidelines before it makes any announcement on whether it would extend the October 31 deadline in which consumers with outstanding dues would be spared from disconnection.

“We will await ERC guidelines, or advisory regarding the Bayanihan Act and extension. And we will comply,” Meralco spokesman Joe Zaldarriaga said.

The ERC chairman said many power distribution utilities (DUs) and electric cooperatives (ECs) have already declared they are not inclined not disconnect non-paying customers.

“We also want to recognize that many distribution utilities on their own, and not even waiting for Bayanihan 2, and not even waiting for in-

structions, or advisories from ERC… have declared their no disconnection up to a certain time. We have actually advocated that the disconnection policies of the distribution utilities be relaxed,” she said.

At the same time, the ERC official appealed to electricity customers who are capable of paying their bills on time to settle.

“We are advocating and asking all those who can pay their bills, including government agencies, to please pay. We have to implement down the line. It’s a value chain because most of these amounts to be collected will have to be used for the payment to their suppliers,” Devanadera explained.

Meralco previously gave customers a grace period of until September 30 to settle unpaid balances.

News

BusinessMirror

A4 Wednesday, October 14, 2020 • Editor: Vittorio V. Vitug

Military chief says air, sea patrols continue in West Philippine Sea

T

By Rene Acosta

@reneacostaBM

HE military is conducting regular air and maritime patrols in the West Philippine Sea as part of maintaining its presence and asserting Philippine sovereignty over the area, Armed Forces of the Philippines (AFP) Chief of Staff Gen. Gilbert Gapay said on Tuesday.

“Within the limits of capability, we are maintaining presence in West Philippine Sea. We conduct naval and air patrols every day… and it involves seven Navy assets and no more than 20 aircraft alternately performing air patrols in the area,” Gapay said.

The top military chief told Manila-based journalists working for foreign news agencies during a forum that the patrols are being complemented by the Philippine Coast Guard, which had recently acquired both sea and air-operated assets.

Gapay said the patrol operations and the presence of the military in the territory that China aggressively disputes are intended to “send the message to the other countries there and to our allies that this is an assertion of our sovereignty and our efforts in protecting and preserving territorial integrity of country.”

The chief of staff also disclosed that they are currently improving facilities in all of the nine features occupied by Filipino soldiers as shown by the recent construction of a berth-

ing dock in the island of Pagasa.

“We have troops…[on] those islands, from Pagasa, plus eight other small features in that island, small features in the West Philippine Sea. [We maintain some] barracks there, we’re building local monitoring stations there, and other life support facilities for our troops, and this is also one way of maintaining presence in the area,” he said.

“Of course, we [are] maintaining, continuing relentless maritime domain awareness operations in the area. We have a number of local monitoring stations, monitoring all the vessels plying the West Philippine Sea, challenging them every now and then,” he added.

Gapay said that while they maintain their presence in the area and even respond to every incident of incursion by China, primarily by lodging diplomatic protest, their communication lines are also open with their Chinese counterparts.

“The Western Command, we have open lines of communication with Southern Theater Command of China which is the military unit operating in the South China Sea so these are part of the bilateral and multilateral actions

being implemented by the Armed Forces,” he said.

“I myself, I was able to talk to the commander of the Southern Theater Command of the….People’s Liberation Army and we really intend to have, to institutionalize, that open lines of communication and this is part of the military diplomacy,” he added.

Meanwhile, Gapay supported the Navy’s objection to the removal of a military facility in Sangley Point in Cavite in order to give way to an airport that will be constructed by a Chinese-controlled company.

“The Armed Forces of the Philippines supports that effort, of that position of the Philippine Navy, the flag officer in command, of retaining naval presence in the area,” he said.

He said the presence of the Navy in Sangley Point has strategic value, especially in securing Manila Bay, which is a maritime gateway to Manila.

“The presence of Navy there is very strategic and very important, and number two, you know historical value also. Our Navy forces, naval units have been there for many many years,” he added.

BuCor boosts search for improvised BIR Valenzuela City tops in collection, weapons inside NBP after deadly riot surpasses Sept tax goal by 206 percent

T

HE Bureau of Corrections (BuCor) has intensified its search and confiscation of improvised weapons inside the New Bilibid Prison (NBP) following a riot between two warring gangs last Friday that left nine inmates dead and several others injured.

More than 400 improvised weapons and blunt instruments were confiscated from inmates under “Oplan Galugad” conducted by a composite team from the BuCor, Muntinlupa City police, Bureau of Jail Management and Penology, National Police Special Action Force, Crowd Disturbance Management units and the National Capital Region Police Office Regional Mobile Force Battalion.

BuCor spokesman Gabriel Chaclag said the search operation was conducted at NBP’s Quadrants 4 and 3 at the maximum security compound, which includes Quadrant East, Building 4 and Quadrant 3, Quadrant South, Building 8.

“Building 5 and 8, including its surrounding areas were targeted as persistent intelligence reports continue to come in that bladed weapons are being strategically stored

in these areas to be used as deadly weapons by violent members of the warring groups Sigue Sigue Sputnik and Sigue Sigue Commando gangs,” the BuCor said.

The confiscated weapons were found hidden in various corners and compartments of the inmates’ detention cells and temporary shelters, while some were also buried.

“This search operation is a strong message delivered to these two groups creating violence and distraction inside the prison that such criminal behavior and illegal activities need to be stopped at all cost,” the BuCor stressed.

Chaclag said Oplan Galugad operations will continue until normalcy return to the national penitentiary and all prohibited items are discovered and confiscated.

Meanwhile, Justice Secretary Menardo Guevarra said the BuCor has already submitted its partial report on the violent brawl but he instructed its officials “to investigate more thoroughly.”

Aside from the BuCor, the National Bureau of Investigation (NBI) has also been asked to conduct its own probe on the incident. Joel R. San Juan

‘W

E are very thankful and grateful to our taxpayers and I also commend our people for being steadfast.”

Thus said Rufo B. Ranario, of the Bureau of Internal Revenue’s (BIR) Revenue District Office (RDO) 24, which has jurisdiction over the Valenzuela City area.

In an interview, Ranario bared that they have also exceeded their September 2020 target of bet ween P35,400,687.25 and P37,456,023.44 to P72,856,710.69, or by 206 percent.

He added that his district office topped the collection of the whole Revenue Region (RR) 5 that also covers the areas of Caloocan, Malabon, Navotas, Bulacan, including Valenzuela.

To uplift the morale and welfare of his personnel, Ranario awarded Plaques of Recognition in a simple ceremony on October 13, 2020 at their office on McArthur Highway, Valenzuela City to the following revenue officers: Indira D. Ganias, Gemma B. Medina and Marietta D. Sta. Maria and Group Supervisors Brigida C. de Perio, Robertson T. Gazzingan and Mercy T. Vinluan.

Ranario also awarded Ms. Maribel R. Limbaco, Administrative Assistant 1 Collection Section, for her invaluable contribution in collecting revenues for the government in spite of work-from-home constraints due to the pandemic.

The RDO 24, or the BIR-Valenzuela, headed by R anar io also received a Certification of Recognition from the office of RR 5 signed by Regional Director Ma. Gracia B. Javier and V.C. Cadangen, RR-5 assistant regional director.

A Certificate of Recognition for 1st Top Revenue District Office signed by Javier and Cadangen was also awarded to RDO 24, RDO Ranario, Assistant RDO Adora C. Ambo and CAS Januario M. Girang III. The certificate of recognition states that the Regional Program on Rewards and Incentives for Service Excellence Committee recognizes the commendable efforts, efficiency and effectiveness in the performance of assigned tasks in audit and enforcement activities that resulted to the collection of more than P72.8 million for the said month. Eunice Celario

www.businessmirror.com.ph

Manila judge allows Nasino

to attend wake and burial of three-month-old child

By Joel R. San Juan @jrsanjuan1573

T

HE Regional Trial Court (RTC) of Manila City on Monday granted a three-day continuous furlough to detained activist Reina Mae Nasino to attend the wake of her three-month-old baby daughter, who recently succumbed to pneumonia.

The furlough was issued by Manila RTC Branch 47 Judge Paulino Quitoras Gallegos following a hearing on her motion filed by Nasino’s lawyer from the National Union of Peoples’ Lawyers (NUPL), and her mother, Marites Asis.

NUPL lawyer Kathy Panguban noted the three-day furlough is the “longest granted so far to a political detainee.”

Vice President Ma. Leonor “Leni” Robredo, for her part, supported the call for Nasino’s temporary release, as she appealed on Tuesday for “compassion” and “empathy” for a detained activist-mother so she could visit the wake of her threemonth-old baby.

“As Filipinos, as human beings, we know how intimate and important the relationship between a mother and child is—from the first embrace up until the last breath. I hope we respect and uphold this relationship. We urge the court to choose compassion and empathy,” the vice president said in a news statement.

In 2014, the Pasig City RTC allowed alleged communist leader Andrea Rosal just three hours to visit to attend the wake of her daughter whom she lost just a day after her birth.

Panguban said state prosecutors did not oppose Nasino’s request for furlough but asked for certain conditions like the submission of the death certificate of baby River, provision for escorts from the Manila City Jail and submission of itinerary to the court while on furlough.

Nasino’s furlough will also start on Wednesday until her daughter’s burial on October 16.

Kapatid, an organization of relatives and supporters of Nasino and other political detainees, said the order is a welcome move in an otherwise bleak period for

POEA halts deployment of OFW new hires to Mali amid instability

‘WildALERT’ for flora out soon–DENR exec T

By Jonathan L. Mayuga @jonlmayuga

T

O help combat illegal wildlife trade targeting wild plants in the country’s remaining forest lands, the Department of Environment and Natural Resources (DENR) is moving to integrate flora in the digital tool WildALERT, making identification of plant species possible using the Internet and smartphones, or mobile computer gadgets.

“We are now developing WildALERT for fauna because the app we developed with the help of USAID [US Agency for International Development] Protect Wildlife focuses on wild animals only,” DENR Assistant Secretary Ricardo Calderon, concurrent director of the Biodiversity Management Bureau (BMB) told the BusinessMirror in a telephone interview.

Calderon said after months of community lockdowns, which rendered millions of Filipinos jobless, gave rise of the so-called “plantitos” and “plantitas,” or plant hobbyists,

made wild plants easy targets for enterprising Filipinos.

The illegal activities of plant collectors, who are targeting rare species found in the forest, including areas set aside for conservation for quick and easy cash, is now on the radar of the DENR as online selling, especially in social-media networks became rampant.

WildALERT, or Wildlife Agency and Citizen Law Enforcement Reporting Tool, was developed in March this year by the DENR-BMB and USAID through its Protect Wildlife Project.

In developing the WildALERT for fauna, the DENR-BMB is working with the Asian Development Bank– Global Environment Facility (ADB/ GEF) Illegal Wildlife Trade Project.

The DENR targets the app to be made available by February or March next year based on work plans for the development of the software and plant database of threatened, or endangered species and commonly traded plants.

WildALERT for fauna, as well as

for flora, is envisioned to provide a usable system made up of a mobile interface, a species library, and a report management platform to easily identify the wildlife species.

The mobile application has been proven to be effective in fighting illegal wildlife trade in the US with the identification of animal species being made quick and easy through the mobile application.

With the WildALERT app for flora being integrated into the same system, Calderon said the public will be able to identify plants and know their conservation status.

Under Philippine laws, the commercialization of endangered plant and animal species is illegal. Violators may be slapped with a jail term ranging from six months to six years, and a fine reaching up to P1 million depending on the gravity of the offense. Gathering of plants is allowed but only upon securing special permits from the DENR. Through the WildALERT, concerned citizens can also alert law enforcers of suspected illegal activities.

With a budget of $20,000, the DENR is also commissioning a software programming and information technology support expert to develop, test, and implement the WildALERT Flora module, including its integration into the existing WildALERT tool.

The WildALERT flora module involves working closely with a flora taxonomist to be hired by the DENR for the purpose in the initial stages of parameter setting and in the conduct of a design workshop.

The DENR has also allocated P1 million for the hiring of the expert flora taxonomist who will review, identify, and/or validate and enrich the list of threatened and commonly traded plant species for the WildALERT flora and serve as a subjectmatter expert on flora identification for project-related activities, among other jobs listed in its scope work terms of reference.

“With the WildALERT for flora, we will be able to effectively fight illegal wildlife trade, both of wild animals and plants,” said Calderon.

the Nasinos.

“We thank the said court under Judge Gallegos for not failing her this time and for giving her the compassion that some other courts have not given her. There is no reason to deny her motion.

If big names in politics were allowed furlough, the same should be accorded to a grieving mother, whose only desire now is to have a last glimpse of her dead threemonth-old child,” Kapatid spokesman Fides Lim said.

Nasino was one month pregnant when she and several other activists were arrested by the police in Manila in November last year.

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

The NUPL earlier wrote a letter to Chief Justice Diosdado Peralta, urging the country’s top magistrate to look into Nasino’s plight.

But the celebration of Nasino’s camp was immediately dampened after Manila City Jail Female Dormitory Officer in Charge Maria Ignacia Monteron wrote the court, seeking consideration of its order allowing continuous furlough for Nasino.

In light of this, the trial court set another hearing today (Wednesday) at 8:30 on Monteron’s appeal.

Monteron is asking the court to shorten Nasino’s presence in the wake of her daughter from 8 a.m. to 3 p.m. of October 14 only.

She said the court may allow Nasino to attend the burial at the Manila North Cemetery on October 16, 2020.

Aside from the lack of sufficient personnel to escort Nasino for three days straight, Monteron noted that under the Bureau of Jail Management and Penology Comprehensive Operations Manual 2015, an inmate is not allowed to stay more than three hours in the place where the remains of the deceased relative lie in state.

Furthermore, Monteron said an inmate is also not allowed to join a funeral cortege.

With Rene Acosta

HE Philippine Overseas Employment Administration (POEA) has temporarily suspended the deployment of newly hired OFW to Mali due to the political instability in the African country.

In Governing Board Resolution 14, Series of 2020, the agency said the would-be overseas Filipino workers (OFWs) bound for the said nation will not be allowed to leave the country.

“Now, therefore, the POEA Governing Board, in a meeting duly convened, resolves as it is hereby resolved, to impose a temporary suspension on the processing and deployment of newly hired OFWs bound for Mali,” said the resolution signed on September 25 and released on Tuesday.

The measure came after the Department of Foreign Affairs informed the Department of Labor and Employment in a letter dated September 15 that it has raised Alert Level 2 (Restriction Phase) in Mali due to the recent military coup that led to the detention and resignation of President Ibrahim

Boubacar Keita.

“Whereas, the current political instability in the country…[places the country at a] dangerous security situation where extremist groups continue to operate,” it added.

However, returning Filipino workers with existing contracts are allowed to go back to the host country.

“Whereas, under Alert Level 2, the processing and deployment of workers shall be allowed only for OFWs returning to their current employers with existing employment contracts,” it said.

“The processing and deployment of vacationing/returning workers to the said country shall, however, be allowed, subject to their compliance with documentation requirements,” the resolution added.

The agency reminded Filipinos in Mali to be cautious and postpone unnecessary travel.

“Likewise, the reminding overseas Filipinos in Mali are advised to restrict non-essential movement due to the instability,” the POEA said. PNA

The World Editor: Angel R. Calso

Wednesday, October 14, 2020

A5

WHO chief warns against pursuing herd immunity to stop coronavirus

L

ONDON—T he head of the World Health Organization warned against the idea that herd immunity might be a realistic strategy to stop the pandemic, dismissing such proposals as “simply unethical.”

At a media briefing on Monday, WHO Director-General Tedros Adhanom Ghebreyesus said health officials typically aim to achieve herd immunity by vaccination. Tedros noted that to obtain herd immunity from a highly infectious disease such as measles, for example, about 95 percent of the population must be immunized.

“Herd immunity is achieved by protecting people from a virus, not by exposing them to it,” he said. Some researchers have argued that allowing Covid-19 to spread in populations that are not obviously vulnerable will help build up herd immunity and is a more realistic way to stop the pandemic, instead of the restrictive lockdowns that have proved economically devastating.

“Never in the history of public health has herd immunity been used as a strategy for responding to an

outbreak,” Tedros said.

Tedros said that too little was known about immunity to Covid-19 to know if herd immunity is even achievable.

“We have some clues, but we don’t have the complete picture,” he said, noting that WHO had documented instances of people becoming reinfected with coronavirus after recovering from an initial bout of the virus.

Tedros said that while most people appear to develop some kind of immune response, it’s unclear how long that lasts or how robust that protection is—and that different people have varying responses.

“Allowing a dangerous virus that we don’t fully understand to run free is simply unethical,” he said.

WHO estimates less than 10 percent of the population has any immunity to the coronavirus, meaning the vast majority of the world remains susceptible.

Tedros also noted countries had reported record-high daily figures of Covid-19 to the UN health agency for the last four days, citing surges in Europe and the Americas in particular. AP

Second Covid-19 vaccine trial paused over unexplained illness

N

EW BRUNSWICK, N.J.—A late-stage study of Johnson & Johnson’s Covid-19 vaccine candidate has been paused while the company investigates whether a study participant’s “unexplained illness” is related to the shot.

The company said in a statement on Monday evening that illnesses, accidents and other so-called adverse events “are an expected part of any clinical study, especially large studies,” but that its physicians and a safety monitoring panel would try to determine what might have caused the illness.

The pause is at least the second such hold to occur among several vaccines that have reached large-scale final tests in the US. The company declined to reveal any more details about the illness, citing the participant’s privacy.

Temporary stoppages of large medical studies are relatively common. Few are made public in typical drug trials, but the work to make a coronavirus vaccine has raised the stakes on these kinds of complications.

Companies are required to investigate any serious or unexpected reaction that occurs during drug testing.

Given that such tests are done on tens of thousands of people, some medical problems are a coincidence. In fact, one of the first steps the company said it will take is to determine if the person received the vaccine or a placebo.

The halt was first reported by the health news site STAT. Final-stage testing of a vaccine made by AstraZeneca and Oxford University remains on hold in the US as officials examine whether an illness in its trial poses a safety risk. That trial was stopped when a woman developed severe neurological symptoms consistent with transverse myelitis, a rare inflammation of the spinal cord, the company has said. That company’s testing has restarted elsewhere.

Johnson & Johnson was aiming to enroll 60,000 volunteers to prove if its single-dose approach is safe and protects against the coronavirus. Other vaccine candidates in the US require two shots. AP

2 Stanford economists win Nobel prize for improving auctions

S

TOCKHOLM—Auctions are everywhere in today’s economy. They determine how Google sells ads, what price consumers end up paying for electricity, and the way governments sell off the public airwaves to telecom companies and broadcasters.

For helping make auctions run more efficiently, two Americans on Monday won the Nobel prize for economics.

The discoveries of Paul R. Milgrom and Robert B. Wilson, both of Stanford University, “have benefited sellers, buyers and taxpayers around the world,” the Nobel Committee said.

Wilson, 83, was once Milgrom’s Ph.D. adviser, and the two also happen to be neighbors. Reached by phone at his home in California, Milgrom, 72, said he received news of their win “in a strange way.”

“I got a knock at my door from Bob Wilson,” he told The Associated Press.

Security camera footage at Milgrom’s home captured the moment. Wilson knocked on Milgrom’s door in the dead of night and spoke into the intercom. “Paul,’’ he said.

“It’s Bob Wilson. You’ve won the Nobel Prize.’’ Awakened, Milgrom stammered for a moment and then said: “Wow.’’ The two men tackled the tricky problem of making auctions work efficiently. The committee said Wilson’s work showed “why rational bidders tend to place bids below their own best estimate of the common value”—which could mean the item goes for less than it’s worth and perhaps not to the buyer who most wants it, neither of which is supposed to happen if the auction is working properly.

“Auctions ask and answer the most fundamental questions in economics: Who should get the goods and at what prices?’’ said economist Peter Cramton, a former student of Wilson’s now at the University of Maryland and the University of Cologne in Germany. The winners’ work provides guidance about “how to price and allocate scarce goods—radio spectrum, electricity, financial securities, and many more.’’

The effects of their work can be seen all around.

“Online advertising is sold at auction,” said David Warsh, who tracks economic research at his blog Economic Principals. “That Google was able to adopt the method so quickly and seamlessly depended entirely on theory developed by Milgrom and his competitors and their students.’’

The work is about more than money. Some governments, for example, auction off the right to pollute in hopes of reducing emissions; cleaner companies can

resell unneeded rights to dirtier ones, creating a financial incentive for companies to make their operations greener.

“The objective is not always to maximize the revenue for the seller but also can have a societal objective,” said Nobel Committee member Ingrid Werner.

One problem in auctions is the so-called winner’s curse. If buyers are vying to purchase, say, fishing rights, they have to make bids without knowing what the price of fish will be in the future. They run the risk of winning the auction only by overpaying. To compensate, they tend to shave their bids.

A solution, according to the research by Wilson and Milgrom, is for the seller to provide as much information as possible before the bidding begins, perhaps providing an independent appraisal of the item being sold. Solving the problem doesn’t just help the seller get a better price; it helps make sure the item being auctioned goes to the bidder likely to make the most efficient use of it—a key goal of economic policy.

Their research has had a big impact on the telecommunications industry, where private companies seek government licenses to use publicly owned radio frequencies for everything from mobile phone calls to Internet payments.

Before the 1990s, the US government essentially conducted “beauty contests’’ to hand out the frequencies, letting companies make their case for getting the licenses. The approach encouraged aggressive lobbying but didn’t raise much money for the Treasury.

In 1994, the US government turned to auctions.

Milgrom and Wilson (with help from Preston McAfee, now at Google) designed an auction format in which all the licenses were sold in one go. That format discourages speculators from buying up frequencies in a specific geographic area and then reselling them to big telecommunications companies seeking to patch together national or regional networks.

The auc tion raised $617 million—selling frequencies that previously were handed out for virtually nothing—and became a model for countries from Canada to India. The format has also been used to auction off electricity and natural gas.

Speaking to reporters in Stockholm by phone after learning of his win, Wilson struggled to think of a recent auction he himself had participated in. But then added: “My wife points out to me that we bought ski boots on eBay.” AP

A6 Wednesday, October 14, 2020 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Strengthening PHL food security

T

he United States Department of Agriculture and the United Nations have released data indicating that food insecurity could deepen in the coming months. In its crop report, the USDA projected that the stockpile of soybean will be smaller than expected and there will be increased competition over wheat. Farmers in South America and Europe will have difficulty propping up output as dry weather is threatening their crops.

Last week, the UN released its gauge of global food prices, which indicated that costs were higher by 2.1 percent in September due to more expensive grains and vegetable oils. The Food and Agriculture Organization’s Cereal Price Index alone averaged 104 points in September, up 5 points from August and as much as 12.5 points above its value last year. FAO said the rise in September marked the third month of consecutive increase.

China’s increasing need for soybeans and wheat, according to the projection of USDA, would put pressure on prices. FAO noted that international maize prices exhibited a notable surge as well, responding to cuts in production prospects, especially in the European Union, and the expectation of a significant drop in supplies in the United States.

Erratic weather, coupled with the challenges posed by Covid-19 to harvesting crops, could make food more expensive in the coming months.

Many countries are facing the same dilemma, including the Philippines, where La Niña is expected to bring more rain and cause flooding in areas considered critical for food production. The state weather bureau indicated in its advisory declaring the onset of La Niña that most parts of the Philippines will likely experience “near to above normal rainfall conditions” from October this year until March 2021. This is bad news, particularly for planters in the eastern sections of the country, as the tropical cyclones that are expected to hit the country will bring more rainfall, which will cause landslides and floods.

Even before the pandemic, the Philippines has been importing food and agricultural products like rice and raw materials for processed items like hotdogs and canned goods. The country has been banking on the continued availability of rice from traditional sources to plug the gap in milled rice supply currently pegged at 15 percent, based on pronouncements made by the Department of Agriculture. Our rice requirement, which continues to rise every year, has made the Philippines the top importer of the staple.

Unfortunately, rice is also consumed in huge quantities in other parts of Asia. Countries such as China are competing with the Philippines and other Asian nations that require rice to feed their growing population.

Spikes in international prices of foodstuff will be disadvantageous for the Philippines, which is increasingly relying on imported rice to beef up supply and maintain the stability of food prices.

There are existing mechanisms that governments in Southeast Asia can tap in emergency situations, such as the Asean Plus Three Emergency Rice Reserve. International cooperation at this time is crucial to fight hunger and ensure that people will come out of this pandemic stronger and more able to assist in the recovery of their economies that were ravaged by lockdown restrictions aimed at containing the spread of the virus.

We know that our national and local officials are at the heart of our response to the Covid crisis. But they must remember: Ensuring the food security of more than 100 million Filipinos in the time of the pandemic is of paramount importance.

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Creating your SSS account and the My.SSS facility Aurora C. Ignacio

All About Social Security

O

ne Sunday morning as I was listening to the radio playing some selections from the ’60s and ’70s, James Taylor’s old classic “You’ve got a friend” brought back distinct memories:

“You just call out my name And you know wherever I am I’ll come running, to see you again Winter, spring, summer or fall All you have to do is call And I’ll be there You’ve got a friend.”

In our lives, we all have that one special friend that stayed with us for the last 20, 30 or 40 years. That very same person with whom we shared our childhood, teenage years, college, married life and motherhood, the one that we treated like our own sibling, like a brother or sister. In short, we might not have the same biological genes but we treat them as family.

For working Filipinos in the private sector, SSS is everyone’s kabalikat, like a friend that they can lean on and can turn to in times of contingencies. They consider SSS a strong lifeline not only for them but also for their respective families and beneficiaries. SSS is mandated to provide social security protection, including loss of income for those who temporarily stopped working due to sickness, maternity, disability, unemployment, retirement, death and other unforeseen events. Looking back, there’s a rewarding feeling whenever you encounter an SSS

member or pensioner giving his or her personal testimony on how our institution has helped him or her in times of crisis, especially during this pandemic.

As SSS continues to upgrade its systems as it gears towards digitalization of all its processes, this is where the My.SSS was implemented.

Celebrating 63 years of helping members, SSS is effectively responsive to the times, which is why we have made it mandatory that all SSS members, pensioners included, must have a dedicated My.SSS account in the SSS web site. Our primary objective is for our members to have access to various online service facilities as well as facilitate the online applications—benefits and loan applications—for simpler, faster and more convenient means of transacting with us. This is also our contribution to the government’s effort to curb the spread of the Covid-19 by eliminating manual and over-thecounter transactions.

Perhaps, majority of our members who are gainfully employed are already registered with this facility. As of September 2020, we have 9,283,246 members who have already set-up their respective accounts.

My.SSS is a safe and secure online

12 years is not enough Susan V. Ople

Scribbles

T

hree years ago, “Honey”* was in her employers’ kitchen, in a spacious flat somewhere in Kuala Lumpur. Her employers, an upwardly mobile young couple, treated her well at first. The congeniality was short-lived. One day, the lady employer stepped into the kitchen and heated a frying pan on the stove. “Honey” thought nothing of it, thinking that her lady boss was just about to prepare a meal. Her “madam” lifted the frying pan and scalded her domestic worker with boiling oil. It was not the first time that “Honey” cried out in pain.

She recalled a time when the couple fought. She heard the heated exchange behind the closed bedroom door. The husband stormed out, saw “Honey,” and punched her in the eye. Blood flowed from a deep cut under her left eye, leaving a scar that took a longer time to heal than the lovers’ spat. They

also starved her. The lady employer cut her hair, to make “Honey” ugly, like an unkempt prisoner, which in actuality, she was. When the couple saw that their domestic worker has become too weak for comfort, and in danger of dying in their fancy house, they decided to take a long drive and drop her off by the road.

facility that gives you exclusive access to your SSS records, and it is where various transactions can be done by members and employers.

Basically, for members to set-up their My.SSS account, they must have a stable Internet connection and just follow these six easy steps: 1. Go to the SSS web site (www. sss.gov.ph).

2. Click “Not yet registered in My.SSS.” 3. Select one information, as reported to SSS, to proceed with the Web registration.

4. Enter all the required information.

5. A notice of registration will be sent to your registered e-mail.

6. Follow instructions sent to your e-mail to activate your account.

Once you have successfully registered your account, you can now check on your information and access different SSS services through the website. These include viewing your member details and employment history, updating contact info, changing password, scheduling an appointment and viewing your UMID/SSS ID details.

Under the E-Services menu of the My.SSS account, a member may also do transactions such as enrollment of their personal Disbursement Accounts, filing of salary and calamity loan applications, applying for unemployment benefit claim, applying for pension loan, requesting for SSS records, submitting maternity notification, retirement and funeral, using the simulated retirement calculator, enrolling in the PESO Fund and Flexi Fund programs, generating payment reference numbers for payment of SSS contributions, and lastly, paying online through the Moneygment app.

Members who are registered in

the SSS web site may use the login credentials of their My.SSS account to access the SSS Mobile App. Online payment of SS contributions through PayMaya is available in the App for Self-Employed/Voluntary/overseas Filipino workers members.

The SSS Mobile App may be downloaded at Apple App Store, Google Play Store and Huawei App Gallery.

However, due to the increasing numbers of reported cases of unauthorized use of members’ online accounts, members and pensioners must be careful in sharing their account information, especially their username and password. They should take into consideration the confidentiality and protection of their respective accounts so that they will not be exposed to online fixers and possible fraud. Like any violation, online fixers are liable under the Social Security Law. While some selected group of individuals are still restricted to go out based on Inter-Agency Task Force on Infectious Diseases guidelines, facilitating all these transactions in the comfort of your homes generally brings us convenience and costsaving methods while waiting for a shorter period of time to get your benefits and loans from SSS. Our vision is to further improve our services and give our members world-class quality service in the next few years to come.

Going back to James Taylor’s popular hit, SSS will remain as every working Filipino’s trusted and dependable friend, or kabalikat at all times.

They abandoned her, like one would a sickly slave.

A Filipino couple saw “Honey,” dazed, bloodied and weak, walking ever so slowly. They brought her to church.

The church called the Philippine Embassy. They took her in, cared for her, and notified the police. Upon seeing her condition, the Malaysian Royal Police decided to pursue the Malaysian couple. To ensure continuity of the case, they brought “Honey” to a safehouse.

Our non-profit organization, the Blas F. Ople Policy Center, in coordination with the Overseas Workers’ Welfare Administration (OWWA), brought the OFW’s parents to see her in Malaysia.

They were not allowed to visit her in the safehouse. A room was provided for in the Malaysian police headquarters so that the family can spend time together.

I accompanied the parents, together with Administrator Hans Cacdac. This was in 2017, three years ago.

While I was in Malaysia, the police told me that “Honey’s” scars were too many to count. She had burn wounds, knife cuts, scars on both legs, on her face, scalp and even her nape. Oh, how she suffered! She told me that whenever she felt like giving up, the image of her

parents would enter her mind. Another day, she would tell herself. Just survive one more day. And, she did. On September 30, 2020, the Malaysian court convicted the Malaysian couple for human trafficking. The female employer received a jail term of 12 years, while the husband will have to stay in jail for 10 years. Civil damages were also awarded in favor of “Honey”, the equivalent of at least P200,000. We commend the Department of Foreign Affairs for not giving up on “Honey’s” case; and for giving her the same compassionate attention despite all these years.

Twelve years is not a long time in jail for someone who scalded your daughter with cooking oil; nor is 10 years sufficient time for a man who would hit your sister after a marital spat. Yet, in so many other cases involving such domestic violence and human trafficking, litigation never happens. The victim retracts out of fear or decides to simply go home. The defendants, being the employers that they are, hire the best lawyers and work the system so they could sidestep the judicial process.

In this particular case, the Malaysian police, our embassy, and the court itself

Aurora C. Ignacio is SSS president and chief executive officer.

We welcome your questions and insights on the topics that we discuss. E-mail mediaaffairs@sss.

See “Ople,” A7

Opinion BusinessMirror

www.businessmirror.com.ph

More than a quarantine gig: Laboring in the digital market

Stop the political charade: Monitor squatters’ vote Dr. Jesus Lim Arranza

MAKE SENSE

Atty. Amabelle C. Asuncion

Competition Matters

I

N music and theater circles, “gig” is a hip term that refers to a show or performance by a musician, a band, or an actor. Nowadays, however, show business no longer has a monopoly of “gig work,” which has evolved to perhaps less glamorous but increasingly popular services provided through online platforms. This global trend has given rise to a “gig economy” where workers provide services on-demand to clients via online platform apps. The most familiar are the drivers providing transportation services, food delivery, and courier services. Other emerging gig jobs include running errands, house cleaning, clerical work, etc. A gig worker gets a gig through the digital platform, which matches him/her to a customer but has no employment relationship with the platform or the customer.

Before the Covid-19 pandemic, the gig economy was populated with individuals deliberately making a choice to take on a gig for additional income or to shift fully from regular employment to gig-app work to have flexible work hours and potentially higher returns. With the pandemic forcing downsizing and lay-offs, however, these gig jobs are becoming the main means of livelihood for more and more people. The quarantine restrictions on movement have also multiplied gig-apps over the last six months. There are now more platforms providing similar services, some providing more than one type of service. If you want food delivered, you have several options: use the delivery services of the restaurant you are ordering from; use a food delivery platform which caters to the restaurant you are ordering from; order from the restaurant and book your own delivery service that will pick up the food from the restaurant and deliver to your doorstep; or use a platform that purchases your order for you on reimbursement with mark-up basis and deliver to you.

In this sense, the existence of a gig economy at a time of crisis is a fortunate happenstance as it provides a means for earning a living while fulfilling a demand heightened by the health situation. However, this also exposes gig workers, because of the nature of their engagement, to undue exercise of any market power that online platforms may possess.

The curious question is, can competition law come to their rescue?

A quick travel back to pre-pandemic times reveals that the PCC was confronted with this kind of question when it investigated the Grab-Uber merger. The ride sharing services platform is two-sided: drivers on one side and riders on the other side. Both sides stood to be harmed by the 2 to 1 merger, although their respective interests were not necessarily aligned. While the investigation focused more on the harm to the riders, it also recognized the harms to the drivers who were left with only one platform to subscribe to if they wished to continue providing ride sharing services. With Grab being the lone platform, drivers would have sufficiently diminished bargaining power in terms of commission rate, incentives, and other conditions of work. Grab was a monopsonist—it was the only intermediator of ride sharing services—and enjoyed such market power that gave it ability and incentive to lower commission rates, reduce incentives, and impose conditions favorable to it (e.g. exclusivity).

The same issues are likely to surface for gig workers today, especially with the oversupply of available labor and contraction of demand. Although there are several platforms that gig workers can choose from and switch between, human factors

Ople. . .

continued from A6

were all on “Honey’s” side. You can’t have scars too many to count and ask the court to believe that they were all self-inflicted.

such as instability and desperation can negate any semblance of choice or bargaining leverage against the platforms. It should also not be forgotten that the essence of platforms is their network effects, that is, the benefit of using the platform lies in having more users. Thus, a gig worker would gravitate toward a platform that enjoys extensive network effects. Such a platform could then exercise monopsony power. This could come in the form of lower commissions and incentives, imposition of non-compete clauses, unfair labor practices, and predatory hiring.

Unfortunately, the legal status of gig workers is more akin to an independent contractor under our Labor Laws. As such, they do not enjoy the same rights and protection given to employees. As independent contractors, they will also be considered “entities” under the Philippine Competition Act and treated just like any other commercial enterprise.

This means that they cannot try to strengthen their bargaining power by banding together with other gig workers to negotiate for better terms.

Unlike labor unions that are exempt from the coverage of the Philippine Competition Act when they engage in collective bargaining agreement regarding conditions of employment, gig workers as independent contractors can run afoul of cartel violations if they combine and negotiate together. Yet, in the context of present-day gig workers, it is easy to see that they are as in need of protection as regular employees. In fact, it can even be argued that their need is greater during these uncertain times.

Commentators have suggested that competition law treat gig workers like employees where their relationship with the platform bears strong resemblance to the basic characteristics of an employer-employee relationship, i.e. the platform exercises such degree of control or decisive influence over the conditions under which the services are provided. This may well be a good starting point toward protecting this rising category of workers. To be sure, there may be quick regulatory solutions. Yet, it may also be an opportune time for competition policy to heed the now unmuted call of the labor market for relevant, even lasting, intervention, because definitely, labor in the digital market has become more than just a quarantine gig.

Wednesday, October 14, 2020 A7

W

ill squatting in areas declared as danger zones along creeks and water tributaries ever stop? This question always comes to mind every time I see the riverside view of shanties and squatter colonies from the plane’s window as we land at the Ninoy Aquino International Airport.

In a country where almost all creeks and water tributaries are exploding with squatters, the squatting problem in Metro Manila is not only projecting a bad image for the nation. It is also contributing to the siltation problems in rivers and creeks that cause flooding in the metropolis. And during floods, even the homes of taxpaying Filipinos in villages and subdivisions near creeks and water tributaries are also damaged because of the problem created by illegal and non-tax paying informal settlers. And yet they are practically left unbothered by barangay officials.

Obviously, it’s the responsibility of local government officials to ensure that areas declared as danger zones along rivers and creeks are free of squatters. Something must be wrong and somebody must be responsible for the growing number of illegal settlers in these areas. The role of local executives as barangay officials is to implement the law. If they can’t do that, who else will?

How can barangay officials turn a blind eye to the illegal construction of shanty houses in areas declared as danger zones in their communities?

Worse, how can they not even check if these illegally constructed houses had electrical plans? And should there be conflagration caused by electrical overloads, will barangay officials not be liable as well? Meanwhile, legitimate and taxpaying homeowners in villages and subdivisions are required to submit structural, electrical and plumbing plans before they can even be issued a building permit for their dream house.

In a place near where I live, I have seen a squatter colony where not even a motorcycle can pass through its narrow and congested streets. How then can a dredging equipment get through it to clear the river of its silt? And worse, how can fire trucks get through during conflagrations to control the inferno?

Why do local officials allow these things to happen? With most, if not all informal settlers along rivers and

creeks in their barangays not only known to them but followers as well, do barangay officials maintain their goodwill with informal settlers for political reasons, making them practically politically invincible in their communities?

With their nurtured political relationship with squatters, it would be hard for new political wannabes to challenge incumbent barangay officials for their seat during elections because most, if not all of them, already have their political “baluartes” or bailiwicks in their barangay’s squatter colonies.

But how can this be possible when voters are supposed to have established at least six months residency in their declared address before they can vote.

Moreover, many houses in squatter colonies are already occupied by people other than those reflected in the barangay records and yet, nothing is being done by local barangay officials.

How can the local officials of this barangay turn blind to an imposing three-story concrete house with air conditioning units and a Fortuner sports utility vehicle (SUV) parked by its residents nearby. This could just be one of many other homes of middle-income families that insist on staying rent free by illegally occupying government-owned areas declared as danger zones.

Unless these barangay officials do their mandated responsibilities to protect and secure the properties of tax paying Filipinos from the potential damage caused by the total disregard for safety and the environment by informal settlers, squatting in areas

Optimism: Biases, delusion, solution Optimism bias: Predicting the good

Dr. Carl E. Balita

Entrepreneurs’ Footprints Part 2 of 3 series

H

umanity, with its collective wisdom and in harmony with the forces of living systems, is fighting an uphill battle against surprises of nature. In the face of the pandemic, the victory is derived from how humanity and the coronavirus could co-exist.

In confronting the challenges of life and living, humanity holds on to faith and hope. Human beings benefit from optimism—a doctrine and a philosophical standpoint that this world is the best possible world. The conviction that the future is positive and that we will get through this pandemic experience is optimism.

The mathematics of optimism

Before her appointment to the Philippine Competition Commission, Commissioner Amabelle C. Asuncion was engaged in corporate practice and served as chief legal counsel of a top company and a partner of a law firm. She was also previously involved in legislative, law and policy reform, advocacy, and adjudication work. Commissioner Asuncion has a master of laws degree (with distinction) in international legal studies from Georgetown University Law Center in Washington, D.C., and is admitted to the New York bar.

Bayesian Statistics, named after mathematician Thomas Bayes, is a mathematical formula for determining conditional probability—the likelihood of an outcome occurring, which is based on previous outcome occurring. It combines prior information with evidence from information contained to gain statistical inference process. It provides people the tools to update their beliefs in the evidences of new data. Bayesian decision-making is based on the probability of a successful outcome. In Bayesian interpretation, the probability expresses a degree of belief in the event. In the Bayesian paradigm, degrees of belief in states of nature are specified—and the value is positive.

The Bayesian Brain Hypothesis argues that there is a deep hidden structure behind human behavior which roots trace back into the very nature of life itself. It states that our brain in a way predicts the future and enforces this desired future, which is a positive one.

The American Psychological Association (APA) Dictionary of Psychology defines optimism as hopefulness—the attitude that good things will happen and that people’s wishes or aims will ultimately be fulfilled. Webster puts it as an inclination to put the most favorable construction upon actions and events or to anticipate the best possible and positive outcome.

Optimism prevents us from linger-

“Honey” was a daycare teacher before she left to work as a domestic worker in Malaysia. She now works for the Blas F. Ople Policy Center as one of our encoders and a member of the legal assistance team. I asked her how it feels to be victorious at last; and for the case to be finally over with. “I feel at peace now,” was her

brief yet poignant reply. She also vowed to continue helping distressed OFWs in filing complaints against their exploiters.

“Honey” also intends to use her modest financial windfall to invest in a small business for her family.

The Malaysian couple that thought they would scar their domestic worker

ing in the negative outcomes. Then, by lessons of life and living, humanity accesses the optimism bias—the tendency to overestimate the likelihood of experiencing positive events and underestimate the likelihood of experiencing negative events. The optimism bias instills feelings of control.

Optimism bias: Evolution towards the brighter side

The human brain creates and updates beliefs about the world in the face of evidences presented to its sensory pathways. Our beliefs define what our senses perceive, what future we expect and what choices we make. The Bayesian Brain Theory and the Predictive Coding Theory propose that our brain continuously develops predictive models of its environment. Incoming sensory perceptions generate inferences and in turn used to filter perceptions and direct our actions.

When the human brain detects a difference between what it predicts and what it perceives in reality, it generates a prediction error and updates its predictive model. This is a continuous cyclical process of updating which improves its predictions of the world. And the cycles of inferences and updates create our mental world. The subjective realities eventually become the objective reality.

Studies show that belief-updating is optimistically biased because favorable information is more considered than unfavorable one, which tends to be neglected.

The optimism bias: The Covid-19 experience

Leading Cognitive Neuroscientist Tali Sharot asserts that optimism bias exists on the neural level in our brains and plays a major role in determining how we live our lives. Our brains may be hardwired to look on the bright side.

Optimism bias is one of the evolutionary adaptive functions of the human brain to protect itself from anxiety and threats.

Optimism showed functional benefits to human evolution that it is passed on to offspring and taught across generations.

Heifetz and Spiegel concluded that when a pessimist and an optimist are in conflict, the optimist drives the interaction. The optimistic bias towards the outcome results in the optimist’s more aggressive dominance in the conflict.

The positive outcome in the sight of the optimist may also gain more influence from the majority. And the optimists lead because they are able to draw a vision, an ideal state of the future that strengthens influence. The positive endin-mind becomes a powerful motivating force used by leaders.

IT was in January 2020 when a threat of a global pandemic was announced by renowned epidemiologists like Leung and Lipsitch. They announced that 40 to 70 percent of the world population could be infected. A survey data by Raude et al., in February 2020 reported that a large majority in Europe estimated their risk of catching the virus to be around 1 percent, and continued their usual social practices. And Europe became the global epicenter of the pandemic. A quantitative study prepared by the Philippine Survey Research Center, from April 7 to 12, showed that around 35 percent of Filipinos believed that the health crisis would last for one month, while 46 percent believed it would last for two to three months. The Philippines, at the time of this writing, ranks 20th among countries in terms of cases.

Optimism bias explains why the probability of getting infected with the virus and of subsequent infecting others as lower for themselves than for someone else. In a study conducted by the Global Web Index in March 16 to 20,

for life will now have to live separately behind bars, devoid of the luxuries they formerly enjoyed. Yes, 12 years may seem like a short time. But to stare at the same walls and be restricted to the same routine day after day after day is punishment enough. “Honey” is free; they are not. The person they treated as slave can go out

into the sunlight and savor the infinite steps of freedom. It is her employers’ turn to taste the bitterness that comes with being declared by no less than their country as human traffickers, and thus criminals with a record that will follow them to their graves. *Honey was the alias chosen by the

declared as danger zones will continue to be a major problem in the country.

The political charade between local barangay officials and squatters in their communities must be stopped.

I, therefore, call on Department of the Interior and Local Government Undersecretary Martin Diño to seriously look into the matter. And if DILG is really serious in disciplining its ranks, perhaps it’s about time to use the whip on abusive barangay officials, even if we’re just two years away from the 2022 Presidential election.

I also call on the homeowners’ associations of villages and subdivisions in Metro Manila to wake up and rise.

With the next election getting closer, it’s time for us to demand from our local barangay officials our right to protect our properties from damage caused by their negligence, if not dereliction of duty.

I personally believe that squatting will not go on without the connivance and consent of barangay officials. And better yet, to finally stop the exploitation of informal settlers by corrupt and power hungry barangay officials, squatters should not be allowed to vote, unless they can comply with the residency requirement to be a qualified voter, as provided by law. This should also put a stop to the hakot system, which is common during Philippine elections.

Dr. Jesus Lim Arranza is the chairman of the Federation of Philippine Industries and Fight Illicit Trade; a broad-based, multisectoral movement intended to protect consumers, safeguard government revenues and shield legitimate industries from the ill effects of smuggling.

the Filipino respondents thought that Covid-19 global outbreak will last for 6.2 months in the world, and thought that in the Philippines it will last only for 3.7 months.

What dampens the optimistic bias?

The amazing feedback mechanisms of the human brain reduces that unrealistic optimistic bias in the presence of an immediate threat in the environment. As evidences of the Covid-19 risk become more accurate, the belief-updating occurs and the unrealistic optimism biased is dampened.

This explains why while optimism was the initial response of the Filipinos, towards the latter part of the pandemic experience, the optimism bias of the Filipinos is shattered and realism sets in. The Social Weather Station Survey, in May 2020, indicated the historical record low Net Optimism (optimists less pessimists) at -18. The Consumer Expectations Survey in 2020 showed that the consumer confidence index in the Philippines turned pessimistic for the third quarter 2020, as the overall confidence index declined to a record low of -54.5. But the consumer confidence for the next 12 months across component indicators was more favorable compared with the first quarter of 2020, due to expectations that the pandemic will end.

And the optimism envelops the Filipino spirit anew.

Public health policies must maintain a good level of evidence-based information and effective explanation to influence the population’s beliefs about the risks associated with the crisis.

It has been shown that a prolonged exposure to a threat increases feelings of familiarity, progressively reducing perceived risk. As a popular quotation says, courage is not absence of fear but the mastery of it. Such courage will endanger the consistent and relatively unbiased risk assessment, which is crucial for sustaining protective individual behavior. The belief of this generation and the optimism bias will be the bases of the footprints it will make and leave in this pandemic experience.

(To be concluded next week) For feedback, please send e-mail to drcarlbalita@ yahoo.com.

OFW concerned for security and privacy purposes.

Susan V. Ople heads the Blas F. Ople Policy Center and Training Institute, a nonprofit organization that deals with labor and migration issues.

She also represents the OFW sector in the InterAgency Council Against Trafficking.

A8 Wednesday, October 14, 2020

House ratifies vote for Velasco as Speaker; Cayetano ‘resigns’

By Jovee Marie N. dela Cruz @joveemarie

& Bernadette D. Nicolas

F

@BNicolasBM

OLLOWING a tense battle that nearly derailed the budget process, newly elected Speaker Lord Allan Velasco on Tuesday vowed to restore the “sense of statesmanship” in the House of Representatives.

This, after a total of 186 lawmakers, in a plenary session inside the Batasang Pambansa Complex in Quezon City, voted to ratify Velasco's election held on Monday at the Celebrity Sports Plaza in Quezon City.

Following the ratification of Velasco's election, Alan Peter Cayetano, for his part, tendered his "irrevocable resignation" as Speaker of the House.

“Verbally, I am tendering my irrevocable resignation as the Speaker of the House,” Cayetano said in his Facebook live.

Cayetano also apologized to President Duterte for "misunderstanding" him.

“I made a mistake, I misunderstood that you want me to finish the budget. I apologize. It was not my intention not to follow you,” Cayetano added.

PBA Party-list Rep. Jericho Nograles said the irrevocable resignation of Cayetano as Speaker

“is not in order as he was no longer Speaker as of Monday, October 12, 2020.”

Velasco said the lower chamber will work immediately to pass the P4.5 trillion General Appropriations Act of 2021. The House has until Friday to pass the national budget on third and final reading, having been called to a special session by President Duterte, who said a reenacted budget for early 2021 is unthinkable, given the important 2021 budget provisions for the continuing Covid-19 response. Cayetano last week abruptly suspended sessions before the October 14 break, even though the Senate had served notice it will work until October 17, thus prompting Duterte to ask for the special session.

Palace meeting

EARLY Tuesday afternoon, Velasco and Cayetano agreed to work together as one majority to ensure the timely passage of the proposed P4.506 trillion 2021 national budget after a tense speakership battle.

This, after President Duterte met with the two lawmakers a few hours after Velasco's election as House Speaker was ratified by the House of Representatives and after Cayetano tendered his irrevocable resignation.

Continued on A2

Working capital loans for tourism sector set in MOA

By Ma. Stella F. Arnaldo

M

@akosistellaBM Special to the BusinessMirror

ORE than 10,000 tourism enterprises accredited by the Department of Tourism (DOT) may be eligible to apply for working capital loans with the Small Business Corp. (SB Corp.)

This developed as Tourism Secretary Bernadette Romulo Puyat signed a memorandum of agreement (MOA) with SB Corp. President Ma. Luna E. Cacanando and Trade Secretary Ramon M. Lopez on Monday in Malacañang, to implement the CARES for Tourism Rehabilitation and Vitalization of Enterprises and Livelihood (Travel) program that will extend concessional loans to micro, small, and medium enterprises (MSMEs) in the tourism industry. SB Corp. is managed by the Department of Trade and Industry.

Tourism Congress of the Philippines President Jose C. Clemente III, who has been meeting with SB Corp. and DOT officials for the loan guidelines, told the BusinessMirror: “Tourism stakeholders

welcome the signing of the MOA and the Small Business Corp. for working capital loans. This has been long-awaited and badly needed by the industry and will boost the efforts to keep us afloat as we battle our way to restart tourism in the Philippines.”

He added, the DOT and TCP “shall be coming out with the guidelines as soon as they are finalized, which should not take long.” He said both parties will hold “a series of regional webinars to explain the process” to stakeholders.

The loans will come from the P6-billion allocation specifically for the tourism sector, of the P10 billion total allocated to SB Corp. under the Bayanihan Act 2. Smallscale tourism enterprises accredited by local government units may also access the loan window. (See, “Data speaks: Nearly all tourism outfits are small, medium, micro enterprises,” in the BusinessMirror, August 20, 2020.)

According to the MOA, a copy of which obtained by BusinessMirror, SB Corp. will extend zero-interest loans with a loan term period of up to four years, including a grace period of up to one year.

The borrower will only need to pay a one-time service fee of 4 percent for a one-year loan, up to 8 percent for a four-year loan.

TOURISM Secretary Bernadette Romulo Puyat and Trade Secretary Ramon M. Lopez ink the MOA enabling the Small Business Corp. to extend P6 billion in working capital loans to the MSMEs in the tourism sector, in fulfillment of the Bayanihan 2 Act. The MOA was signed on Monday at Malacañang. CONTRIBUTED PHOTO

Borrowers don’t need to submit any collateral if their loan is below P3 million. Would-be borrowers may apply for loans online.

The DOT is required to “submit from time to time of endorsed DOT-accredited tourism enterprises and LGU-accredited small-scale tourism-oriented enterprises that may be entitled to avail of business loans,” under the CARES for Travel program.

The program remains in effect until the full amount of P6 billion has been fully disbursed by SB Corp., per the MOA. “We thank Trade Secretary Lopez for making CARES for Travel program a priority,” said Romulo Puyat.

“We look forward to working with SB Corp. in providing our tourism enterprises with what they need—access to working capital loans.”

QC MOLECULAR LAB CAN NOW GIVE RESULTS IN 1 DAY

T

HE Quezon City government’s own molecular laboratory can now process coronavirus disease 2019 (Covid-19) test results in just one day after it passed the proficiency test by the Department of Health (DOH).

The proficiency test of the Quezon City Molecular Diagnostics Laboratory was completed by the DOH-Research Institute for Tropical Medicine (RITM) on Monday and was released on Tuesday.

The city’s molecular laboratory obtained a perfect score of 100 percent after it got all the accurate results from five samples as verified by the counterchecking conducted by the RITM. Mayor Joy Belmonte welcomed the development, saying the molecular laboratory will help enhance the city government’s fight against the dreaded virus.

“Through this laboratory, we can now process test results faster, thus allowing us to act quickly on the isolation and treatment of patients,” said Belmonte.

“We can also move more quickly in contact tracing and thus check the spread of the virus in our communities,” she added.

Dr. Rolly Cruz, head of the City Epidemiology and Surveillance Unit (CESU), said the fast turnaround time provided by the molecular laboratory will boost the city’s community testing program.

Joseph Juico, QC Covid-19 task force head, said the approval of the molecular laboratory would mean less expense for the city as it won’t have to pay private hospitals and laboratories for the test.

“With this laboratory, Quezon City

can now independently conduct tests and will no longer need to rely on other private labs who are hard pressed to produce results needed by other cities,” he said.

Juico said the molecular laboratory is considered as a long-term valuable investment for the city, as it can be used to identify and process other infectious diseases and for research purposes.

The laboratory is housed in a threestory building in Barangay Teachers Village East. It has an area for data encoding, conference rooms and sleeping quarters for the 20 workers whom the City Health Department (CHD)will assign to man the facility.

The laboratory was built through the help of private partners such as Megaworld, Ayala Foundation, Boysen and Solaire.

DOH awaits Johnson & Johnson docs, Covid vaccine trials halted

By Claudeth Mocon-Ciriaco

F

Correspondent

OLLOWING reports that Johnson & Johnson “paused” its advanced clinical trial of its Covid-19 vaccine because of an unexplained illness of one participant, the Department of Health (DOH) said the drugmaker has yet to complete some of the requirements for regulatory approval of the clinical trials here in the Philippines.

“Once these have been submitted, we’ll have more knowledge on

the vaccines and the trial sites for the study,” the DOH said.

Earlier, Health Undersecretary Maria Rosario Vergeire said that Johnson & Johnson’s Janssen Pharmaceutica, just like Russia’s Gamaleya Research Institute, and China’s Sinovac Biotech have already submitted an application for the possible conduct of Phase 3 clinical trials of their respective vaccines in the country.

In a statement posted on the company web site, Johnson & Johnson stressed that they prioritize the safety and well-being of the people

that “we serve every day around the world.”

The company said: “We are committed to providing transparent updates throughout the clinical development process of our vaccine candidate, in compliance with regulatory standards and our own high ethical and scientific principles.” It announced that it temporarily paused further dosing in all its Covid-19 vaccine candidate clinical trials, including the Phase 3 ENSEMBLE trial, due to an unexplained illness in a study participant.

Companies BusinessMirror

www.businessmirror.com.ph

SMC completes construction of Skyway 3 project–Ang

S

an Miguel Corp. (SMC) on Tuesday said the construction of the entire 17.93-kilometer stretch of the much-awaited Skyway 3 project, which links Southern and Northern Luzon seamlessly, has been completed.

SMC President Ramon S. Ang said in a statement that this was done ahead of the original October 31 schedule the company earlier announced following delays caused by the Covid-19 pandemic.

“I’m happy to announce that the whole structure of Skyway 3 is now complete. With this, Skyway 2 in Buendia is now officially extended all the way to the North Luzon Expressway. After many challenges this project faced in

previous years, the dream of connecting north and south and providing an alternative to Edsa is now a reality,” Ang said.

With Skyway 3, travel from SLEX to NLEX will now only take 20 minutes, from around three hours previously. Magallanes to Balintawak will only take about 15 minutes, Balintawak to NAIA also only 15 minutes, and Valenzuela to Makati in just 10 minutes.

Ang said that the expressway can-

not be opened to the public just yet, as finishing works, such as the proper curing of asphalt, have been delayed by continuous and heavy rains.

“We’re very excited to open Skyway 3 to the public. We just have to wait for the weather to improve so we can make sure that the asphalt will cure properly. That and a few more finishing touches are all that’s needed, and then we can open, soon,” he added.

Since Covid-19 restrictions were eased starting mid-May to June earlier this year, Ang said SMC has been doubling its efforts to deliver its major infrastructure projects with the least delays possible.

In mid-July, it delivered the last section of the Tarlac-Pangasinan-La Union Expressway (TPLEX) to Rosario, La Union, officially opening the entire stretch of the TPLEX to motorists.

Apart from the Skyway 3, the

company is also looking to deliver the northbound section of the Skyway Extension—which provides additional lanes and connects the South Luzon Expressway to Skyway near Susanna Heights and the Muntinlupa-Cavite Expressway—by December this year.

SMC has vowed to push through with all its major infrastructure projects despite the economic slowdown due to the pandemic, in order to generate jobs and help the economy recover.

Its P740-billion Manila International Airport project in Bulacan, said to be the largest single-item investment in Philippine history, is also set to break ground by the end of the year. Seen as a game-changer for the Philippine economy, it will generate over a million direct and indirect jobs and, once complete, create up to as much as 30 million tourism jobs nationwide.

Cashless buses coming to Subic Freeport

By Henry Empeño Correspondent

S

ubic Bay Freeport—Public utility buses that will not require cash payments from passengers will soon roll out in this Freeport to provide safe and efficient travel to the riding public, especially in this time of the Covid-19 pandemic.

Subic Bay Metropolitan Authority (SBMA) Chairman and Administrator Wilma T. Eisma said the SBMA has approved the proposal of Autokid Truck Solutions to field public utility buses with automated fare collection system (AFCS).

“This is an innovative concept that fulfills a need in this time of the pandemic, so we’re going for it,” Eisma said.

“With this, we can minimize the dangers of virus transmission, thus creating a better environment for workers, residents and visitors in the Subic Freeport,” she added, pointing out that the new buses will be compliant with Inter-Agency Task Force (IATF) guidelines on socialdistancing rules as well.

According to Autokid Subic Trading Corp. CEO Kevin McHale Yao, the proposed project would provide an efficient, environment-friendly, and safe and comfortable transportation for the public. Foremost among the features of the new system is the use of loadable payment cards that would preclude the need for passengers to carry cash for their bus fare.

Yao also stressed the added advantage of predictable travel time, as the firm would regularly deploy

vehicles at a certain time period so that the public would know exactly when to expect the buses.

“Public transportation services [PTS] is a vital part of modern urban economies. An efficient PTS encourages passengers to use public services instead of private vehicles,” Yao said.

“This preference reduces traffic, air and noise pollution, and accident rate in cities,” he added.

Yao also said Autokid will field environment-friendly buses that are Euro IV-compliant, using Yuchai engines. The units will have comfortable seats, air-conditioning, a global positioning system (GPS), and closed-circuit television camera (CCTV) to ensure the safety of the riding public, he said.

Autokid, a registered investorcompany in Subic, which is into

the trading of brand-new and used trucks, truck parts and repair services, has proposed three bus routes in Subic’s Central Business District.

One will be from Kalaklan Terminal to Main Gate Terminal and vice versa, another from Main Gate Terminal to Royal Duty Free and vice versa, and the third from Main Gate Terminal to Kalaklan to Royal Duty Free to Main Gate. The proposed fares will be P25 per person for the first two routes, and P30 per person for the third route, which is longer.

Following the approval of Autokid’s proposal last month, the SBMA had required the firm to register its fleet of motor vehicles and have its drivers accredited by the agency.

The SBMA and the company are already discussing a dry run of the routes where the buses will be fielded.

Big money, AllHome opens 47th store in Las Piñas day traders love Mercari

By VG Cabuag @villygc

M

ercari Inc., the online flea-market operator that has become one of Japan’s most closely watched tech ventures, is closing in on new highs as the stock has drawn both big and small money.

The company has already grown to command the largest weighting on Japan’s startup-focused Mothers index as individual investors buy in—of some 230 of the largest Japanese companies with market value of over $5 billion, Mercari has the third-highest percentage of individual shareholders. Then on October 7, Los Angeles-based money manager Capital Group declared it had taken a 5-percent stake in Mercari.

That’s helping propel the stock to near the 6,000 yen mark it hit just once, on the day it listed to great fanfare in 2018. After a rapid decline, the stock has worked its way back up this year, fueled by its first quarterly operating profit. That’s been helped by the coronavirus pandemic, which has boosted usage of its online marketplace where users buy and sell items.

Mercari fell 0.2 percent in Tokyo on Tuesday. A gain of just 3.3 percent in the next trading session would see it match the 6,000 yen high.

Mercari is something of a rarity in Japan, which has few tech startups that have swelled to the size of the $8.6 billion company, according to Ikuo Mitsui, a fund manager at Aizawa Securities Co., who is still bullish on the firm after the share surge.

“In Japan there are very few companies like this, light on assets and not requiring large-scale capex,” he said. That’s why many are piling onto the stock, he added. Bloomberg News

A

llHome Corp., the Villar Group's retail arm, said it is tapping the builders’ market with the opening of its new retail location in Las Piñas City.

The company said its AllHome Builder’s Centre Evia, its 47th branch, is tailor-fit to builders and contractors as it has more product selections.

“AllHome Builder’s Centre aims to make material-sourcing much more convenient and less time-consuming for builders and contractors. This store is designed to provide the no-frills shopping experience preferred by busy builders,” Manuel B. Villar Jr., All Value chairman, said.

The new branch is located at Evia Lifestyle Center, in Alabang, Las Piñas. It is accessible to

building professionals who service projects in the southern part of Metro Manila, such as Cavite, Laguna and Batangas provices.

It is also accessible to residential developments like Portofino, Verdana Homes and Ponticelli has made it a favorite among the affluent market, the company said.

The new store has a total floor area of almost 2,500 square meters and has a selection of new and contemporary tile designs, modern sanitary wares, hardware items and comprehensive building material offerings.

The company's exclusive in-house brands such as Rossio, Lustro, Brauhn, Finestra, are bannered alongside top-selling brands, all sourced directly from local and foreign suppliers, ensuring both competitive pricing and top quality for customers.

It also gave free loyalty card to new custom-

ers as it targets to increase membership base by tenfold in the next three years.

AllHome said its stores employ strict safety and sanitation measures to assure both shoppers and employees that every location is safe, clean and compliant with stringent protocols, over and above government regulations.

The company's income in the first half fell 36 percent to P275.65 million from last year's P434.3 billion, but its revenues did not fall as much despite closure of stores during the strict lockdowns.

Revenues for the period came in at P4.85 billion, down 4 percent from last year's P5.05 billion, mainly brought about by the closure of stores during the enhanced community quarantine from March 17 to May 15. The stores reopened on May 16 when the modified enhanced community quarantine was implemented.

China tech stocks seen as better bet than US peers

C

hinese internet stocks will keep outperforming their United States counterparts in the months ahead as regulatory challenges to America’s technology giants mount in Washington and Brussels, according to some investors.

Their reasoning includes expectations that weakening the US megacaps will help bolster the relative attractiveness of Chinese technology companies, which are continuing to invest in areas of growth. Meantime, the growing uncertainty over prospects for the US sector could send buyers to their cheaper Chinese peers which are still being championed by the government in Beijing.

“The structural trend for China tech remains intact,” said Edward Lim, chief investment officer at Covenant Capital Pte. in Singapore. The sector trades on lower valuations and with higher growth prospects than the US and it faces lesser regulatory risk from its own authorities, he added.

The MSCI China Information Technology Index

has risen 45 percent this year, versus a 32-percent gain in the Nasdaq Composite. It trades on 27 times 12-month forward earnings, compared to 32 times for its US counterpart.

Different strokes

The prospect of the Republicans losing the Senate in next month’s US election has focused attention on a report from the antitrust panel of the Democrat-controlled House Judiciary Committee last week, which recommended curbing the powers of US technology giants including Amazon.com Inc. and Alphabet Inc.’s Google. European Union regulators are also reportedly eyeing the sector for tougher regulation.

The adversarial stance in the US and Europe contrasts markedly with the approach of Chinese authorities, who meet this month to draft their economic and social policies for the next five years.

The Communist Party plenum is expected to roll

out a fresh plan to nurture the domestic technology sector, according to Bloomberg Intelligence.

The plenum is likely to focus on migrating demand from goods to services and emphasize self-sufficiency in imports including electronics, which should bolster the case for owning stocks in the technology sector, according to Tai Hui, chief market strategist for Asia-Pacific at JPMorgan Asset Management. “That’s been a theme we’ve been advocating for some time and it would be nice for the 14th Five-Year Plan to reiterate,” he said.

The US is in a “blood sport race” with China over technology and the economy, and companies like Alibaba Group Holding are likely to continue investing billions of dollars in artificial intelligence, cloud computing and 5G networks, said Robert Gillam, chief executive officer at McKinley Capital. “Is China going to dismantle their national champions?” Bloomberg News

Wednesday, October 14, 2020

B1

Hyundai Singapore hub to make up to 30,000 electric cars a year

H

yundai Motor Group will invest S$400 million ($294 million) in a new innovation center in Singapore that Prime Minister Lee Hsien Loong said may produce up to 30,000 vehicles a year by 2025.

“Automotive activities are becoming viable in Singapore once again,” Lee said in a speech Tuesday to mark the virtual groundbreaking ceremony for the center in the city-state’s west.

Electric vehicles “have a different supply chain, fewer mechanical parts and more electronics, which plays to Singapore’s strengths.”

The seven-story building, which is expected to be completed by the end of 2022, is where Hyundai will work on developing artificial intelligence, big data and other technologies to enhance its manufacturing processes, fine tuning the “brains” behind the smarter and more environmentally friendly cars of tomorrow. The center will also have a 620 meter (0.4 mile) driving track near its roof so customers can test-drive vehicles.

Hyundai will “instill human-centered values” in all stages of a car’s life, from ordering and production to the test drive and service, executive vice chairman of the South Korean conglomerate Euisun Chung said at the event.

The company is separately developing flying cars, planning a full lineup of aerial vehicles that it envisages zigzagging city skies within a decade.

The innovation center will also house a small scale EV production facility to test processes using AI and autonomous driving. One of the company’s EVs, the Kona, has been recalled in South Korea following multiple reports of battery fires.

“We hope this will open up new growth areas for our economy, and create exciting jobs for Singaporeans, for example industrial Internet of Things engineers, data scientists, cobot technicians and digital supply chain strategists,” Lee said.

Lee also said the center marked “an important milestone in the economic relationship between Singapore and South Korea,” paving the way for more Korean firms to invest in the city-state and partner with local suppliers.

Singapore hasn’t had a car manufacturing plant since Ford Motor Co. closed its factory several decades ago, effectively ending automobile production on the island. In October last year, vacuum cleaner maker Dyson Ltd. abandoned a $2.5 billion plan to build electric cars in the city-state because it couldn’t find a way of making the project commercially viable.

Tesla Inc., the world’s biggest maker of EVs, has plans to export China-built Model 3 cars to Singapore and other places in Asia and Europe from its factory in Shanghai, people familiar with the matter said last month. Bloomberg News

B2

Companies BusinessMirror

Wednesday, October 14, 2020

PSE STOCK QUOTATIONS

October 13, 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 FERRONOUX HLDG FILIPINO FUND IREMIT MEDCO HLDG NTL REINSURANCE PHIL STOCK EXCH SUN LIFE VANTAGE

44.5 87.35 64.75 21.6 9.14 40 9.11 16.74 23.65 50.95 96 16.9 90.85 54.4 0.8 26.3 3.24 6.82 1.07 0.3 0.58 156 1875 1

45.35 87.4 64.9 21.7 9.15 40.05 9.42 17.38 23.7 51 103.4 17 90.9 54.45 0.81 26.5 3.36 7.89 1.13 0.305 0.6 156.9 1940 1.06

44.5 88 64.5 21.65 9.17 40.05 8.99 17.38 23.65 51 96 17 91.8 54.3 0.8 26.3 3.37 8 1.14 0.31 0.56 156.7 1900 1.01

45.35 88 65.25 21.75 9.2 40.1 9.42 17.38 23.85 51 96 17 91.8 54.5 0.8 27.9 3.37 8 1.14 0.31 0.59 156.9 1900 1.01

44.5 87.4 64.45 21.65 9.11 39.8 8.99 17.38 23.65 51 96 16.9 90.7 54.3 0.8 26.3 3.37 8 1.1 0.29 0.56 156.7 1900 1.01

44.5 87.4 64.9 21.7 9.14 40.05 9.42 17.38 23.7 51 96 17 90.9 54.4 0.8 26.3 3.37 8 1.1 0.305 0.59 156.9 1900 1.01

900 788970 1349970 47400 345600 3566700 5900 100 258600 840 40 32600 813600 50170 25000 9400 3000 100 97000 610000 81000 520 5 220000

40135 69128057.5 87647129.5 1029135 3159523 142641325 53802 1738 6142035 42840 3840 551710 73998065.5 2733801.5 20000 255950 10110 800 107620 178250 47760 81566 9500 222200

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

3.38 1.26 26.4 0.158 23.7 60.1 280.6 14 3 3.1 10.96 15.52 10.3 7.53 2.67 68.05 11.56 17.76 4.67 5.48 9.86 64.85 0.62 1.16 45.4 145.4 7.54 4.85 0.138 5.7 1.21 4.63 1.75 0.104 133.8 0.78 2.2 50.3 51.55 1.6 4.45 14.88 7.38 5.55 6.95 8.16 0.7 0.71 111 1.81 4.06 19.88 2.43 5.7 0.95 4.62 1.39 5.24

3.4 1.27 26.45 0.162 23.8 60.65 284 14.08 3.01 3.18 11.14 15.7 10.32 7.59 2.68 81.1 11.98 17.8 4.7 5.49 9.88 65.8 0.63 1.18 45.45 145.5 7.98 4.86 0.143 5.75 1.22 4.95 1.79 0.105 134 0.79 2.25 51.3 53.95 1.61 4.47 14.9 7.4 5.56 7 8.34 0.72 0.72 134.8 1.84 4.14 20.5 2.44 5.71 0.97 5.49 1.4 5.25

3.45 1.25 26.6 0.163 23.35 60.3 281 13.94 3.01 3 10.92 15.8 10.28 7.75 2.65 70 11.56 17.6 4.66 5.53 9.85 64.95 0.63 1.18 45.95 145.4 7.6 4.88 0.138 5.67 1.21 4.95 1.71 0.104 134.6 0.76 2.25 51.3 51.55 1.71 4.45 15 7.27 5.31 7.1 8.3 0.7 0.7 111 1.8 4.06 20.9 2.4 5.54 0.95 5.53 1.38 5.26

3.46 1.27 26.7 0.164 23.9 60.6 284 14.1 3.02 3.18 11.14 15.8 10.3 7.75 2.69 70 11.56 17.8 4.72 5.55 9.89 67.25 0.63 1.18 45.95 147.5 7.99 4.88 0.143 5.75 1.23 4.95 1.71 0.105 134.6 0.8 2.25 51.3 53.95 1.79 4.45 15.18 7.4 5.55 7.1 8.34 0.7 0.71 111 1.85 4.06 20.9 2.5 5.71 0.97 5.53 1.41 5.28

3.33 1.25 26.25 0.162 23.35 60.05 279.6 13.94 3 3 10.92 15.42 10.2 7.6 2.62 70 11.56 17.5 4.66 5.43 9.75 64.4 0.63 1.16 45 144.3 7.6 4.82 0.138 5.66 1.2 4.95 1.71 0.104 133.2 0.75 2.25 51.3 51.5 1.59 4.4 14.9 7.15 5.31 6.95 8.25 0.7 0.69 110.7 1.8 4.06 19.88 2.39 5.45 0.95 5.53 1.38 5.1

3.4 1.25 26.4 0.162 23.7 60.1 284 14 3.01 3.18 11.14 15.52 10.3 7.6 2.68 70 11.56 17.76 4.67 5.49 9.88 65.8 0.63 1.18 45.4 145.5 7.98 4.85 0.143 5.75 1.22 4.95 1.71 0.105 133.8 0.79 2.25 51.3 53.95 1.6 4.45 14.9 7.4 5.55 6.95 8.34 0.7 0.71 111 1.84 4.06 20.5 2.44 5.7 0.97 5.53 1.4 5.25

33742000 121000 467600 130000 3266500 231100 128060 837700 1243000 11000 48300 181700 306500 224300 1020000 130 200 348800 9000 2898600 153700 266000 1000 5041000 43500 792550 5800 137000 670000 61800 7688000 2000 5000 270000 938520 18790000 30000 100 540 85909000 81000 3801200 1818200 2043700 1351100 10700 12000 243000 150 351000 1000 3200 15331000 274600 451000 100 580000 2666000

35600 -19849299.5 -26172769.5 -505455 -601545.9998 68647780.0003 -815470 -51091951.5 20824 -

114920690 151700 12362425 21090 77445435 13894814 36126352 11744956 3739850 33180 535104 2818780 3153932 1718014 2709030 9100 2312 6174550 42010 15897024 1510772 17570290.5 630 5883770 1962925 115821669 44157 664400 92610 351861 9336770 9900 8550 28150 125614066 14590950 67500 5130 27896 145095180 357110 56965834 13231682 11153813 9436544 88570 8400 171040 16635 643780 4060 66142 37558430 1535877 429760 553 810370 13805040

12998560 -2993845 -53795870 -2409608 3025104 -5513062 -2701880 -15046 -2165126 -603251 348598 -9330 -11709617 -237864 -2553433 11800 -245905 -13553059 -19760 43829.9999 47284 -1884750 -57968252 -11200 -8761490 -44940000 5466440 287413 -3630363 -24750 403410 140 420432

HOLDING & FRIMS ABACORE CAPITAL 0.46 0.465 0.47 0.47 0.46 0.465 4390000 2034150 ASIABEST GROUP 7.22 7.3 7.49 7.49 7.22 7.4 5600 41509 AYALA CORP 699 700 707 707.5 700 700 165660 116433340 43.85 44 43.3 44.5 43 44 2254000 98335725 ABOITIZ EQUITY 7.2 7.21 7.08 7.35 7.08 7.21 8243500 59559908 ALLIANCE GLOBAL 2.49 2.5 2.6 2.6 2.49 2.49 1738000 4384330 AYALA LAND LOG ANSCOR 6.5 6.55 6.55 6.55 6.55 6.55 5100 33405 ANGLO PHIL HLDG 0.55 0.57 0.54 0.54 0.54 0.54 11000 5940 0.66 0.67 0.64 0.68 0.64 0.66 4831000 3176970 ATN HLDG A ATN HLDG B 0.66 0.68 0.7 0.7 0.67 0.68 357000 242800 5.14 5.2 5.2 5.2 5.11 5.14 1280200 6592095 COSCO CAPITAL DMCI HLDG 4.24 4.25 4.2 4.28 4.18 4.25 3911000 16516230 FILINVEST DEV 8.6 8.75 8.6 8.75 8.6 8.6 300 2595 GT CAPITAL 403.6 404 387.2 409.8 387.2 404 264120 106016314 3.15 3.24 3.18 3.18 3.18 3.18 10000 31800 HOUSE OF INV JG SUMMIT 61.3 61.5 61.75 62.9 61.15 61.3 753490 46535377 LODESTAR 0.62 0.63 0.64 0.64 0.6 0.62 359000 217640 LOPEZ HLDG 2.6 2.61 2.64 2.65 2.52 2.6 4953000 12800660 LT GROUP 9.15 9.16 9.01 9.41 9.01 9.16 3076600 28150005 0.48 0.49 0.485 0.495 0.485 0.49 70000 34200 MABUHAY HLDG METRO PAC INV 3.76 3.77 3.87 3.93 3.76 3.76 61226000 233650880 3.02 3.14 3.01 3.01 3.01 3.01 4000 12040 PACIFICA HLDG PRIME MEDIA 0.78 0.8 0.79 0.8 0.79 0.8 100000 79800 SOLID GROUP 0.96 0.99 0.98 0.99 0.96 0.96 463000 450240 151 159 155 159 155 159 50 7910 SYNERGY GRID SM INVESTMENTS 884 889 900 900 884 884 140500 124560415 99.9 100 100.1 101 99.9 99.9 262560 26260395 SAN MIGUEL CORP TOP FRONTIER 122 124 124 124 124 124 90 11160 WELLEX INDUS 0.188 0.198 0.187 0.187 0.187 0.187 550000 102850 ZEUS HLDG 0.137 0.141 0.146 0.146 0.142 0.142 420000 60840

-446050 -34010390 -7014980 -1038836 -15000 68900 159581 -4075250 -2650558 -2115829.5 322860 11417153.9996 -106550300 168400 -61369000 -5069024.5 -

PROPERTY ARTHALAND CORP 0.57 0.59 0.56 0.6 0.56 0.57 1549000 898440 AYALA LAND 29.45 29.5 29.4 29.75 29.35 29.5 8858200 261467240 ARANETA PROP 0.95 0.97 0.97 0.98 0.97 0.97 16000 15530 25.6 25.7 25.55 25.75 25.55 25.7 1375700 35297935 AREIT RT 1.37 1.38 1.36 1.39 1.36 1.37 1197000 1651140 BELLE CORP 0.78 0.79 0.8 0.8 0.78 0.79 1063000 840070 A BROWN CITYLAND DEVT 0.78 0.82 0.82 0.82 0.78 0.78 63000 50700 CROWN EQUITIES 0.125 0.13 0.127 0.13 0.125 0.13 1260000 158980 4.68 4.79 4.76 4.79 4.67 4.79 445000 2103990 CEB LANDMASTERS 0.36 0.365 0.36 0.365 0.36 0.36 1080000 392500 CENTURY PROP CYBER BAY 0.335 0.34 0.315 0.365 0.31 0.335 8150000 2731550 DOUBLEDRAGON 13.98 14 14 14 13.9 14 388500 5431426 DM WENCESLAO 5.4 5.44 5.45 5.45 5.4 5.41 35400 191340 EMPIRE EAST 0.26 0.265 0.265 0.265 0.26 0.26 1040000 270650 0.081 0.09 0.085 0.085 0.085 0.085 160000 13600 EVER GOTESCO FILINVEST LAND 0.93 0.94 0.92 0.95 0.92 0.93 11972000 11174150 GLOBAL ESTATE 0.76 0.77 0.74 0.76 0.74 0.76 135000 101910 8990 HLDG 6.42 6.49 6.59 6.59 6.41 6.41 58700 380030 PHIL INFRADEV 1.36 1.39 1.39 1.39 1.36 1.36 1491000 2044540 2.92 2.93 2.9 2.95 2.9 2.92 9893000 28989920 MEGAWORLD 0.37 0.375 0.34 0.37 0.32 0.37 281150000 98247250 MRC ALLIED 0.32 0.33 0.32 0.32 0.32 0.32 900000 288000 PHIL ESTATES PRIMEX CORP 1.17 1.18 1.16 1.17 1.16 1.17 1028000 1202620 ROBINSONS LAND 14.62 14.64 14.8 14.8 14.64 14.64 1564300 22973262 0.211 0.212 0.21 0.211 0.209 0.211 100000 20970 PHIL REALTY ROCKWELL 1.5 1.52 1.48 1.5 1.48 1.5 37000 55000 SHANG PROP 2.73 2.74 2.73 2.74 2.71 2.74 25000 68220 STA LUCIA LAND 1.9 1.95 1.99 1.99 1.95 1.95 3000 5920 SM PRIME HLDG 29.9 29.95 29.95 30.15 29.5 29.95 3518800 105446480 VISTAMALLS 3.67 3.79 3.64 3.78 3.64 3.78 49000 182280 1.17 1.19 1.17 1.19 1.16 1.17 1634000 1904050 SUNTRUST HOME VISTA LAND 3.26 3.28 3.27 3.29 3.2 3.26 1805000 5860180

-132490475 9700 -21728440 -505049.9999 32930 -16750 -3199898 -1067530 -64494 -11272690 -122150 -2573742 18844685 56190 -1595630

SERVICES ABS CBN 12.84 12.88 12.8 13.5 11.64 12.84 2864200 35829394 GMA NETWORK 4.94 4.95 4.94 4.97 4.94 4.94 569000 2816300 MANILA BULLETIN 0.39 0.395 0.41 0.41 0.395 0.395 280000 111450 10.5 11 10.9 11 10.9 11 200 2190 MLA BRDCASTING GLOBE TELECOM 2002 2008 2008 2048 2002 2002 42065 84575060 -23378600 1296 1298 1296 1302 1295 1296 188655 244764850 -11385845 PLDT APOLLO GLOBAL 0.056 0.057 0.056 0.058 0.055 0.057 76900000 4315930 699000 DFNN INC 2.88 3.01 3.04 3.04 3.03 3.03 11000 33340 -30299.9999 5.95 5.96 6 6.04 5.8 5.96 49106000 292887319 13547696 DITO CME HLDG 1.38 1.43 1.55 1.55 1.38 1.38 208000 290490 IMPERIAL JACKSTONES 1.52 1.57 1.53 1.53 1.52 1.52 113000 172010 NOW CORP 4.71 4.73 4.64 4.87 4.45 4.71 22386000 103297850 627690 TRANSPACIFIC BR 0.223 0.227 0.236 0.237 0.221 0.223 16300000 3727360 23100 PHILWEB 2.47 2.48 2.34 2.85 2.34 2.47 12771000 33005560 -283330 8.37 8.6 8.75 8.75 8.32 8.6 58100 489592 2GO GROUP CHELSEA 5.32 5.33 5.43 5.43 5.28 5.32 4538700 24245249 -22956 CEBU AIR 36.8 37 38.05 38.05 37 37 275400 10,293,645( 5,176,904.9997) INTL CONTAINER 119.4 119.7 119.9 120.5 118.2 119.7 2240740 268172591 -68376842 LBC EXPRESS 14 14.5 14 14.6 14 14.6 1700 24220 0.92 0.93 0.98 0.98 0.87 0.92 655000 580550 LORENZO SHIPPNG MACROASIA 4.54 4.55 4.46 4.58 4.4 4.55 2232000 10070690 94350 1.9 1.92 1.87 1.95 1.81 1.9 1649000 3135850 METROALLIANCE A METROALLIANCE B 1.95 2.02 1.99 2.06 1.99 2.02 52000 105440 PAL HLDG 5.85 5.86 5.85 5.86 5.85 5.85 31100 182004 1.26 1.27 1.38 1.38 1.21 1.26 18476000 23371790 47550 HARBOR STAR 1.08 1.19 1.19 1.19 1.19 1.19 3000 3570 ACESITE HOTEL BOULEVARD HLDG 0.026 0.027 0.026 0.027 0.025 0.026 18500000 481200 DISCOVERY WORLD 1.45 1.55 1.48 1.55 1.48 1.55 58000 88500 WATERFRONT 0.395 0.41 0.39 0.425 0.38 0.41 5740000 2328000 -5100 CENTRO ESCOLAR 6.5 6.99 6.5 6.5 6.5 6.5 1900 12350 492.2 500 500 500 500 500 50 25000 FAR EASTERN U IPEOPLE 6.97 7.58 7.59 7.59 7.59 7.59 200 1518 STI HLDG 0.31 0.315 0.315 0.32 0.315 0.315 3000000 945500 -598500 BERJAYA 3.21 3.22 2.78 3.25 2.78 3.21 8904000 27619930 -600 BLOOMBERRY 7.41 7.46 7.23 7.5 7.23 7.41 8709100 64086077 -1871180 1.82 1.93 1.8 1.98 1.8 1.93 600000 1158490 -28030 PACIFIC ONLINE 1.45 1.48 1.43 1.55 1.42 1.45 1520000 2245890 -360420 LEISURE AND RES 2.06 2.19 2.05 2.19 2.05 2.19 33000 69030 MANILA JOCKEY PH RESORTS GRP 2.82 2.92 2.85 2.93 2.7 2.92 310000 875560 PREMIUM LEISURE 0.32 0.325 0.315 0.335 0.305 0.32 35830000 11537900 -214700 5.95 5.96 5.91 5.96 5.9 5.96 2390700 14160948 8274143 ALLHOME 1.36 1.37 1.37 1.39 1.36 1.36 324000 443170 41100 METRO RETAIL 45.85 45.95 45.5 46 45 45.9 773900 35451045 -4883250 PUREGOLD ROBINSONS RTL 66.3 66.4 65 67 65 66.3 263780 17,489,370( 12,901,989.0002) PHIL SEVEN CORP 112.9 113.8 114.8 114.8 112.8 112.8 580 66349 -62965 SSI GROUP 1.13 1.15 1.1 1.16 1.1 1.13 12190000 13829500 -6803810 15.44 15.46 15.44 15.56 15.44 15.46 443600 6871816 -1736882 WILCON DEPOT 0.29 0.295 0.29 0.295 0.29 0.29 270000 78550 APC GROUP EASYCALL 7.18 7.19 7 7.3 7 7.18 60600 432511 IPM HLDG 2.85 3.37 3.12 3.12 3.12 3.12 3000 9360 PRMIERE HORIZON 0.249 0.255 0.26 0.265 0.246 0.249 16810000 4227790 4.06 4.2 4.11 4.2 4.11 4.2 93000 386010 -176400 SBS PHIL CORP

MINING & OIL

ATOK 7.2 7.68 7.68 7.68 7.68 7.68 200 1536 APEX MINING 1.54 1.55 1.61 1.61 1.53 1.54 8525000 13205870 97520 0.0009 0.001 0.0011 0.0011 0.0009 0.001 2581000000 2587500 -900 ABRA MINING 3.8 3.88 3.94 3.94 3.8 3.8 1535000 5879940 ATLAS MINING BENGUET A 2.73 2.84 2.93 2.93 2.75 2.84 116000 327690 BENGUET B 2.7 2.85 2.9 2.9 2.75 2.85 102000 282100 -29000 COAL ASIA HLDG 0.239 0.24 0.233 0.24 0.231 0.239 2070000 484220 2.55 2.57 2.54 2.57 2.54 2.57 100000 255640 255640 CENTURY PEAK 7.45 7.57 7.57 7.57 7.46 7.57 300 2260 DIZON MINES FERRONICKEL 1.24 1.25 1.32 1.33 1.21 1.25 11289000 14247430 14220 GEOGRACE 0.223 0.228 0.227 0.228 0.223 0.227 60000 13550 LEPANTO A 0.148 0.149 0.156 0.156 0.146 0.148 15100000 2239890 LEPANTO B 0.146 0.15 0.15 0.15 0.146 0.146 320000 46800 0.0099 0.01 0.01 0.01 0.0095 0.01 27300000 271030 MANILA MINING A MANILA MINING B 0.01 0.011 0.01 0.01 0.01 0.01 9900000 99000 MARCVENTURES 0.94 0.95 0.97 0.97 0.93 0.94 1440000 1363900 NIHAO 2.29 2.3 2.32 2.33 2.26 2.29 641000 1468220 NICKEL ASIA 3.53 3.54 3.7 3.7 3.47 3.53 18996000 67322800 7854680 0.59 0.6 0.61 0.61 0.58 0.59 760000 444910 ORNTL PENINSULA PX MINING 4.65 4.7 4.8 4.8 4.5 4.7 2581000 12048690 1084540 10.78 10.8 11.1 11.1 10.7 10.78 3972700 42967422 3942430 SEMIRARA MINING UNITED PARAGON 0.0049 0.0054 0.0049 0.005 0.0049 0.0049 9000000 44400 ACE ENEXOR 5.91 5.99 6.05 6.07 5.91 5.99 31800 190388 0.0085 0.0086 0.0083 0.0085 0.008 0.0085 39000000 322900 ORNTL PETROL A ORNTL PETROL B 0.0085 0.0086 0.0085 0.0085 0.0085 0.0085 2000000 17000 PHILODRILL 0.0079 0.0081 0.008 0.008 0.008 0.008 2000000 16000 PXP ENERGY 5.15 5.19 5.27 5.27 5.1 5.15 683900 3521735 -81574

PREFFERED AC PREF B1 515 520 515 515 515 515 1050 540750 ALCO PREF B 101 101.1 101.1 101.1 101.1 101.1 10 1011 AC PREF B2R 510 515 515 515 515 515 500 257500 101.1 101.5 101 101.1 101 101.1 700 70750 DD PREF GLO PREF P 508 517 517 517 508 508 3560 1809020 GTCAP PREF A 1000 1005 1001 1001 1001 1001 1000 1001000 MWIDE PREF 101.5 102.5 101.5 101.5 101.5 101.5 52620 5340930 PNX PREF 3B 101 102 102.4 102.4 102 102 200 20421 14280 995.5 996.5 994.5 997 994.5 995.5 990 985855 PNX PREF 4 PCOR PREF 2B 1030 1044 1045 1045 1030 1030 30 31050 PCOR PREF 3A 1057 1059 1059 1060 1059 1060 1400 1483605 PCOR PREF 3B 1077 1085 1076 1076 1076 1076 220 236720 SFI PREF 1.54 1.94 1.51 1.51 1.51 1.51 1000 1510 SMC PREF 2C 77.9 78 78 78 77.85 78 14780 1152831 76 76.75 75.65 75.65 75.55 75.55 19800 1496948 37825 SMC PREF 2E 77.9 78 77.35 77.9 77.35 77.9 800 62170 SMC PREF 2F SMC PREF 2H 75.95 76.9 76 76 76 76 106700 8109200 1774600 SMC PREF 2I 76.35 78.8 76.35 78 76.35 78 23500 1828575

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 11.9 12 11.82 12.38 10.68 12 205300 2397836 GMA HLDG PDR 4.76 4.96 4.78 4.79 4.75 4.75 36000 171230

WARRANTS LR WARRANT 0.72 0.73 0.69 0.8 0.69 0.73 114000 84600

SMALL & MEDIUM ENTERPRISES ALTUS PROP 10.22 10.34 11 11 10.2 10.22 1450700 15170432 -2400100 ITALPINAS 2.52 2.54 2.72 2.74 2.5 2.54 11097000 28446620 -566880 KEPWEALTH 4.84 4.85 4.84 4.86 4.84 4.85 47000 227930 2.42 2.59 2.6 2.6 2.4 2.42 8000 20020 MAKATI FINANCE MERRYMART 3.1 3.11 3 3.3 3 3.1 95774000 302114690 14614420

EXHANGE TRADE FUNDS

FIRST METRO ETF 89.7 90.15 89.75 90.25 89.7 89.7 13420 1206795.5 123265

www.businessmirror.com.ph

Group acquires Dutch firm’s majority stake in Steniel

By VG Cabuag

A

@villygc

group of businessmen has launched their mandatory tender offer to buy the remaining shares of Steniel Manufacturing Corp., a maker of paper box products, after it bought the shares of its Dutch majority owner from which it borrowed its name.

In its disclosure to the Philippine Stock Exchange (PSE), the company said Greenkraft Corp., Golden Bales Corp., Corbox Corp., Rex Chua, and Clement Chua puchased the 64.99 percent shares of Steniel (Netherlands) Holdings B.V. for P64.99 million or P0.10 per share. The share purchase agreement was signed on October 7.

Greenkraft bought 21.67 percent of the company, Goldenbales and Corbox at 19.5 percent each and the

stake of the two Chuas at 2.16 percent each.

Trading of Steniel shares was suspended since July 5, 2006 when it closed at P0.25 apiece.

The group will conduct a tender offer to buy the remaining 279.15 million common shares or about 27.91 percent held by various shareholders also at P0.10 per share.

The tender offer excludes the remaining 70.94 million common shares that are not included in the

private sale, the company said.

Under the Securities Regulation Code, a person or company who bought 35 percent of the outstanding voting shares shall be required to make a tender offer for all the outstanding voting shares. If the acquisition would result in ownership of over 50 percent of the total outstanding securities of the public company, the acquirer shall be required to make a tender for all the outstanding securities to all remaining stockholders at a price supported by a fairness opinion.

The tender offer has already started on Monday and will end on November 10 at 3 p.m. The said shares will be crossed at the PSE on November 20.

“The group, through Steniel, will request for a one-time lifting of the trading suspension on the shares of Steniel in order to allow for the cross of the tendered shares through the facilities of the Philippine Stock Exchange,” the company said in its tender offer report.

According to the fairness report of Unicapital Inc., company is fairly valued between P93.6 million and

P113.34 million or price per share ranging from P0.09 and P0.11.

Steniel was incorporated on September 13, 1963. The company and its subsidiaries were previously engaged in the manufacturing, processing, and selling of all kinds of paper products, paper board and corrugated carton containers, and all other allied products and processes.

On July 17, 2019, the stockholders of Steniel approved the reacquisition of Steniel Mindanao Packaging Corp. (SMPC) through a share swap transaction wherein all stockholders of SMPC will exchange their shares in SMPC for shares in the company.

As of December 31, 2019, the only operating subsidiary of the company is Steniel Cavite Packaging Corp.

Steniel’s business activity are currently limited to holding investments in subsidiaries and other financials assets and leasing out equipment.

Even before the company’s shares were suspended for trading in 2006, its business went down. Its plants ceased to operate in March 2007.

As of end of 2018, the company has only three employees.

PEMC commends SNAP hydro power plants

By Lenie Lectura @llectura

T

he hydroelectric power plants of SN Aboitiz Power (SNAP) Group have been ranked as top compliant hydro generators during the Wholesale Electricity Spot Market (WESM) Compliance Officer Summit.

The 105-megawatt (MW) Ambuklao hydro topped among 12 participating hydro-power generators all over the country with a compliance rating of 95.55 percent for the period June 26, 2019 to June 25. The 140MW Binga and 360MW Magat hydro plants placed second and fourth, respectively, with 92.60 percent and 83.45 percent.

This is SNAP’s third citation this year from Philippine Electricity Market Corp. (PEMC), as it also topped PEMC’s compliance ratings in April for the cool-dry season covering the period December 26, 2019 to February 25 and in July for the hot-dry season covering the period February 26 to May 25.

SNAP Group is a joint venture between SN Power of Norway and Aboitiz Power. It supplies clean, renewable and dependable energy through the operation of the Ambuklao hydro, and the Binga hydro in the province of Benguet.

SNAP also operates the 8.5-megawatt Maris hydro in Isabela, as well as the newly uprated Magat hydro on the border of Isabela and Ifugao.

The PEMC is the governing body of the WESM, a centralized venue and platform for the trading of electricity. Consistent with the provisions in the Electric Industry Reform Act of 2001, PEMC transferred the management of the operations of the WESM to the Independent Electricity

Market Operator of the Philippines (IEMOP) in September 2018.

This move resulted in the current structure with PEMC as the governance arm and owner of the market-related assets with IEMOP managing the daily market operations.

The summit, held last September 25, is an annual event held by PEMC to provide updates and new guidelines on market compliance. It recognizes the electric power industry participants’ efforts in fostering a culture of compliance and integrity with the WESM rules and manuals.

“The WESM Compliance Officers (WCO) Summit 2020 is a venue to strengthen the culture of compliance and integrity among electricity market participants by enhancing the knowledge base of the WCOs and the WESM Enforcement Officers with the latest developments in the Philippine power bourse,” said PEMC Chairman Noel V. Aboboto.

PEMC explained that WCO Summit 2020 Awards distinguished market participant commitment to fulfilling their obligations in offering to the market their maximum available capacity as well as their compliance to their real-time schedule instructions. This covered the period June 26, 2019 to June 25 and is based on WESM generator classification such as biomass, coalfired, geothermal, hydroelectric, natural gas, and oil-based.

The WCO Summit 2020 Awards also recognized efforts to attain high compliance scores of variable renewable energy generators specifically on observing accuracy standards on their projected output covering the period December 26, 2018 to December 25, 2019 as monitored by the IEMOP. This is based on resource type, such

Evergrande seeks $1.1 billion from share sale to repay debt

C

hina Evergrande Group is seeking as much as HK$8.43 billion ($1.09 billion) in a share placement, accelerating efforts to shore up its balance sheet after a liquidity scare that rattled investors and Chinese regulators last month.

The world’s most indebted developer is selling 490 million shares at HK$16.50 to HK$17.20 each, a discount of as much as 14.7 percent to its last closing price in Hong Kong, according to terms of the deal obtained by Bloomberg News. Evergrande, which is also expected to price a new yuan-denominated bond as soon as Tuesday, has an option to sell an additional 120 million shares.

While billionaire Hui Ka Yan’s junk-rated property behemoth bought itself some breathing space in late September after striking a deal with investors to avoid $13 billion of repayments, the company is still engaged in a dash for cash as it tries to restore confidence in its

finances. It’s cutting prices on new homes to lure buyers, pursuing listings for its property management and electric-vehicle units and tapping capital markets to repay an imminent wave of maturing debt.

“The placement should tide them through,” said Kerry Goh, chief investment officer at Kamet Capital Partners Pte. “But I don’t think $1 billion is sufficient for them to be able to pare down their large debt holdings. This is just sending a signal to buy some time from creditors to work out the capital structure through the sale of assets or fundraising.”

Evergrande’s dollar bonds edged up on news of the placement, with its 8.9% notes due 2021 climbing to 96.5 cents on the dollar, the highest since Sept. 23. One of the company’s units is seeking to raise as much as 2.1 billion yuan ($310 million) via a new five-year note, according to a prospectus for the offering. Bloomberg News

as wind, solar, and run-of-river.

“PEMC acknowledges that, based on the WESM Rules, it only recognizes generator par-

mutual funds

ticipant compliance currently and is looking at ways to recognize non-generator market participants as well,” said PEMC President Oscar E. Ala. October 13, 2020

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 195.14 -22.07% -12.31% -5.19% -22.51% ATRAM Alpha Opportunity Fund, Inc. -a 1.0728 -28.74% -13.06% -3.21% -22.37% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.642 -31.7% -16.33% -7% -28.17% Climbs Share Capital Equity Investment Fund Corp. -a 0.6691 -28.21% -12.76% n.a. -25.49% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.675 -20.62% n.a. n.a. -20.52% First Metro Save and Learn Equity Fund,Inc. -a 4.1865 -21.29% -10.61% -5.22% -21.43% First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.6527 -23.52% -12.37% n.a.

-23.54% MBG Equity Investment Fund, Inc. -a 84.78 -26.07% n.a. n.a. -17.87% PAMI Equity Index Fund, Inc. -a 39.1249 -23.4% -11.03% -4.06% -23.71% Philam Strategic Growth Fund, Inc. -a 420.11 -20.97% -10.36% -4.2% -21.15% Philequity Alpha One Fund, Inc. -a,d,5 0.906 n.a. n.a. n.a. -12.05% Philequity Dividend Yield Fund, Inc. -a 1.0003 -22.03% -10.37% -3.75% -22.27% Philequity Fund, Inc. -a 29.2918 -22.5% -10.09% -3.42% -22.71% Philequity MSCI Philippine Index Fund, Inc. -a 0.7709 -23.92% n.a. n.a. -24.28% Philequity PSE Index Fund Inc. -a 3.9962 -23.03% -10.53% -3.4% -23.5% Philippine Stock Index Fund Corp. -a 668.13 -22.91% -10.46% -3.51% -23.38% Soldivo Strategic Growth Fund, Inc. -a 0.6094 -31.6% -14% -7.18% -28.42% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.0749 -26.9% -11.98% -4.93% -26.95% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.7652 -23.15% -10.74% -3.59% -23.54% United Fund, Inc. -a 2.8064 -23.31% -9.56% -3.18% -23.18% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 89.6308 -22.87% -10.2% -2.77% -23.36% Primarily invested in foreign currency securities ATRAM AsiaPlus Equity Fund, Inc. -b $1.0857 15.45% 0.13% 3.67% 5.57% Sun Life Prosperity World Voyager Fund, Inc. -a $1.5604 23.28% 8.58% n.a.

13.18% Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.5455 -3.24% -5.72% -3% -1.11% ATRAM Philippine Balanced Fund, Inc. -a 2.032 -9.71% -5.85% -1.53% -6.84% First Metro Save and Learn Balanced Fund Inc. -a 2.3841 -9% -4.52% -2.98% -9.4% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.1809 -21.28% n.a. n.a.

-20.83% NCM Mutual Fund of the Phils., Inc. -a 1.8302 -6.07% -2.39% 0.07% -6.7% PAMI Horizon Fund, Inc. -a 3.4435 -8.24% -4.14% -1.18% -9.12% Philam Fund, Inc. -a 15.4015 -8.45% -4.26% -1.24% -9.19% 1.9033 Solidaritas Fund, Inc. -a -10.61% -5.21% -1.39% -10.31% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.2389 -15.75% -6.43% -2.55% -16.17% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.9308 -7.79% n.a. n.a.

-8.36% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.8229 -17.15% n.a. n.a.

-17.41% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.7998 -19.21% n.a. n.a. -19.47% Sun Life Prosperity Dynamic Fund, Inc. -a 0.7921 -18.73% -7.65% -3.51% -18.74% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.03912 1.27% 2.69% 2.13% 2.41% PAMI Asia Balanced Fund, Inc. -b $1.0594 8.6% 3.07% 4.68% 0.83% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.2471 14.39% 6.18% 6.34% 8.6% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.1794 6.98% 3.27% n.a.

4.49% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 368.47 3.79% 3.06% 2.61% 2.94% ATRAM Corporate Bond Fund, Inc. -a 1.9522 1.76% 0.78% 0.33% 2.64% Cocolife Fixed Income Fund, Inc. -a 3.2039 3.74% 4.75% 4.95% 2.76% Ekklesia Mutual Fund Inc. -a 2.2914 3.63% 2.6% 2.2% 3.06% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4497 4.87% 3.38% 2% 3.84% 4.6314 Philam Bond Fund, Inc. -a 7.51% 4.2% 2.7% 5.91% Philam Managed Income Fund, Inc. -a,6 1.3122 5.76% 4.35% 2.47% 4.42% Philequity Peso Bond Fund, Inc. -a 3.9575 5.63% 4.24% 2.35% 4.47% Soldivo Bond Fund, Inc. -a 1.0375 9.04% 3.59% 2.02% 7.59% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1833 4.91% 4.67% 2.92% 3.5% Sun Life Prosperity GS Fund, Inc. -a 1.7448 4% 4.01% 2.37% 2.57% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $480.04 3.01% 2.57% 2.79% 2.49% ALFM Euro Bond Fund, Inc. -a Є217.52 -1.3% 0.77% 1.2% -1.03% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.2431 3.23% 3.15% 2.56% 2.97% 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 $1.0887 -1.38% 0.26% 0.21% -0.45% Philam Dollar Bond Fund, Inc. -a $2.5089 3.72% 3.79% 3.39% 4.39% Philequity Dollar Income Fund Inc. -a $0.0616767 2.29% 2.4% 2.15% 2.28% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.1926 0.4% 1.88% 2.4% 0.55% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 129.25 3.51% 3.32% 2.52% 2.72% First Metro Save and Learn Money Market Fund, Inc. -a 1.0457 2.15% n.a. n.a.

1.89% Sun Life Prosperity Money Market Fund, Inc. -a 1.2915 2.79% 3.02% 2.62% 2.09% Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.05 1.6% n.a. n.a.

1.13% Feeder Funds Primarily invested in Peso securities Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d,7 1.0405 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

Entrepreneur

Portal boosts Asean SMEs’ international market access

M

ore small and medium enterprises (SMEs) in the Philippines and other Southeast Asian countries are encouraged to use a web portal providing trade-related information crucial for market access and their internationalization.

Members of the Task Force on Asean SME Service Center, www. aseansme.org, aim to increase the number of overall traffic to 62,500 in 2023, based on the updated draft work program on the portal. The Philippines currently is one of the biggest portal users in the region, ranking sixth with 1,381 total usage following Thailand-7,624; Singapore-2,684; Indonesia-2,242; Myanmar-1,956; and Malaysia-1,470. Asean recognizes the need to link SMEs with enterprises, traders, suppliers, manufacturers, and consumers within Asean member-states (AMS) and trade partners. “So that by enhancing their market access and paving the way for their internationalization, SMEs are able to take advantage of the trade and investment opportunities and benefits from regional economic integration,” the portal said.

To prepare globally competitive SMEs, the portal provides services, including finance, investment, sales and marketing, quality improvement, research and development, science and technology, capability development, licenses, registration and permit, utilities and others.

Also part of the portal are business consultation forums, services/ experts referral system, e-marketplace, online business opportunity matching, event calendars and other features that can provide integrated services and advice to entrepreneurs in the Asean region. Its Knowledge Center provides information on initiatives regarding SMEs development in Asean Economic Community from policy-level to programlevel, as well as best practices from across the region. This page serves as a “communication channel” for 10 SME agencies in AEC and Asean Secretariat to share their resources with SMEs in the region. The portal also contains a directory of new and sales products. SMEs account for over 95 to 99 percent of all business establishments and generate between 51 and 97 percent of employment in many Asean memberstates. Their contribution to the gross domestic product of Asean economies is generally significant at about 23 percent to 58 percent, while those to exports ranges from 10 percent to 30 percent.

BusinessMirror

Editor: Vittorio V. Vitug • Wednesday, October 14, 2020 B3

Born in time of Covid, Catchy-Pan sets off to create own market niche

By Rizal Raoul S. Reyes

W

@brownindio

Contributor

ith a catchy name for their budding pandemicera enterprise, Catchy-Pan business owners Homer Homires and Rhea Barawid are “fishing” for success in their part-time gig in these challenging times.

Catchy-Pan was born when the #feedthefrontliners initiative led by Homires was slowing down. Homeris was approached by a friend from Dagupan, who was looking for someone who could distribute bangus in Metro Manila.

“One of the first things we discussed was the brand name, wanting to separate themselves from the bangus business, Homer jokingly suggested “Catchy-Pan.” But the name also works because it alludes to catching a bangus, and cooking it on a pan. Plus, we thought that they will offer the bangus products cheap, hence “ka-cheapan”—as how some Pinoys would put it,” Barawid told the BusinessMirror in an e-mail interview.

With the catchy name (pun intended), the business was born. The duo used various social-media channels—those that have been engaged from Homires’ #feedthefrontliners posts—which had a following of thousands to tell the world of this great but cheap product. “We collaborated with social-media influencers and sought their feedback and endorsement for the product.

And we are beyond happy that we are receiving nothing but positive feedbacks from them, most especially from our valued customers,” Homires said.

Barawid, who is based in the US, is the social-media manager and accountant and Homeris is in-charge of overall management and logistics.

Meanwhile, Homeris’ friend Roma Paragas supplies the bangus from Dagupan.

Before his Catchy-Pan days, Homeris managed a small familyowned cafe near Our Lady of Fatima University in Greater Lagro named Cups and Plates. Covid-19 shut their business down. He was approached

by Barawid, his best friend from grade school, who is now in the US, to be one of their vendors for #feedourfrontliners driven by her and her friends (Eat Girls) who want to support frontliners in the Metro Manila area.

Homeris’ work with Eat Girls exposed him to the power of social media for awareness and how there are a lot of people out there willing to help, and are basically looking for a conduit to make a difference.

Rellenong bangus is one of the best sellers of Catchy-Pan’s product line.

Furthermore, the program allowed Homeris to establish a robust distribution channel from which any online enterprise need to rely on. The initiative ended on June 12.

So far, Catchy-Pan is performing well since it opened about 10 weeks ago. Homeris pointed out Catchy-Pan has already achieved a steady profit the past couple of weeks and has a lot of repeat customers.

Homeris handles the logistics part of the business. Once orders are entered in the accounting software Quickbooks, Barawid makes the packing slips for each of the customer orders and send them to Homeris.

Meanwhile, Barawid also prepares a list of deliveries for the riders to look at (via Google sheet). From there, the riders plan their respective routes based on that week’s orders. Once the bangus products arrive from Dagupan on Saturday morning, Homeris, using the packing slips, personally prepare each of the orders for delivery by the riders on the same day. Deliveries are done every Saturday (and sometimes also Sunday—depending on the volume of deliveries).

Meanwhile, Barawid pointed out

that logistics has been so far the biggest challenge of the business.

“The initial plan was to have Homer go to Dagupan weekly to pick up the bangus orders personally, which he did in the first two weeks but because of MECQ [modified enhanced community quarantine], Homer and I had to think of alternative ways of transporting the bangus. With the help of their Dagupan supplier, they were able to transport the bangus weekly via Victory Liner [chilled and sealed].

This has been going smoothly so far except for some instances of delays in transit due to weather and traffic. In the future, Homer and I still plan to revert back to the original idea of transporting the bangus products themselves,” Barawid explained.

As hardworking individuals, Homeris and Barawid still hold their full-time jobs. Homeris is working in the BPO industry in Manila. Barawid is a government audit/CPA in Los Angeles, California.

The duo cites the important role of technology in managing the business. “Through the help of technology [social media, google sheets/

google drive, Quickbooks, etc.] we were able to run the business even though we are on different parts of the world,” Homeris said.

Aside from enabling Catchy-Pan to operate 24 by 7, social media provides the ease of communication because there is no need to print flyers or posters and distribute to customers by hand, or to pay advertisers to sell the brand. With just a click of a button, or by tapping your fingertips, Homeris said clients can already have access to everything that they need or want to buy without the need to go to a physical store.

Catchy-Pan delivers to customers all over Metro Manila and even in some parts of Rizal and Bulacan.

The research and development component is being handled by Paragas. She constantly informs Homeris and Barawid of the latest products and sends samples to Homeris for taste test.

The biggest sellers so far are rellenong bangus, marinated boneless bangus, tinapang bangus and belly.

Although Homeris and Barawid have observed that a lot of customers are senior citizens and health conscious individuals, they said CatchyPan does not have a specific target market since bangus is a staple dish in every Filipino household.

In line with their objective to offer exciting products to the market, Catchy-Pan will keep evolving and improving their products, especially now that there are several ways on how to prepare, or cook bangus. “So, we have new products that we plan to introduce in the near future—such as bangus sardines and baked bangus. Just watch out for our announcements on social media,” Homeris and Barawid said.

Agtech entreps bring urban farming platform to Philippines Roderick L. Abad @rodrik_28

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OLLOWING the success of its international launch last month, Rooted, an urban farming micro-learning platform, is all set for its kick off in the Philippines this October, revealed an agriculture technology (agtech) entrepreneur.

“Your country has a young and dynamic population, and a strong food culture. As our content will evolve with our user base, they could be a driving force in the evolution of Rooted,” ID Capital Pte Ltd. chief executive officer Isabelle Decitre told the BusinessMirror

in an e-mail interview.

This site, which she established with fellow agtech businesswoman Nicola Kerslake of Contain Inc., combines their extensive network of urban farming gurus with endless research into the best way to learn and build a new tech-enabled way to get into farming.

The primary audience of Rooted is any corporation whose wellness program engages remote work forces with a fresh approach. It also integrates seamlessly into corporate sustainability initiatives of an organization.

“As in all countries, we target people living in large cities and working for corporations who have [or would

like to] develop corporate engagement programs, employee engagement programs and have a sustainability agenda,” she said.

The platform takes input from farming experts, such as Cornell University and SananBio, and reimagines it in non-technical language, creating stories that cultivators can navigate at their own pace.

“We realized people were weary of endless webinars and Zoom meetings, we wanted to create something bite sized and interactive,” said Kerslake.

Rooted has already been successfully piloted by Danone and Dole Philippines employees. It will shortly be trialed by a tech major.

The team is aided by advice from Kerry Gumas, former president and CEO of Questex, a leading global event and media company; and by Julia Harrison, executive producer and series creator, food and lifestyle programming and digital content for PBS and Food Network.

The global urban farming platform is now ready for roll out to additional clients across the world.

“Although we proactively steer our development strategically with a focus on some countries, we are happy to go to the countries our clients want us to go to,” Decitre said.

“In October we will have our first users in the Philippines, as we are working with a large tech firm who

has decided to bring his employees based in the Philippines into the platform,” she added.

Bullish about the local market’s response, she said that they would not be surprised if, from their user base, there were talents emerging from this country, “combining a taste for technology, a connection with farming inherited from their family.”

ID Capital is an investment and advisory firm based in Singapore specialized in the domain of agritech and foodtech in the Asia-Pacific region.

Contain Inc. is an American fintech platform dedicated to indoor agriculture, the practice of growing crops in warehouses, greenhouses and container farms.

Leading paper manufacturer adapts to online learning amid contagion

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or paper manufacturers and distributors, the red flag was slowly hoisted as the world, in general, was moving toward the socalled paper-less society on digital platforms.

The pandemic, however, hastened the pace a hundredfold, forcing among others, most academic institutions to implement distance, or online learning, the worst possible nightmare for an enterprise selling paper pads and notebooks.

Thus, the demand for laptops and computers skyrocketed, leaving the traditional color-coded notebooks obsolete for the current school year.

For VECO Paper Corp., however, it was an opportune time to put in place game-changing strategies and keep up with the technological adoption in the education sector.

Like many businesses affected by the Covid-19 pandemic, dependable and flexible financing became a necessity to enable them to immediately shift their business focus. Fortunately for them, they have developed

strong relationships with their bank partners.

“During the lockdown, everything stood still. We worked closely RCBC [Rizal Commercial Banking Corp.], to extend the terms of our credit facility to ensure our business continues to operate while we navigate this new normal,” VECO Paper President Victor Lim said.

Lim admitted that online study process has forced some changes to help the company move forward as he was expecting students to all go paperless and many have turned to tablets and notebook computers.

When VECO Paper learned that study modules, or the printed learning materials, were required for students who could participate in online class, Lim realized that that was the key to sustaining the company during the pandemic.

The business was able to offset its lost sales in notebooks through its A4 copy papers, which were used for the printing of study modules.

They immediately sold out their six-

The shift to online learning resulted in the mass production of A4 copy papers which were used for printing of study modules. These offset printers, located at the manufacturing plant in Muntinlupa, continue to produce paper products such as notebooks, pads, and specialty papers which are still in demand in the “new normal.”

month inventory, which required them to rush orders from their suppliers abroad.

Aside from that, VECO also added a new department in charge of online selling. The company also invested in logistics to make speedy deliveries to their distribution partners anywhere in the Philippines.

“We anticipated online selling to be the future new normal. Our on-

line business is growing around 10 percent every month so we are also adding other branded products to our online business such as other office supplies,” Lim said.

Lim added that the flexibility given

by RCBC afforded them to implement these strategies that will help the business recover and move forward.

For almost 40 years in the business, VECO Paper has been known for its

Mr. Victor Lim has been at the helm of VECO Paper Corp. as president and CEO for over 40 years. VECO Paper continues to be one of the leading manufacturers of paper products in the Philippines and has become a household name in schools and office supplies.

quality papers, the result of continuous innovation and participation in exhibits in Japan and Europe.

Some of its best sellers include math notebooks, sketch pads, photo papers, copy papers, and other office supplies, among others.

Moreover, the paper company head underscored the importance of their bank, RCBC, when the

pandemic struck.

Lim mentioned that the Yuchengco-led bank has been providing them loans that helped expand the business over the years.

“We are selling nationwide that’s why we really need some bank support for the loans and the trust to make our company running. Every year we have grown about 10 to 15 percent in terms of sales volume,” he said.

“We had a lot of meetings with them on how to tackle this pandemic problem. We expect the pandemic hitting us if we don’t do anything to correct it,” he said.

Lim mentioned that RCBC allowed them to extend their short-term loans to long-term, allowing them more flexibility in business recovery.

“The perfect partner is the one sticking with us through thick and thin, through a crisis to a non-crisis situation. We are very happy with the strong partnership with the RCBC team,” he added.

“The group always said they are just a phone call away.”

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Banking&Finance BusinessMirror

Wednesday, October 14, 2020

‘More than a quarter of thrift bank resources kept as cash’

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By Tyrone Jasper C. Piad

@Tyronepiad

hrift banks have remained liquid and robust amid the ongoing economic and health crises, according to the Central Bank chief.

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said that a big portion of thrift banks’ assets are cash or financial assets.

“The thrift banks industry remains highly liquid as more than a quarter of the industry resources are kept as cash or financial assets,” Diokno said in a webinar hosted by the Chamber of Thrift Banks (CTB) last Tuesday.

He noted that the liquid assets to deposits ratio improved to 30.9 percent as of end-June from 24.9 percent year-on-year.

For stand-alone thrift banks, Diokno said their liquidity ratios stood

at 32.6 percent as of end-December 2019, which is above the 20-percent threshold.

A financial system with high liquidity can encourage borrowing, which is deemed to be necessary for those businesses and households seeking additional financing especially amid the atrophy of the economy’s muscles.

In the first half, Diokno recognized that the thrift banks have been continuing to provide loans for different sectors. These include micro, small, and medium enterprises, real estate, and consumer with borrowings portfolio amounting to P72.3

billion, P251.2 billion, and P302.2 billion, respectively.

The BSP chief also noted that the thrift banks have remained stable despite the adverse impact of the pandemic.

“A midst the developments brought about by the Covid-19 pandemic, the thrift banking industry also exhibited sustained stability, resilience and commitment to support our economic recovery and our exclusive growth agenda,” he said.

In the first semester, the thrift banks held P1.1-trillion worth of assets, which is 6 percent of the banking sector’s total resources for the period.

The Central Bank official said that the thrift banks are also booking significant deposit liabilities, which is “highly indicative of the public’s continued trust and confidence” in the sector. The industry is servicing over 7 million deposit accounts as of June.

The industry’s nonperforming loan ratio was down to 5.7 percent in the first half of 2020 from 5.9 percent last year. NPL coverage, meanwhile, improved to 60.4 percent for

the period from previous year’s 46.8 percent.

Diokno shared that thrift banks are well-capitalized as well, given that their capital adequacy ratio stood at 17.5 percent as of end-December 2019, which is above regulatory requirement.

“Amid the pandemic, these are no small feat,” he said. “At this juncture, I would like to express my gratitude to the Chamber for showing an exemplary dedication and commitment in steering its members towards service excellence and in supporting the BSP’s mandate and advocacies for the past 46 years.”

Meanwhile, Cecilio Paul D. San Pedro, president of the 46-year-old umbrella organization of 41 thrift banks, said that thrift banks are strengthening initiatives to promote access to basic financial services.

“We will remain relevant and focused on our commitment to economic progress that will impact the greater majority of the Filipinos as we lead the thrift banking industry to a more prosperous future,” San Pedro added.

2,000 fake crowdfunding sites taken down by BPI

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he Bank of the Philippine Islands (BPI) has detected and taken down 2,000 phishing sites since government imposed lockdown measures on March 17.

In a statement on Tuesday, the Ayala-led bank said that it has been shutting down at least 10 phishing sites every day since March amid the increase in phishing attacks.

BPI Executive Vice President and COO Ramon L. Jocson said that Filipino crime syndicates are behind most of the cyber-attacks detected from March to August.

“They send out malicious emails with Covid-19 themes to steal information and put up fake crowdfunding pages for supposedly PPE (personal protective equipment) donations,” he said. “A lot of the crimes being committed involve Filipinos targeting fellow Filipinos—getting their credentials, posing as clients of the banks, and then doing unauthorized withdrawals.”

With this, Jocson said that BPI has launched awareness campaigns about cyberfraud in the past months.

This, as the listed bank keeps its clients informed about the ways to keep themselves safe and secure from the potential scammers.

The BPI official was quoted in the statement as saying the bank’s

LandBank lends LGUs ₧4.3B Digital Media: Two sides in a coin in local palay-purchase tack

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he Land Bank of the Philippines (LandBank) said on Tuesday it has approved P4.3-billion worth of loans to allow local government units (LGUs) to procure palay from local farmers this harvest season.

In a statement, LandBank said it has approved the loans to six LGUs as of September 23.

These LGUs include: the Provincial Government of Nueva Ecija; the City Government of Cabanatuan City in Nueva Ecija; the Provincial Government of Isabela; Municipal Government of Alicia in Isabela; Provincial Government of Tarlac; and, Provincial Government of Camarines Sur. LandBank said the loan window it opened last year is available to municipal, city and provincial governments of palayproducing provinces.

Aside from loans for palay procurement, eligible LGUs may also use the funds to acquire farm machineries and post-harvest facilities, as well as finance other rice-related activities, according to the bank.

“We are encouraging our LGUs to avail of the lending program to bankroll their direct engagement in the local rice industry value chain,” LandBank President and CEO Cecilia C. Borro-

meo was quoted in the statement as saying. “It will be a big help to our local farmers whose incomes may have been affected, in one way or another, by the fluctuating farmgate prices of palay.”

The loan portfolio was launched by the bank as its answer to the government’s call to “prop up the livelihood of rice farmers heavily affected by the seasonality of palay planting,” LandBank said.

“Rather than sell to unscrupulous rice traders who offer very low prices, farmers can now sell their produce to the LGUs,” it added.

LandBank said the loanable amount of qualified LGUs under the program “shall be based on the requirement of the project but shall not be more than the Net Borrowing Capacity (NBC) of the LGU per Bureau of Local Government Finance (BLGF) computation/certification.”

“Short-term loan lines and permanent working capital under the program bear a fixed interest rate of 2 percent per annum until December 31, 2022,” it said.

“Term loan, on the other hand, carries an interest rate of 4 percent per annum until the same period, and is subject to repricing afterward,” it added.

Jasper Emmanuel Y. Arcalas

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here is no argument that digital media is becoming a powerful tool in this day of information age. The world is undergoing an information and a technology revolution.

As of this time when perhaps this article will be published in this paper we will be holding a talk via Zoom during the general membership meeting of the Financial Executives Institute of the Philippines (Finex) on October 14, followed by the annual membership meeting. The talk titled “The Power of the Digital Media” would be led by GMA New Media Inc. President Dennis Augusto L. Caharian and Industry Head of Google Philippines Prep Palacios as resource speakers.

As chairman of the Finex Media Affairs Committee and together with the committee members, we felt it is our advocacy to inform the public the best we can on how they can leverage and make the best use of the growth of digital media in the country. This will be the second webinar that our committee will be sponsoring for this year; the first one was last July 9, 2020 titled “Effective Media Communication in the time of Covid19.”

Media has never been more powerful as it is today with the pandemic hastening its growth.

People stayed home most of the time now and the only way to get information is through the media and more likely through the digital media. I am staying for the past

Finex free enterprise Wilma Inventor-Miranda seven months in the province and for obvious reasons I cannot make those trips to Manila. With no air or sea travel, we have to rely on media, whether analog television or through cable, digital or social media, for our news. Personally, I get more of my news faster through Facebook and YouTube.

An updated statistics in 2020 shows that Facebook still surpassed other social media applications, reaching 2.5 billion active users, followed by YouTube. This year has proven to be a huge growth: just a little under half of the world’s population! If you want to use social media for business, the most popular is still Facebook with 86 percent popularity rate mainly because of the number of users, based in a 2019 survey

by Clutch Social Media Survey. It is followed by YouTube at 46 percent although video service is not ideal for all businesses.

However, the ultimate businessto-business (B2B) marketing platform is Linkedin. Although ranked third only at 31 percent, Linkedin is considered a powerful tool for networking and a proven application to

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bring in more businesses for small enterprises. Ironically, smaller businesses are not talking advantage of LinkedIn (Source: revive.digital.com).

I am taking a closer look now at how I can maximize the use of Linkedin for our audit firm.

For the broadcast and print media, people, particularly the younger generation, are now turning to Facebook, Google and YouTube in the Philippines for the latest news.

Most of these print and broadcast companies in the Philippines had invested in online presence even before this pandemic knowing through statistics that Filipinos are at the top spot worldwide when it comes to the amount of time spent on Internet usage with an average of nine hours and 45 minutes everyday (Source: We are Social and Hootsuite, 2020).

The country is also ranked 12th worldwide in the number of users, according to a survey in the first quarter of 2020. Internet in the country is, however, the slowest in average speed in the world at 103rd out of 139 countries. You could just imagine the surge of users if our Internet speed could further improve!

We have seen the positive side of the use of digital media particularly the more popular ones. But I watched the documentary “The Social Dilemma” on Netflix and I, too, realized we are only looking at one side of the coin.

The other side, which could be the “bad,” is severely affecting society;

security operations centers are working all the time to detect potential threats as a precautionary measure.

“We try to detect abnormal behaviors. We track around close to 22,000 events per second—every ATM [automated teller machine] withdrawal, log on, and so forth—and we have analytics to track any aberrant behavior,” he explained.

Despite BPI’s measures to improve cybersecurity, Jocson reminded the public to be vigilant when it comes to their online habits.

BPI shares fell 0.15 percent, or 10 centavos, to close at P64.90 each amid the 0.23-percent drop for the benchmark index on Tuesday.

In the first half, BPI saw its earnings drop by 15 percent to P11.68 billion from P13.74 billion year-on-year due to higher provisions for potential credit loss. Total revenues grew by 14.8 percent to P52.69 billion for the period.

Total equity reached P278.81 billion in the first half, translating to capital equity tier 1 ratio of 15.63 percent and capital adequacy ratio of 16.52 percent. Both ratios are above regulatory requirements.

To note, BPI was also snagged in the Wirecard scandal involving $2.1 billion. Tyrone Jasper C. Piad

and yet many are not aware of it.

The documentary by Jeff Orlowski explores the bad side particularly of social media, which includes breach of privacy, addiction and, may I add, false news that could lead to false beliefs. The defectors from such big platforms as Facebook, Twitter, Instagram and such other social media platforms even claimed that the “bad side” of the coin is not a bug but a feature.

This is precisely one of the reasons why they left these companies because nobody has the solution to address these downsides, which can have a significant impact on human behavior and mental health.

Perhaps the only solution to mitigate this bad side is more information to the public like these webinars Finex is organizing. Addiction, breach of privacy and fake news are something people, especially our young generation, should be warned of. Making them aware that digital media is like a coin with two sides: one could be good or bad. Having such awareness will help them avoid the adverse effects.

In the end, both young and old should embrace the good but avoid the bad.

Wilma Miranda is the chairman of the Finex Media Affairs Committee, Managing Partner of Inventor, Miranda & Associates, CPAs, Board Member of KPS Outsourcing Inc. and Treasurer of Negros Outsourcing Services Inc. The views Miranda expressed herein do not necessarily reflect the opinion of these institutions and the BusinessMirror.

Self-employed SSS members may now register to the EC program

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mployees’ Compensation Commission (ECC) Executive Director Stella ZipaganBanawis announced on October 13 that all self-employed members of the Social Security System (SSS) may now start registering to the EC program, the SSS said.

“This is after signing a Joint Memorandum Circular (JMC) with SSS President and CEO Aurora C. Ignacio pursuant to the ECC Board Resolution 19-03-05 on promulgating the Policy on Expanding the Coverage of the Employees’ Compensation Program (ECP) to the Self-Employed Compulsory Members of the SSS.” The SSS said that starting September, the Payment Reference Numbers (PRNs) to be issued by the SSS for self-employed members will already include EC contributions. As for those self-employed members

who have already paid their contributions in advance, a separate PRN will be emailed to notify them to pay their EC contributions corresponding to the period September 2020 until the last applicable month of advance payment.

“Payment deadlines applicable for SS contributions shall also apply for the EC contributions of selfemployed members. At present, EC contributions are pegged at P10 per month for workers with monthly salary credit (MSC) of below P15,000 and P30 per month for those with MSC of P15,000 and above.”

According to Labor Secretary and ECC Chairperson Silvestre H. Bello III, the ECC has been working hard in pushing for the expansion of EC coverage to self-employed members of the SSS. “We are happy for this milestone development made by the ECC and

PHOTO BY NONOY LACZA

SSS as it endeavors to cover almost 3 million self-employed workers,” Bello said. “The inclusion of our selfemployed compulsory members of the SSS is a manifestation that we are true to our commitment to provide meaningful benefits and services to all workers, both in public and private sectors.”

A self-employed is one engaged in any trade, business or occupation, who has no employer other than himself/herself, derives an income from his/her physical and mental efforts, and who is not over 60 years of age (if initial coverage) Included, but not limited to, are the following SE individuals:

1. SE professionals who have their own business offices; 2. Partners, single proprietors of businesses, and Directors or Trustees of the Board of corporations duly registered with appropriate government agencies; 3. Actors, directors, scriptwriters, and news correspondents who do not fall within the definition of the term ”employee” in Section 8 (D) of the Social Security Law; 4. Professional athletes, coaches, trainers, jockeys, individual farmers, and fisher folks; 5. Workers in the informal sector such as market and ambulant vendors, transport workers, and those similarly situated; 6. Contractual and job order personnel engaged by the government through a Contract of Service and who are not coverable under the GSIS Law; and

7. Any other SE as determined by the Social Security Commission under such rules and regulations that it may prescribe.

An SE who is not over 60 years old (up to 60th birthday) is subject for compulsory coverage, if for initial membership.

As of September 2019, there are about 37.8 million workers registered under the SSS. About 7 percent of the registered members of the SSS or 2.64 million are self-employed workers.

The ECP is a government program designed to provide both public and private sector workers and/or their dependents with a package of benefits such as loss of income benefits, medical benefits, carer’s allowance, and rehabilitation services in the event of work-connected contingencies such as sickness, injury, disability, or death.

Image BusinessMirror

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Editor: Gerard S. Ramos

• Wednesday, October 14, 2020

Real connections L

OOKING back, I realized that a significant amount of my life has been spent on kids.

I used to be a Sunday school teacher and eventually became a teacher to high school and college students after graduation. For me, the most fulfilling and humbling part of being a teacher was when students confided their secrets and trusted me to help them figure out what they could do.

Even after I changed profession and became a manager, I still regarded it as a big privilege when a team member asked for my advice. While people managers are expected to mentor their team professionally, we cannot avoid instances when their personal lives affect their performance. And when that happens, a good leader steps up and puts on the hat of being a counselor.

But what if the manager is also swamped with urgent concerns and can no longer attend to everyone in their team? How can organizations address their employee’s personal concerns when their managers have their hands full? The answer lies in having Peer Support Groups (PSG).

I recently applied to become a peer support counsellor and I realized my unique personal experiences can help others find their own way.

I attended several workshops facilitated by our licensed corporate psychologist so I can understand the basics of how it is to actively listen to verbal and nonverbal cues, the need for confidentiality, and how to ask questions so I can help people find a tenable action plan for their issues. But in all these things, I realized that paramount to helping people in a peer support group are my shared personal experiences and how I use them to empathize with people who are undergoing similar burdens.

Aside from the shared personal experiences, a counsellor in the same organization has its benefits.

Since the group is in the same environment, it is easier to contextualize issues because the organizational differences are minimized and there are more common grounds for conversation, making it easier for people to be comfortable with one another. On the other hand, this can also hamper conversation especially when the person they have an issue with is in the same room. It becomes imperative that the group has an adept facilitator who is trained to ensure that the group becomes an outlet for self-expression and a safe place where people feel secure, valued and respected.

Having a PSG activates your volunteers to become first responders to issues in your organization.

Typically, a manager can do this but when the issue needs a third party like when the issue is perceived by an employee as detrimental to their professional life, they can reach out to their peers for help. This

provides a mechanism to catch people’s challenges in their personal life before it becomes a serious problem affecting their productivity and work efficacy, and at the same time enables volunteers who have the same experience to guide others who are facing the same challenges.

I also realized that being in a PSG also helps me mentor younger people, and in a group setting, allows me to learn from others. Not everyone has the same degree of difficulty and complexity with the same experience. But by listening to others and how they overcome their challenges, I can become better equipped to provide alternatives to others struggling with the same issues. We may be facing similar issues but we handle issues differently. Listening to others helps me understand that there are more ways to deal with issues, but the most important thing to learn from a PSG is that we are not alone in overcoming those struggles.

Understanding what others are going through and how they have succeeded can also help you validate your own experiences and reinforce the lessons you have learned in coping with your challenges. Helping someone else also helps you cope with your own problems and issues, and strengthens your resolve to follow through with your decisions. Whether you are still struggling with a similar issue or already finalizing your decision, you can find authentic validation and support from a PSG because people have gone through the same experience.

A PSG also allows you the opportunity to pass it forward. I am reminded of Henri Nouwen’s Wounded Healer where I learned that people can empathize

As we celebrate mental awareness this October, your organization can benefit from a PSG program by engaging a licensed psychologist and asking for willing volunteers to start the program. It does not take much but the benefits go as far as the extent of the willingness of your volunteers to be trained and to teach others. better with people when they have gone through the same experience. The paradox is that our brokenness helps us in helping others who are going through the same thing. Nouwen says that “our service will not be perceived as authentic unless it comes from a heart wounded by the suffering about which we speak.” Truly, a PSG provides an opportunity for you to mentor others through your own brokenness. And the good thing about it is you do not have to be in a leadership position to influence others.

Having a PSG is also cost effective for large organizations who want to invest in the mental health of their employees. In terms of costs, a group of volunteers can help in lowering therapy costs by catching people at the brink of a mental breakdown and refer those whose issues need to be addressed by clinical psychologists. It also boosts employee morale because having a peer support group communicates

to the whole organization that management is concerned with the well-being of its employees. PSGs also help you identify common issues faced by your employees, and help you create engagement programs and interventions to alleviate identified issues before they become serious illnesses. In the long run, everybody in the organization benefits.

As we celebrate mental awareness this October, your organization can benefit from a PSG program by engaging a licensed psychologist and asking for willing volunteers to start the program.

It does not take much but the benefits go as far as the extent of the willingness of your volunteers to be trained and to teach others. Not everyone needs a professional mental worker. Sometimes, people just need real connections to help them understand that they are not alone and that someone is always willing to listen. n

Finding ways to adapt as the pandemic continues to rage

By Pauline Joy M. Gutierrez CHEFS Joseph Viel and Dave Cervantes both grew up with families who cook and so even early on in their careers, they already knew what they wanted to do.

Viel worked as the chef for Poblacion, Makatibased Italian restaurant Cucina Rusticana, while Cervantes worked several kitchens abroad.

But that was before the coronavirus in March brought life around the world to a grinding halt, with economies coming to a standstill and small businesses in particular struggling to stay afloat. In the food industry, many restaurants were shuttered and thousands of employees were furloughed.

With many in the food industry finding themselves cooped up in their homes with no restaurant to report to for work, Viel and Cervantes turned to online food pursuits as a way to cope.

Viel established Commissario, while Cervantes returned to his passion in baking through 22 Grams Patisserie.

“Before the lockdown, I had my kiosks and Sunday bazaars. Sadly, when the quarantine started, all that got closed so I focused on a home-based business instead,” said Viel during the online talk “Mortar and Pestle: Pivot to the Online Food Business” hosted recently by the San Miguel Foods Culinary Center.

“The first two months were very hard. That time, I decided to rebrand,” shared Cervantes. “Luckily, we’re in a digital age where resources are accessible.”

Through the webinar, the two chefs shared tips and personal experiences on how to build an effective food brand amid the pandemic—the first tip being to simply just start.

In many cases, the best ideas are born out of passions or hobbies. “It’s a good place to start because you already know the process.” Cervantes said. “After

Chef Dave Cervantes

that, focus on your product and adapt to your market.”

“If it’s trendy already, make sure your product is different or better because you have a lot of competition. In order for you to penetrate a saturated market, make something unique, be the trendsetter,” he said.

Feedback, for Cervantes, is also important: “You can’t please everyone of course,” he emphasized, “but try to understand what your customers are saying and apply whatever is relevant and helpful to your

Chef Joseph Viel

products. Understand where they’re coming from.

Don’t take it personally.”

He admitted, “Before, I would react aggressively to their criticisms. But now we’re more open because criticism can be what transforms your products into something much better.”

For Viel, communicating with followers in socialmedia platforms is a crucial way to build brand awareness and attract followers who will potentially purchase your products.

“Don’t get discouraged in the beginning. I’ll tell you right now there’s a huge possibility that not many people will really bother to try your product. Keep pushing, keep promoting,” said Viel, who regularly posts free recipes on TikTok. “The moment you gain followers, use the power of their testimonials. When I have conversations with my clients, I ask them if I could screenshot it and post their comments about my food online. That’s the best way to capture your crowd and expand your market,” he added. Cervantes agreed. “Social media is visual, so it’s very effective if you post something creative that highlights your products.”

“When I started 22 Grams, it was a one-man team,” he recalled. “I did everything: cook, deliver and take photos of the products and post them on social media.”

The pair then talked about simple strategies they incorporated in their day-to-day operations.

“The nice thing about a home-based business is you can do it in the comforts of your home. [But should you decide to scale up] you might have to trim down your menu based on the products that you’re selling.

Because the bigger the menu, the more equipment you’ll need,” Viel explained.

On the other hand, Cervantes bakes his products only on the day of delivery. This way, little or no ingredients are wasted.

“Since most of my products are scheduled and the orders are consolidated, quality is consistent,” he said.

“You want to find a good balance between making a good profit and catering to those who want to spend for your product,” said Viel. n Watch the full online session of Mortar and Pestle: Pivot to the Online Food Business” on Home Foodie’s Facebook page (www.facebook.com/homefoodieph).

B5

B6 Wednesday, October 14, 2020

SM donates ventilators to PH hospitals Likhang HABI Market Fair 2020 goes online

LAIDA Lim, president of HABI The Philippine Textile Council MARIBEL Ongpin, chairperson of HABI The Philippine Textile Council

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RIVEN by its advocacy to preserve and promote the local textile industry, HABI: The Philippine Textile Council continues to provide platforms for local weavers to showcase their work to more people.

This year, in keeping with the times, the Likhang HABI Market Fair is going online for the first time at www. shophabifair.com from October 21 to 27. The annual trade fair used to be held at the Glorietta Activity Center.

“The online edition this year is our way of helping to sustain the local weaving economy. And we urge our HABI friends to join us in this endeavor,” says HABI president Adelaida Lim. A pioneer in artisan fairs and local textile advocacy, the fair will showcase sustainable and ethical fashion and lifestyle products from over 30 merchants representing various weaving communities from Luzon, Visayas, and Mindanao since 2009.

“There are many beautiful fabrics from the different areas in our country.

One of our main goals at HABI is to make sure that our traditional textiles will still be a part of our modern lifestyle as we transition to the new normal,” says HABI chairperson Maribel Ongpin.

To revive the use of pure Philippine cotton, a fiber that is very much a part of the Filipino culture, HABI has partnered with the Philippine Fiber Industry Development Authority (PHILFIDA) to give our local farmer with cotton seeds and threads for its Cotton Adoption Project to encourage more weavers to use pure cotton in their products.

During the fair, there will also be a series of webinars and a four-day online summit which aims to discuss how different sectors in the country are coming together to protect and conserve traditional weaving practices and traditions.

For this year, HABI is supporting Nayong Pilipino for Mga Hibla ng

Pamana: A Summit on Weaving as Intangible Cultural Heritage.

It is also collaborating with CulturAid, Kularts, House of Gongs, and Museo ng Muntinlupa to present the first-ever international Voices from the Field Program on the topic of Filipino Identity and Contemporary Cultural Practice in the Philippines and the Diaspora.

The latest work of Philippine textile experts Dr. Norma Respicio and Gayle Zialcita titled “Weaving Ways: Filipino Styles and Techniques” will also be available at the online fair. The book discusses the different weaving communities in the Philippines, their history and traditions, and the different weaving styles and techniques of Filipino weavers.

Another highlight of the HABI fair is the Lourdes Montinola Piña Weaving Competition. Now in its third year, the judges for the competition are Filipino fashion designers Leslie Mobo and Len Cabili, and piña textile expert and food historian Felice Sta. Maria.

For more information, visit www. habitextilecouncil.ph or follow www. facebook.com/HabiThePhilTextileCouncil and Instagram @habifair.

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behaviour or even dangerous acts online - from cyber bullying to self-harm. Such campaigns are becoming a call to action for the online community to play their part in creating a safe and positive environment for everyone. Medical intern and TikTok creator Kilimanguru addresses mental health in one of his videos captioning: “Mental health matters. STOP THE STIGMA.” Visit: https://www.tiktok.com/@ kilimanguru/video/6870780070089231617 However, digital platforms have a role that goes beyond just facilitating content sharing. There is also a need to ensure that a safe place is created on the platform for people to discover, create and connect.

TikTok has rolled out more robust features over the years, such as Screen Time Management and Restricted Mode, and users are empowered to take more control over how much time they want to spend on TikTok and limit the appearance of content that may not be appropriate for them.

Make a personal commitment for a better mental health

BRINGING up mental health challenges is a unique journey for everyone, but people should feel empowered to lead by example and share their battles with others to encourage them to get help. With digital platforms, we have actually seen a rise in people sharing their stories as a way to empower others.

Center, Romblon Provincial Hospital, and Southern Philippines Medical Center. To date, SM has donated almost Php 400 million in essential medical supplies, equipment, rt-PCR testing, and assistance to help national efforts in the fight against COVID-19.

HKTB launches a standardized hygiene protocol to assure visitors of a safe and healthy stay

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Moving together for mental health in the digital age ENTAL health remains one of the most neglected areas of public health globally.

According to the World Health Organization, close to 1 billion people are living with a mental disorder yet countries on average spend a mere 2% of their health budgets on mental health, leaving many without access to quality mental health services. In the Philippines, the Department of Health urges the public to access free mental health e-learning course.

World Mental Health Day is observed on 10 October every year, and provides an opportunity for the world to come together to address the challenges around mental health. This year, World Health Organization (WHO), the World Federation for Mental Health (WFMH) and United for Global Mental Health (UnitedGMH) have joined forces to spark conversations on how the global community can work together through the Move for mental health: let’s invest campaign. The campaign highlights how the COVID-19 pandemic and the implications, including social distancing measures and economic downturns are fuelling fear and anxiety that have further impacted people’s mental health.

Another implication is the surge in the number of hours people spend online for work, entertainment and staying updated while remaining at home. The excessive time spent online has led to a new set of challenges, such as screentime addiction and cyber bullying that have made it more important than ever to ensure a positive and balanced online environment. Along with the government and individuals, digital platforms play a big part to help users forge mental and digital resilience.

From sharing mental health tips to personal struggles, digital platforms can play a critical role in raising awareness and educating users about mental health. TikTok for instance, launched the #thinkb4youdo challenge to encourage users in the Philippines and across the world to take a moment and consider, before partaking in negative

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M Foundation donated ICU-grade ventilators to help augment hospitals’ capacity to manage severe COVID-19 cases, particularly with patients who require intubation. Among the hospital recipients are the Butuan Medical Center, Quezon Medical Center, West Visayas Medical

Each of us are responsible for our own mental wellbeing and there are practical ways that we as individuals can take to look after our mental health in the digital age, including: Reduce time online. We can take a proactive approach to limit the time we spend online by turning off our digital devices at certain times of the day such as when you are sleeping or spending time with our loved ones. We can also disable unnecessary notifications as often it is hard to resist looking at the constant buzzing of new messages even when we are about to go to sleep. There are various measures in place today that help us to control how much time we spend online and we should be making use of these measures actively.

Change your focus. Many of us turn to devices like our phone purely as a force of habit to mindlessly kill time. But are you escaping into t he digital world as a substitute for real life? Turning to apps like social media and forums may be easy and convenient, but there are often healthier, more effective ways to pass time. If you are feeling bored, consider exercising or taking up a new hobby. The takeaway is striking a balance between online and offline interactions and recognising that we do not have to be glued to our screens 24/7.

Take time for reflection away from the screen. It is very important to have introspective time away from our digital devices and practicing mindfulness. Try journaling or meditating. Keep track of all the great memories and positives — and practice gratitude for all the people and things you have in your life.

This digital day and age has certainly brought about many new challenges, and it is absolutely crucial that digital platforms do their part to help users forge mental and digital resilience.

However, the responsibility of promoting mental health does not fall on one person, party or organization.

It requires a united approach and everyone can do their part to improve mental health and help others suffering from mental illnesses to expunge the stigma of mental health.

ONG Kong has led the way in introducing anti-virus measures since the beginning of the COVID-19 outbreak, with citizens and businesses working together to adopt some of the world’s most stringent hygiene measures.

Businesses in the tourism sector have been particularly active in implementing hygiene measures supported by advanced cleaning technologies into their daily operations.

Now, in a significant stepping up of the city’s fight to control the virus, the Hong Kong Tourism Board (HKTB) recently launched a standardized hygiene protocol in partnership with the Hong Kong Quality Assurance Agency (HKQAA), one of the leading conformity assessment bodies in the territory.

The protocol aims to provide a unified set of guidelines on hygiene and anti-epidemic measures for tourism-related industries that customers and visitors can easily recognise and understand to better prepare Hong Kong for the resumption of inbound travel.

Dr YK Pang, Chairman of the HKTB, said, “The COVID-19 pandemic has brought a new normal to the tourism landscape, and public health and safety have become a priority for visitors. Many international travel and tourism organizations have already put in place hygiene and anti-epidemic guidelines, and standardizing hygiene measures for each sector can spread to visitors the message that different sectors across Hong Kong value their commitment to hygiene and safety.

“I am excited that more than 1,800 businesses and outlets expressed interest in the protocol when the HKTB consulted our trade partners. The HKTB will strengthen its promotion of anti-epidemic measures taken by the tourism industry and related sectors to establish a healthy and safe tourism

image for Hong Kong and to bolster visitors’ confidence in travelling to Hong Kong.”

The protocol will cover shopping malls, hotels, restaurants, retail stores, coach companies, tourism attractions, travel agencies, and more. Participating businesses and outlets are required to comply with a series of hygiene and antiepidemic measures. After passing the assessment, details of the businesses and outlets will be uploaded to a dedicated website of the HKQAA (https://hkhygiene. hkqaa.org). The businesses and outlets can display a designated logo for recognition to show their commitment to the protocol.

The HKQAA will conduct random visits for continued inspections.

Ir C S Ho, Chairman of the HKQAA, said, “During the development of the standardised protocol, the HKQAA referred to the guidelines by the Centre for Health Protection and the Food and Environmental Hygiene Department. We aim to promote best practices for hygiene and anti-epidemic measures across tourism-related sectors and acknowledge their efforts in combating the pandemic through professional and impartial third-party verification, thus restoring public confidence in out-of-home consumption and travel.

“It is our honour to partner with the Hong Kong Tourism Board to leverage our strengths in continuously improving the overall standards across the entire industry, establishing a new, standardized hygiene culture under the new normal.”

The HKTB is currently working with the Hong Kong SAR Government and the tourism industry to better prepare Hong Kong for the resumption of travel to Hong Kong and aims to welcome visitors back with an assortment of exciting experiences and attractive offers.

BusinessMirror

Editor: Tet Andolong

Wednesday, October 14, 2020 B7

Century Properties pioneers

use of cutting-edge antigen testing in Covid-19

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By Rizal Raoul S. Reyes @brownindio

HE Antonio-led Century Properties Group (CPG) is leaving no stone unturned as far as the safety of its workers is concerned.

The property developer recently announced that it is now using the latest antigen test from the United States, the Sofia 2 SARS Antigen Fluorescent Immunoassay as part of the testing protocols for its on-site company employees and construction workers.

CPG President and Chief Executive Officer Marco Antonio said the addition of the said antigen to its threelevel personnel screening protocols as a second-level test after the Cellex rapid test (which detects IgG and IgM antibodies) and prior to the RT-PCR swab test to enhance further safety in the workplace. “Fast and accurate results from this new test will allow us to act swiftly and prevent the spread of infection in our construction sites, communities and offices,” Antonio said.

Moreover, Antonio is also spearheading

CPG’s workplace safety efforts together with the human resources team.

Antonio said Sofia 2 provides fast results as it can detect active virus in less than 20 minutes through painless swabs with 100 percent specificity and 96.7 percent accuracy. Manufactured by California-based Quidei Corp., Sofia 2 is distributed by LabX Corp. and is approved by the Food and Drug Administration of the United States and the Philippines.

Moreover, Sofia 2 is also being used in the United States and Europe as an acceptable confirmatory test for Covid-19.

Centuria Medical Makati, CPG’s outpatient medical arts facility, formed a partnership with LabX to open a drivethru service for Sofia 2 in Century City to serve more people and companies. Centuria Medical general manager revealed the service received a warm reception

Century Properties Group is implementing all the necessary steps to ensure their employees and construction workers are safe and healthy.

since its launching on mid-September.

“This shows how receptive private citizens are to getting tested for Covid-19 using accurate and reasonably-priced tests. CPG through Centuria Medical Makati is pleased to contribute to Covid-19 prevention not only for the benefit of its employees but the general public,” he said. From July to May, Antonio said CPG performed Covid-19 rapid tests to more than 1,700 workers and site personnel before proceeding construction of the in-city vertical developments in Makati City, San Fernando, Pampanga and Quezon City, as well as the five project sites of PHirst Park Homes in Tanza,Cavite; Lipa, Batangas; San Pablo and Calamba, Laguna and Pandi, Bulacan.

Aside from implementing antibody rapid testing, antigen testing (through Sofia 2) and RT-PCR swab testing, Antonio said CPG is strict in adhering in implementing health protocols such as daily temperature scanning and health monitoring safety orientations, the mandatory wearing of masks, and observing physical social distancing. Furthermore, handwashing areas are provided to make it a regular habit for workers to wash their hands more often.

To ensure they remain healthy, workers and employees are provided with health kits, face masks and vitamins.

New player I-Land launches sustainable communities amid pandemic Creba alarmed

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ESPITE the economic downturn in the Philippines due to the global Covid-19 pandemic, independent real-estate player ISOC Land (I-Land) remains optimistic of the real-estate market and pushes with its scheduled launches this year of new residential communities geared toward sustainable living.

I-Land is the property arm of ISOC Holdings, a fastgrowing Filipino conglomerate founded and chaired by construction leader and innovator, Michael Cosiquien.

The company’s maiden residential condominium development, I-Land Residences Sucat in Parañaque City, was launched in February 2020 and reported a strong uptake despite the pandemic, selling out all of its Tower 1 single-bedroom units.

According to Jesus Chua Jr., president of ISOC Holdings, the consequences of Covid-19 as a public health crisis have only but highlighted the benefits of sustainable living that are able to directly address the emerging needs of homebuyers in this “new normal.”

“Homeseekers and investors alike are now recognizing value in the long-term solutions that sustainable developments bring—such as more efficient use and management of natural resources, building design that takes into consideration harmony with the environment, and a home that is adaptive to a changing lifestyle of work and study in place,” he said.

I-Land Residences Sucat is a LEED-certified development composed of six mid-rise buildings across 2 hectares

of prime property south of Metro Manila. In line with its promise of “Home of the Future,” as much as 65 percent of its land area is devoted to open spaces as part of its orientation toward sustainability. Other principal features

include ventilated open corridors with natural lighting, adaptive reuse of rainwater for landscaping and the use of energy-efficient light fixtures.

On the back of rosy prospects from I-Land Residences

Sucat’s launch, the company is set to follow through with a similar master-planned residential condominium development in the prime district of Cloverleaf in Quezon City.

The project is slated for launch before the end of the year.

“Sustainability is a key value of ISOC Holdings. And with what has happened this 2020, it has evolved from being a vision to giving us a true sense of purpose,” said Cosiquien. “The reality of Covid-19 has only emphasized the necessary shift to sustainable living, to allow Filipinos to thrive in an increasingly evolving world and to live in the best possible way—benefiting themselves and their families, as well as the environment.”

I-Land’s sustainable development portfolio includes office and commercial projects such as I-Land Bay Plaza, a 12-story mixed-use building along Macapagal Boulevard in Pasay City with approximately 20,000 square meters of commercial office and retail space. It is LEED-certified with intelligent building management system (BMS) and 24-7 back-up power supply to meet the demands of business-process outsourcing (BPO) locators. The building is scheduled for completion in 2021.

I-Land has also bagged an agreement to develop a 7-hectare property at the Clark Freeport Zone in Pampanga, which it will transform into a P6-billion integrated township that will be LEED-certified and that will house sustainable and energy-efficient resort and entertainment features with hotels, offices, serviced condominiums and retail.

How investing in Condotels can help you bounce back after the crisis

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USINESS as usual—this is how experts describe the state of the real-estate industry in the country amid the current global health crisis.

Despite the fluctuating investments due to muchneeded responses, such as lockdowns and community quarantine protocols, investing in property remains one of the best opportunities to pursue, especially as the condominium market becomes more affordable.

For CitiGlobal Realty and Development Inc., a top real-estate developer that offers affordable and incomegenerating properties in the country, there is no better time than now for Filipino, especially overseas Filipino workers (OFWs), to invest in low-risk investments, such as condominium units, as they become exceptionally affordable.

Since last year, and with the onset of the Covid-19 pandemic, this segment in the real-estate industry

Diamond Beach Residences Palawan

dropped by 15 percent for the first time in 10 years, said a report released by Colliers International.

But what if you want to earn more from this investment?

With its passion for helping OFWs and other investors, CitiGlobal is currently developing Condotels in strategic and high-value locations across the country, which can serve as passive income-generating properties.

Condotels are short for “condominium hotels,” which operate as a hotel. This type of property mimics the hotel’s operations, management, as well as facilities. CitiGlobal has partnered with well-experienced, world-class hotel operators, to ensure the quality service and expertise they can provide to the guests. Unit owners earn by receiving a share of the total profit of the hotel operations.

“The Covid-19 pandemic showed us that there will always be times when we will be put in difficult situations, and it is during those times that we need the most help physically, mentally and financially. Investing in real-estate properties like Condotels will help Filipinos, especially OFWs who have been working hard for years, ensure financial security and reliable income sources,” Gary To, managing director of CitiGlobal Realty and Development Inc., said.

Another reason why CitiGlobal believes Condotels will be a good investment, post-pandemic, is the hotel industry’s ability to recover from a crisis.

“The hotel industry’s vulnerabilities are multifaceted. Still, its ability to deal with impacts associated with these vulnerabilities in the past, for instance, the SARS outbreak in 2003, stands in good stead to overcome Covid-19,” said To. As one of the top real-estate developers, providing affordable, exclusive, first-class, and income-generating projects to investors, CitiGlobal shares other benefits of owning a Condotel and the ways it can help Filipinos recover post-pandemic, as listed below: Earn while you are away. Condotels provides investors with shares of the overall income generated by its operations and not just from their units. This gives unit owners steady passive income without the need for the owner’s presence.

Entrust your property to professionals. Owners no longer need to actively manage their unit and garner travelers to stay for the night. The Condotel’s management will handle all the steps required to gain potential tenants and keep them accompanied during their stay.

Enjoy hotel privileges while staying for free. One of the best perks of owning a Condotel is that you do not only gain income, but you also get to stay in your unit

with the luxurious leisure of a hotel.

Making the right investments can help Filipinos ensure financial stability if ever another crisis comes.

CitiGlobal prides its real-estate properties as the perfect venture to witness the beautiful locations of the country while providing financial security for investors.

“Even before the pandemic, we have always sought to provide sustainable income-generating investments for our investors, particularly OFWs looking for opportunities to become financially stable in the country and be with their families again. Condotels are our way to help them have this chance while experiencing the natural beauty of the Philippines,” To said.

CitiGlobal Realty and Development Inc. envisions of becoming a top real-estate developer in the country, effortlessly putting the country’s best tourism locations on the map through their real-estate properties. And provide investment opportunities for OFWs to have back in the country and be with their families.

CitiGlobal is a flourishing real-estate development company in the Philippines. It started as a marketing, landholding, and leasing company back in 2003. However, after seeing how responsive and competitive the economy became in the country, it accepted the challenge to become an efficient and lifestyle developer in 2011.

CitiGlobal aims to deliver quality real-estate projects that will revolutionize the Filipino mindset on leisure properties. Among their currently open realestate projects are Tagaytay Fontaine Villas, Tagaytay Clifton Resort Suites in Tagaytay, and Diamond Beach Resorts in Palawan. They also have future projects in line in Quezon City, Cubao, Bataan, Tagaytay, Palawan, Panglao and Davao. https://citiglobal.com.ph/.

by looming VAT on housing

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By Roderick L. Abad

GROUP of real estate and housing developers has exhorted anew to prevent the imminent imposition of value-added tax (VAT) when buying a house as millions of overseas Filipino workers (OFWs) and low-income earners who are yet to acquire homes of their own still suffer from the negative effects of the ensuing coronavirus disease 2019 (Covid-19) pandemic.

This appeal made by the Chamber of Real Estate & Builders’ Associations Inc. (Creba) to the government is timely as availment of VAT-exempt home packages granted a three-year reprieve under Republic Act 10693 or the Tax Reform for Acceleration and Inclusion (TRAIN law) ceases by December of this year.

The Philippines has a housing backlog of at least 6.57 million units. The gap between the supply and demand expands by 300,000 units annually.

Per the TRAIN law, buyers are exempted from paying up to P1.9 million in VAT for lots and up to P3.2 million for house and lot units.

The cap has been effective since 2011 when adjusted by the Bureau of Internal Revenue (BIR) under the amended Tax Code and was based on the then prevailing economic conditions and consumer price index.

Even though these factors have continued its upward trend over the last decade, the cap will be cut to P2 million in January 2021.

According to Creba National Chairman Charlie A. V. Gorayeb, such policy seems oblivious of the primary role of the government to provide housing for its citizens as a constitutional social right and a basic human need.

He said that imposing VAT low-cost housing prices will surge beyond the means of the millions of homeless Filipinos.

“Real-estate developers have no choice but to fully pass-on VAT to homebuyers. When obtained through a long-term loan, the 12-percent VAT of about P360,000 for a P3.2-million home actually translates to P1 million over a 30-year mortgage life,” Gorayeb explained.

“Homebuyers need fixed, low-interest, long-term housing loans assistance by government,” he said, while citing how the ongoing Covid-19 crisis has made the need for affordable housing in decent and safe communities ever more urgent and pronounced.

Creba National President Noel Toti M. Cariño, on the other hand, pointed out that the perceived collection from the additional VAT on housing will not compensate for a likely massive housing industry slowdown.

He said that millions of OFWs who are forced to delay their home-buying plans due to the pandemic will suffer the brunt of VAT-laden housing purchases.

“But with housing being globally recognized for its economic multiplier effects, a robust housing industry will be a primary catalyst for economic recovery to help the entire country ‘heal as one,’” he stressed.

Reiterating that housing has been “heavily taxed and highly regulated,” the Creba officials called for the immediate issuance of an appropriate BIR revenue ruling to suspend the VAT-imposition to keep homes affordable to the millions of yet homeless Filipinos in the coming years.

Sports BusinessMirror

B8 Wednesday, October 14, 2020

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

MARCIAL: SO FAR, SO GOOD T

wo weeks and four games inside the bubble, the Philippine Basketball Association (PBA) is living up to expectations as the Philippine Cup got under way in a unique environment.

Commissioner Willie Marcial said he managed a sigh of relief the moment the opening game between TNT Tropang Giga and Alaska was tipped off last Sunday at the Angeles University Foundation Gym. “I said ‘after the jump ball, I’ll surely feel better,’” Marcial told Tuesday’s online Philippine Sportswriters Association Forum from his room at the Quest Hotel in Clark.

Marcial said he had goosebumps seeing the PBA back in the swing 217 days from March 8 when the 45th season and closed with only one game played as the Covid-19 pandemic struck.

“But I never lost faith that we will be able to return,” said Marcial during the forum 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 official webcast partner and powered by Smart.

Marcial said so far, all safety and health protocols that were presented by the PBA and approved by the Inter-Agency Task Force on the Management of Emerging Infectious Diseases and Department of Health have been followed—from the Quest Hotel to the playing venue at the Angeles University Foundation.

No one from the 400-strong PBA delegation tested positive of the virus.

Marcial said no one is spared of the protocols, including hotel and venue staff.

“Even the bus drivers are now confined inside the bubble,” said Marcial, adding that every person inside the bubble is required to undergo swab testing once every 14 days.

However, Marcial said the league is open to changes if needed as the tournament goes on with its daily schedule for the elimination round leading

TABAL: BAKING QUEEN F

By Annie Abad

ROM running 42,195 kilometers under extreme conditions, Rio 2016 Olympian Mary Joy Tabal is now running an online pastries business in the confines of her kitchen in Cebu.

“It’s one way of shaking off the anxiety of not doing what i love most—running,” Tabal told BusinessMirror, adding, with a chuckle, “it’s still running, right, running a business.”

But running for training is not totally lost in Tabal’s day-to-day regimen—there’s the rescheduled Tokyo Olympics in 2021 to look

forward to.

“I do run every day, train even in a limited capacity,” said the 31-year-old Tabal from her home in Barangay Guba, Cebu City. “ I used to run dozens of kilometers each time outdoors but during the pandemic, I’m confined indoors, like all of us since March.”

Since the lockdown began and all her scheduled Olympic qualifying tournaments were postponed, Tabal began to feel anxious.

“The first two weeks to one month of being locked down, I was anxious and worried, and I prayed a lot, every night, praying for something that would rid me of my worries,” she said.

to the quarterfinals, semifinals and finals.

“If there are glitches, or if we ever see errors in the bubble, we will immediately correct,” he said.

Marcial added that there are no major concerns except for the players request for a barber.

“We have received requests for that and we’re considering that as well as additional disinfection in the gym and other things to do for the players like video games or some aqua sports,” Marcial said.

“Some already played golf or went swimming in the hotel pool. But so far, there are no major concerns,” he added.

Magnolia, meanwhile, kicks off its campaign in the bubble against NLEX at 6:45 p.m. on Wednesday at the Angeles University Foundation gym.

Hotshots Head Coach Chito Victolero believes the Road Warriors have regained their rhythm following their 92-102 setback to the Ginebra Gin Kings last Sunday.

“Everybody struggled in the first game due to short preparations,” Victolero told

THAT’S ALL Al Mendoza

alsol47@yahoo.com

Murder he wrote

COMMISSIONER Willie Marcial is heaving a sigh of relief inside the Clark bubble.

B usiness M irror .

The first game at 4 p.m. pits Alaska against Meralco, with both teams hoping to break into the win column.

The Aces lost to TNT Tropang Giga (95-100) on Sunday while the Bolts bowed to the Phoenix Super LPG (98-116) last Monday. With Josef Ramos

Her running hours were slashed from usual two to three hours in the morning and another one to one-and-a-half hours in the afternoon to no more than one-and-a-half hours twice a day during the pandemic.

She cross trains in between, building up on strength.

“This pandemic made my life like a roller coaster.

It forced to slow down on a lot of things. But I didn’t let fear takeover,” she said.

So to stay busy and shed her anxiety away at the same time becoming productive, she started an online dessert business that she aptly called Queen Mary’s Kitchen.

“I always want to be productive and because it’s difficult during the lockdown, I realized that I needed to be creative and think of something that I love and have control of,” she said. “So I opened

RIO 2016 Olympian Mary Joy Tabal is baking her way through the pandemic.

Queen Mary’s Kitchen three months ago.”

“It has given so much joy especially during these trying times—switching from my home-gym to my kitchen makes my time pass swiftly,” she added.

Baking wasn’t only Tabal’s solution against anxiety, it’s her way of continuing a legacy of her late dad Rolando, a retired policeman, who passed away three years ago.

“It was Dad who inspired me to christen my business as Queen Mary,” she said. “He’s my inspiration in cooking and baking. He was a very good cook and I was always watched him cook as a kid. Today when I bake, I always think of him.”

Tabal said she toyed with several names like Marathon Queen or MJ for Mary Joy, but picked Queen Mary as his late dad fondly called her.

She baked for her family at first, but when she started posting her specialties on social media, orders came pouring in.

Mary’s Queen Kitchen officially opened last June 21, Father’s Day. “It was a perfect opening day because I dedicate all of these to Dad,” she said.

Tabal bakes banana cakes to banana loaf and muffins and cupcakes with prices ranging from P99 to P200. She bakes 74 boxes or 370 pieces a day.

“There are times when the orders won’t stop coming, but my siblings and my mom, Annabelle, are always there to help me,” she said. “But of course, I do the baking myself—I’m full of love and joy every time I bake.”

Tabal said she gets orders for birthdays, anniversaries, baptismal ceremonies, traditional 40 days after death events, gifts for frontliners and other office activities.

But running will always be her first love and with the guidance of her long time coach, Philip Dueñas, she makes sure she is always in shape.

Tabal holds the national records in women’s marathon (two hours, 43 minutes and 16.29 seconds) and half marathon (1:16.29).

She was the country’s lone entry in women’s marathon at the Rio de Janeiro Olympics in 2016 and owns one gold and two silver medals from the Southeast Asian Games.

IT’S obvious that LeBron James easily gets annoyed.

It showed in the just-ended best-of-seven National Basketball Association (NBA) Finals, especially in Game Six on Monday.

He literally blew his top and wrought havoc of massive magnitude on his foe.

He unleashed a fury like no other to cause lasting embarrassment on the one man that stood his way, embarrassed him somewhat two nights before.

He became Incredible Bulk with his 11th triple double in the playoffs in spearheading Monday’s 106-93 murderous rampage of the Miami Heat—sealing a 4-2 series victory only a fool would have doubted from happening.

“Thinking I have something to prove fuels me,” said James after the Lakers’ 17th title that tied them with the Boston Celtics in the all-time winner plateau.

To do that, James fired 28 points, grabbed 14 rebounds and issued 10 assists to capture all honors again in every department, ahead of everybody, including Jimmy Butler, the Heat’s great pretender that got James’s goat in Game Five.

James was so infuriated at seeing his team lose a series clincher after unloading 40 points and snaring 13 boards— all the more angered that Butler bottled up the winning points in Miami’s 111-108 Game Five victory that cut the Lakers’ lead to 3-2.

Butler’s charities for the Heat’s 109-108 lead had clinched it after Danny Green, receiving a pass from James, missed a wide open three with 16.8 seconds left.

The 2010 champion Lakers still had a chance to seal it in Game Five as Markieff Morris, after nabbing the rebound, flung a pass to Anthony Davis underneath the basket. But it was much too high for Davis to catch it that he didn’t bother to jump for it.

Stung by the Game Five defeat that robbed them of a much anticipated 4-1 victory at the NBA bubble in Orlando, Florida, revenge was written in the faces of the pair known as the “Deadly Duo” going to Game Six. So, right from tip-off, Davis, redirected to center from power forward by Coach Frank Vogel, scored the game’s first basket point blank.

After Bam Adebayo countered, James barreled backto-back freight-train drives for the Lakers’ early 6-2 lead.

Heat’s Duncan Robinson’s two triples sandwiched charities by Kentavious Caldwell-Pope before Green’s three preceded James’s coast-to-coast blur to pad the Lakers’ lead to 13-8.

With the battle plan all laid out—no quarters given, take no prisoners—the Lakers starved the Heat to only 20 points in taking a 28-20 first quarter lead—the frame sealed with a three-point play by James.

With James, holder of too many NBA records that I have lost count, always orchestrating play, it was all Laker show from there. They built leads of 20 points or more numerous times as Miami was ridiculously reduced to a virtual clinic of precision and perfection.

With 3:17 left in the third quarter, the Lakers were up 36 points 82-46, easing up a bit on the gas for a 29-point, 87-58 margin going to the fourth quarter.

The journey back to the podium secured after a 10-year title drought, time to slow things down.

The final quarter was but a formality.

James, 35, on his way to a fourth Finals MVP in as many tries, directed his troops to just go through the motions.

It was over but the coronation.

And how did Butler, whose triple double of 35 points, 12 rebounds and 11 assists made Heat the Game Five winner and James angry, fare?

Unmasked. Just 12 points in a meaningless Game Six outing.

King James reigns.

THAT’S IT Cheers to Commissioner Willy Marcial for the early plaudits deserving of the Philippine Basketball Association restart this week at Clark Freeport in Pampanga. Indeed, if there’s a will(y), there’s a way.

Magno teaches boxing while training in Janiuay

T

OKYO Olympics-bound Irish Magno came up with a bright idea while locked down at home in Janiuay in Iloilo—why not teach boxing while training.

The 29-year-old Magno decided to set up a boxing clinic at the FitStart Gym where she has been training since she got home two months ago.

She is teaching her townmates of all age, shapes, sizes and interest about the sport that continues to bring her fame and fortune.

“I started the clinic only last Saturday and I introduced to them the basics of the sport,” she told the BusinessMirror. “For starters, the participants did bare-first drills. No gloves for the meantime.”

Magno has 10 students at the moment, the youngest is 15 and the oldest in the mid-40s. The once-a-week session last for two hours.

“I cannot accept more than 10 students because we have to observe social distancing in the gym, and of course other protocols like no contact, disinfection and wearing of face masks,” said Magno, who, like Eumir Felix Marcial is now in the US starting a pro career, already qualified for the postponed Tokyo Olympics in 2021.

She said the clinic has the blessing of her coaches at the Association of Boxing Alliances in the Philippines, who conduct regular online training during the pandemic.

Magno admitted that she is anxiously awaiting orders from Manila for the national athletes, especially Tokyo qualifiers, to return to collective training.

“I’m excited to go back to training with my coaches in Manila. I’m so focused and I don’t want my focus to be overran by the pandemic,” she said.

MEET Tokyo Olympics-bound Irish Magno’s students at the FitStart Gym in Iloilo.

The Abap and the Philippine Sports Commission are looking at a bubble training facility either in Parañaque City or Laguna because both the Rizal Memorial Sports Complex in Manila and PhilSports in Pasig City remain as healing centers for Covid-19 patients. Annie Abad