BusinessMirror October 20, 2020

Peso’s winning streak may taper after October

By Bianca Cuaresma

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HE local currency has reached its third consecutive month of appreciation in September amid turbulent economic waters, but local analysts from First Metro Investment Corporation (FMIC) and University of Asia and the Pacific (UA&P) said this strength may begin to taper after October as the economy gradually returns to normal.

In the latest issue of The Market Call, economists at FMIC and UA&P said the peso appreciated further by 0.7 percent to average P48.51 to a dollar in September from averaging at P48.84 to a dollar in August. The volatility measures also eased to 7.6 percent in September from 22.5 percent as it traded narrowly be-

A VENDOR waits inside Farmview market in Bulacan for the local curfew to end before proceeding to his business. Metro Manila (with the exception of Navotas City) will shorten curfew hours to 12 a.m. to 4 a.m., instead of the current 10 p.m. to 5 a.m., as part of the government’s move to ease restrictions amid the pandemic in order to revive the economy. Story on A2. NONIE REYES

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tween P48.37 to a dollar and P48.63 to a dollar during the period.

Economists attributed the positive sentiment on the local currency to the Bangko Sentral ng Pilipinas’s (BSP) announcement that it was able to increase the country’s Gross International Reserve (GIR) levels to a record high amid the pandemic.

Just last week, BSP Governor Benjamin Diokno announced that the September 2020 dollar reserves hit $100.5 billion. This is equivalent to 10 months of imports of goods and payment of services and income. It is also about 9.2 times the country’s short-term debt based on original maturity.

Latest data from the Bankers Association of the Philippines (BAP) also

showed that the peso continued to appreciate against the dollar in the first few days of the month. It was at its strongest at P48.305 to a dollar on October 9 versus its P48.49 to a dollar at end-September.

However, FMIC and UA&P economists said that while the strong GIR impressed financial markets, the peso may begin to trade sideways as a clearer and more solid economic recovery gains traction.

“By October, the peso may see its peak. A stronger economic recovery will likely put it back to a mild depreciation mode,” the report read.

On Monday, the peso opened the week with at a close value of P48.6 to a dollar, data from the BAP showed.

See “Peso,” A2

BusinessMirror A broader look at today’s business

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MILDER GDP FALL SEEN AS QUARANTINES EASE www.businessmirror.com.ph

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Tuesday, October 20, 2020 Vol. 16 No. 12

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

COMMUTERS go through health and security checks, before boarding and while on trains, as the government eases travel restrictions, increasing maximum passenger capacities of the MRT, LRT and PNR to 30 percent. These will then be gradually expanded up to 50 percent. ROY DOMINGO

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By Cai U. Ordinario

HE Philippine economy may have posted a single-digit contraction in the third quarter of the year on the back of the easing of quarantine restrictions, according to a local think tank.

In its latest Market Call report, First Metro Investment Corp.

(FMIC)-University of Asia and the Pacific (UA&P) Capital Markets Research said the July to September period likely saw the economy contract no more than 5 percent.

The improved economic performance in the third quarter, the

think tank said, has been seen in the muted inflation; increased government spending; and the growth of construction, manufacturing and mining.

“A sprinkling of positive news and less negative economic data suggests that the economy is well past the bottom and is slowly gath-

ering momentum,” FMIC-UA&P Capital Markets Research said. “All these make us believe that the Q3 [third quarter] GDP fall will prove much milder than the deep dive in Q2 [second quarter].”

The think tank said the easing of restrictions on firms and public transportation in mid-September could lead to better growth until the fourth quarter.

The passage of the Bayanihan 2 Act, which allocates an additional P165.5 billion to finance several government programs, would lead the national government to post double-digit growth, it added.

FMIC-UA&P Capital Markets Research said the additional budget will finance “cash-for-work program, agriculture support, assistance to industries” and the procurement of vaccines which will ensure the country’s recovery from

the pandemic.

The think tank also expects inflation to stay muted at around 2.4 percent. Inflation may be below 2 percent at the start of 2021.

Layoffs imperil remittances

MEANWHILE, the think tank said remittances could maintain its growth in the past two months, but this is being threatened by layoffs abroad.

The peso appreciation at a year-on-year growth of 6.3 percent brought down the peso equivalent of remittances by 10.1 percent in August.

“We previously expected the upcoming Christmas holidays to maintain the growth in remittances over the last two months [but] job market challenges and layoffs See “GDP,” A2

Experts: Study well curbs on rice importation

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ROPOSALS to limit rice imports to stabilize farmgate price, especially during harvest, require careful study, according to economists.

Economists said proposals such as barring rice cooperatives from importing the commodity, as well as banning importation of commodities during their main harvest, could affect the rice market and eventually hurt consumers.

Last week, the Department of Agriculture proposed to bar cooperatives from importing rice while

on Monday, senators suggested disallowing importation during the main harvest of commodities.

“These proposed policies are going to hurt the consumers. While producers are supposedly supported by imposing these restrictions, these can in the long run cause inefficiencies in the market. The goal should be to make producers competitive without causing a burden to the consumers,” Ateneo Eagle Watch Senior Fellow Leonardo A. Lanzona Jr. told the BusinessMirror.

With the passage of the Rice

PESO EXCHANGE RATES n US 48.6340

Trade Liberalization (RTL) Law, any entity with proper papers can import rice, Philippine Institute of Development Studies (PIDS) Senior Research Fellow Roehlano M. Briones pointed out.

Briones added that implementing seasonal import bans does not really work given that “someone can pre-purchase rice during open season.”

Non-tariff barrier

MOREOVER, barring cooperatives from importing could be a form of non-tariff barrier (NTB),

said Briones.

Former University of the Philippines School of Economics Dean Ramon L. Clarete explained that there is a difference between NTBs and Non-Tariff Measures (NTMs).

“You distinguish between NTMs and NTBs. Former may be allowed like SPS [Sanitary Phytosanitary] or TBT [Technical Barriers to Trade]. Generally NTMs have valid reasons for using them. But NTBs may just be disguised protection. They appear to be NTMs but without valid reason for using

P20-B AMENDMENTS IN BUDGET WORKED IN BY HOUSE PANEL

By Jovee Marie N. Dela Cruz

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HE House of Representatives on Monday introduced a total of P20 billion in “institutional amendments” to the P4.5trillion General Appropriations Bill to increase funding for Covid-19 vaccine, displaced workers and Internet connection for public schools.

House Committee on Appropriations Senior Vice Chairman Joey Sarte Salceda, in a news conference, said the small committee meeting, tasked to thresh out all the amendments to the proposed national budget, finished deliberating on all the amendments in one hearing on Monday, October 19.

With this, Salceda said the probability of a budget reenactment is now “zero.”

“The House version of the 2021 budget is now ready for submission to the Senate as the small group had the consensus.... We only considered institutional amendments and departmental errata. All individual amendments [will be tackled] during the bicameral conference committee meeting with the Senate,” Salceda added.

“[These institutional amendments will] empower the government to confront socioeconomic impacts of the pandemic and restore the Philippines as a nation state to its trajectory of growth, maintain macroeconomic stability and make growth gains sustainable,” he added.

According to Salceda, the P20 billion will be taken from the unprogrammed funds of the Department of Transportation.

Of the P20 billion, Salceda said P5.5 billion will be allocated for the procurement of Covid-19 vaccine, P300 million to implement the mental health program and P2 billion for the Health Facilities Enhancement Program.

Salceda said the institutional amendments also include P4 billion for the Tulong Panghanap Buhay sa Ating Disadvantaged/ See “Budget,” A2

Continued on A2

n JAPAN 0.4615 n UK 62.7914 n HK 6.2753 n CHINA 7.2599 n SINGAPORE 35.8156 n AUSTRALIA 34.4037 n EU 57.0039 n SAUDI ARABIA 12.9660

Source: BSP (October 19, 2020)

News BusinessMirror

A2 Tuesday, October 20, 2020

GDP… Continued from A1

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DOE assessing 3 more oil

Budget…

Continued from A1

exploration bids in WPS CHUA: GDP, particularly in the last quarter of the year, will depend on third-quarter performance and the availability of public transport, among others. NEDA

abroad continue to threaten this positivity,” FMIC-UA&P Capital Markets Research said.

“Money [M2 or M3] growth has remained underwhelming as it has kept below 15 percent year-onyear growth. Banks appear quite risk-averse and eager to boost their cash hoard to face harsh financial realities ahead,” it added.

Earlier, the National Economic and Development Authority (Neda) said it remains optimistic about the country’s economic prospects even if the general community quarantine (GCQ) remains imposed in Metro Manila until the end of the year.

Metro Manila or the National Capital Region (NCR) accounts for a third of the country’s economic performance. Together with Calabarzon and Central Luzon, these three regions account for 60 percent of the country’s GDP. Acting Socioeconomic Planning Secretary Karl Kendrick T. Chua told the BusinessMirror that GDP, particularly in the last quarter of the year, will depend on third-quarter performance and the availability of public transport, among others.

Chua said the economy’s performance in the October to December period will also be influenced by the third quarter. The data, he said, will be released in November.

Nonetheless, based on the level of quarantine imposed in the July to September period, Chua sees third-quarter economic performance to be an improvement over the second quarter.

In the first semester of 2020, the country’s GDP contracted 9 percent on the back of a 0.7-percent and 16.5-percent decline in the first and second quarters, respectively.

Peso…

Continued from A1

Earlier, Fitch Solutions also said the peso will likely shift to a depreciation mode in the last three months of the year.

“Looking to the next three to six months, we believe further appreciatory pressures could be somewhat offset by a pick-up in import demand as the Philippine economy reopens and the uncertainty surrounding the November US presidential elections,” Fitch said.

Remittances, one of the country’s main dollar sources, also showed signs of weakness in August after two consecutive months of recovery. The BSP reported that cash remittances fell by about 4.1 percent during the month.

“Although we previously expected the upcoming Christmas holidays to maintain the growth in remittances over the last two months, job market challenges and layoffs abroad continue to threaten this positivity,” FMIC and UA&P economists said.

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By Samuel P. Medenilla

HREE more oil exploration applications in the West Philippine Sea (WPS) are now being evaluated by the Department of Energy (DOE).

In an online press briefing on Monday, Energy Secretary Alfonso Cusi disclosed these were on top of the five service holder contracts, which were recently given the goahead to resume their oil exploration in the WPS. “In the nominated areas, there were three companies that are presently under evaluation,” Cusi said.

Last April, the DOE offered three areas in the WPS for potential investors to develop under their Philippine Conventional Energy Contracting Program (PCEP).

This was on top of the five service holder contracts, which are expected to start their oil search operation after President Duterte lifted the five-year-old exploration moratorium in the country’s Exclusive Economic Zone in the WPS. The moratorium was enforced due to the country’s territorial dispute with China in the WPS. Cusi noted they have not observed any “adverse reaction” from China on the country’s unilateral decision to resume oil exploration activities in the WPS. The President’s decision aims to allow the government to tap the natural resources in the WPS so Filipinos could benefit from it, Cusi said.

He said the exploration pe-

riod for each service contract is expected to last for five years.

During that period, the exploration work is expected to generate jobs as well as bring investments into the country.

The DOE pointed out they are open to accepting exploration applications from other countries, including China.

He stressed that partnering with China on such exploration in the WPS does not weaken the country’s claim in the WPS, which was affirmed by the 2016 arbitral award.

“Our MOU to explore a joint development program or cooperation with China [is so crafted that it] in no way…weakens or gives away our sovereigns,” Cusi said.

Foreign Affairs Secretary Teodoro Locsin Jr., who principally crafted the MOU, earlier said he opposed an earlier suggestion

to lift the moratorium only with respect to China, as this would give the Asian giant way more advantage than others. Besides the fact that Duterte’s lifting order is “universal,” meaning, any country or company can engage the Philippines as a petroleum player, the MOU will also preclude Beijing’s having the upper hand in negotiations, Locsin added.

Presidential spokesperson Harry Roque said on Monday that the country’s “sovereign right” on the resources in the WPS “may be shared by others.”

“The decision to share it is part of the sovereign rights,” Roque said.

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FOREIGN Affairs Secretary Teodoro L. Locsin Jr. said he opposed an earlier suggestion to lift the moratorium only with respect to China, as this would give the Asian giant way more advantage than others. Besides the fact that Duterte’s lifting order is “universal,” the MOU will also preclude Beijing’s having the upper hand in negotiations, Locsin said. AP/SAKCHAI LALIT

Monday.

Metro Manila is currently under GCQ until October 31.

“As the number of Covid-19 cases goes down, we open the businesses gradually,” said Garcia.

Garcia said the mayors have recommended the following measures to the Inter-Agency Task Force on Emerging Infectious (IATF) in the NCR while under GCQ:

1. Shorten the curfew hours to 12 midnight to 4 am except in Navotas City, where curfew hours will remain from 8 pm to 5 am; 2. Allow NCR residents aged 18 to 65 years old to go

outside their residences in Metro Manila; 3. Increase the capacity of churches to 30 percent.

“These three major recommendations are dependent on the approval of the IATF,” said Garcia.

Garcia said MMDA Chairman Danilo Lim presided at the MMC meeting of mayors on Sunday night. The MMC is the governing and policy-making body of the MMDA. He said that adjustment on the age allowed to leave residences in Metro Manila is aimed to help boost the economy as more businesses open.

However, Garcia appealed

to the public to avoid leisure travel and follow health and safety protocols against Covid-19 as the government has been able to control the transmission of the virus in the NCR. Meanwhile, more jeepney routes will be opened in the coming days amid the increasing demand for public transportation in Metro Manila, based on the suggestions of the Metro Manila mayors in another meeting with Transportation Secretary Arthur Tugade and Land Transportation Franchising and Regulatory Board Chairman Martin Delgra.

Claudeth Mocon Ciriaco

Experts: Study well curbs on rice importation Continued from A1

them,” Clarete told the BusinessMirror.

These are important qualifications that need to be understood when making trade policy.

These kinds of qualifications include, Clarete said, on the proposal on barring cooperatives from importing as well as the meaning of harvest.

Displaced Workers program of the Department of Labor and Employment and P2 billion for the Department of Social and Welfare and Development to assist Filipino families critically impacted by the pandemic.

He said P1.7 billion will be added to the Department of Education budget to provide Internet connection for public schools.

Also, the Energy Regulatory Commission (ERC) will get an additional P100 million and Philippine National Oil Co., P400 million, for renewable energy and energy sufficiency programs.

Salceda said P2 billion will be added to the budget of the Philippine National Police-Department the the Interior and Local Government and P2 billion for the Armed Forces of the Philippines for acquisition of two C-130 airplanes.

‘Pork-free’

METRO MAYORS WANT GCQ STATUS EXTENDED TILL DEC 31 HE Metro Manila Council (MMC), composed of 17 mayors in the National Capital Region (NCR), have recommended extending the general community quarantine (GCQ) status until December 31 this year, an official of the Metropolitan Manila Development Authority (MMDA) said on Monday.

MMDA General Manager Jose Arturo Garcia said the mayors are pushing for the extension of GCQ even as cases in the NCR have decreased.

“We would stick to GCQ until December 31, the whole NCR,” Garcia told reporters in a virtual press briefing on

VELASCO: “Let me assure you that there is no pork in the budget.” AP

Clarete said before barring cooperatives, the government should make a qualification that the policy covers “co-ops which allow themselves to be used by big importers.”

He added that if the government can define well the meaning of harvest, imposing a seasonal ban could be an NTM more than an NTB. “A seasonal ban may be defensible under the development criterion of supporting economica l ly depressed rural areas whose residents derive their main income from, say, rice. But if the harvest is arbitrary like growing livestock

and poultry then it becomes an NTB,” Clarete explained.

University of Asia and the Pacific Center for Food and Agri Business Executive Director Rolando T. Dy said Agriculture Secretary William Dar should have a basis for not allowing cooperatives to import.

Dy told the BusinessMirror this means determining whether they are legitimate farmers cooperatives or trader-financed farmers’ cooperatives.

He added that before a seasonal ban on importation is enforced, the government should determine whether the country would be compliant with the rules of the World Trade Organization (WTO).

“Such barriers may have implications on the labor market as well since these maintain existing inefficiencies,” Lanzona stressed.

On Monday, certain senators suggested halting importation of commodities during their main

harvest season of local output. This includes rice, corn, feed wheat, and whole chicken.

Last week, Agriculture Secretary William D. Dar declared in a hearing presided by Sen. Cynthia A. Villar that he will bar farmers’ cooperatives and associations from importing rice.

(Related story: https://businessmirror. com.ph/2020/10/16/agri-chief-dar-to-barfarmer-co-ops-from-importing-rice-amiddummy-for-traders-issues/)

The BusinessMirror broke the story last year that unscrupulous traders continue to use farmers’ cooperatives and associations as their fronts and dummies even after the rice industry was liberalized.

(Read the award-winning story here (https://businessmirror.com.ph/2019/10/31/ pre-and-post-rice-trade-liberalization-lawbig-traders-gaming-farmer-groups/).

Cai U. Ordinario

MEANWHILE, Speaker Lord Allan Velasco on Monday assured a “pork-free” P4.5-trillion General Appropriations Bill.

“Let me assure you that there is no pork in the budget,” Velasco said in a TV interview.

Velasco added the small committee has implemented institutional amendments as many departments and agencies were asking for bigger budgets.

“After that, the budget will be forwarded and transmitted to the Senate and then after that there is also still the bicam,” Velasco added.

Moreover, Velasco confirmed that the House will transmit the 2021 budget to the Senate by October 28.

“We agreed on October 28, best effort of the House. But October 28 can actually be made October 30.

But I believe [House Committee on Appropriations] Chairman Eric Yap has already committed that we will transmit the budget by October 28,” he added.

The House approved on final reading on October 16 the proposed national budget for 2021.

For his part, Ang Probinsyano Rep. Alfred delos Santos, a member of the House Committee on Appropriations, said the House will fasttrack the budget process to give the Senate enough time to work on the budget bill.

“We are very happy that it already finished at the third reading and [at the small committee]. Our goal is always to fast-track the process to help our fellow Filipinos.

We know that these are not normal times, and we want to meet the needs of our countrymen immediately,” Delos Santos said.

Due to the Covid-19 pandemic, he said the whole world has adjusted to the new normal and this resulted in a lot of modifications in priorities, including legislative policies.

Delos Santos said that the whole government cannot afford a reenacted budget especially with the drastic change brought by the pandemic.

“We want to assure that all government agencies have enough resources for them to be able to function in the new normal,” said Delos Santos, saying the 2021 budget is pro people and responsive to the current needs of the country.

“That is why I am very happy that the 2021 national budget is very responsive to the needs of the Philippines. There have been a lot of deliberations with various government agencies for that, so we are happy that [needs] will not be ignored,” he said.

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DA orders mandatory installation of VMM, ERS to all fishing boats

By Jasper Emmanuel Y. Arcalas @jearcalas

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GRICULTURE Secretary William D. Dar has ordered the mandatory installation of vessel monitoring measures (VMM) and electronic reporting system (ERS) to all fishing vessels in a bid to intensify the country’s efforts against illegal, unreported and unregulated fishing (IUUF).

Dar signed the Fisheries Administrative Order 266 last October 12 that updated FAO 260 of 2018, which was the government’s initial efforts in implementing VMM. FAO 260 only covered commercial vessels catching straddling and highly migratory fish stocks.

The Bureau of Fisheries and Aquatic Resources (BFAR) said the VMM is used to “track and monitor the position, course, and speed of fishing vessels at any given time for the purpose of management of fisheries and fishing effort and traceability.”

Oceana and other civil-society groups, local governments and artisanal fisherfolk lauded DA and BFAR’s issuance for the much-sought fishing vessel monitoring rules. They said the move is a timely and important step in support of the country’s food security.

In a news statement, they said that fishing monitoring technology will make monitoring in municipal waters more efficient and will deter and prevent illegal, unregulated, and unreported fishing.

Meanwhile, fisheries and other marine resources will be able to recover from decades of overexploitation and abuse, and produce sustainable seafood for our future, they said.

The VMM was a product of public consultations and deliberation by the National Fisheries and Aquatic Resources Management Council (NFARMC), the country’s highest recommending and advisory body on fisheries policies, according to BFAR. “The system will use an Automatic Location Communicator [ALC], or a tracking device equipped with a distress alert button, which when activated will automatically locate the vessel and alert authorities during accidents, or other emergencies, ensuring safety of fishers at sea,” BFAR said.

Based on the new FAO, the installation of fully operational tracking devices is now a requirement for registration, or renewal of a vessel’s license, the BFAR said.

“Aside from this, an Electronic Reporting System will be used to record and transmit catch data, including species and volume of fish caught, position of the vessel where the fish are caught, vessel activity, and port of origin and arrival in real time,” it said.

“The system will improve the country’s catch documentation and seafood traceability,” it added.

BFAR said the data from the ERS and VMS would also be used in tracking fishing behavior for scientific research and serve as a basis for more effective fisheries management measures.

“Based on the new FAO, vessels weighing 3.1 to less than 30 GT must have a DA-BFAR- approved VMS installed within one year from the effectivity of the FAO,” it said.

“For vessels weighing 30 GT or more, VMS must be installed immediately as required by FAO 260,” it added. With Jonathan L. Mayuga

Two Basilan jail escapees slain in clash with soldiers

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WO of the eight detainees who escaped from the Basilan Provincial Jail a week ago were killed by soldiers during a firefight on Sunday in Isabela City, Basilan, the military reported on Monday.

Joint Task Force Basilan commander Col. Domingo Gobway identified the dead fugitives as Nurhassan Lahaman and Battuh Kusain Murag, who both died during a five-minute firefight with soldiers at Barangay Cabunbata, Isabela City.

According to Gobway, Lahaman was a former terrorist who was detained for murder, while Murag, also a former terrorist, was involved in the Lamitan City bombing on July 30, 2018, and was detained for multiple murder and multiple frustrated murder charges.

The two were among the eight detainees who bolted from the Basilan Provincial Jail on October 13 by killing a jail guard whom they overpowered. They shot him with his own firearm.

“Based on the report from the ground, our troops from the 4th Special Forces Battalion were conducting pursuit operation at Rubber-land Resort in Barangay

Cabunbata, Isabela City to possibly apprehend the fugitives of the jailbreak which transpired on October 13 when they sighted the two in the area,” said Armed Forces Western Mindanao Command (Westmincom) commander Lt. Gen. Corleto Vinluan Jr. “Becoming aware of the presence of the military troops, the two fugitives initiated a firefight which forced the soldiers to retaliate,” he added.

Recovered from the slain fugitives were an M-653 rifle with a short magazine and 17 ammunition and a .45 caliber pistol with a magazine loaded with bullets.

Westmincom spokesman Lt. Col. Alaric delos Santos said another escapee identified as Mahad Hassan has been arrested by operating troops on October 14 at Barangay Calvario in Isabela City.

“The military and the police are in hot pursuit of the remaining escapees. We cannot deny the fact that they are familiar with the terrain, but, we are maximizing our efforts to expedite the arrest of the remaining fugitives the soonest possible,” Vinluan said.

Rene Acosta

Editor: Vittorio V. Vitug • Tuesday, October 20, 2020 A3

Navy chief reveals plan to create, deploy maritime militias to secure PHL territory

By Rene Acosta @reneacostaBM

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HE Philippine Navy is crafting a plan to create and deploy maritime Cafgu Active Auxiliaries (CAAs) in its various naval forces who will be tasked to act as “force multipliers” in securing the country’s maritime waters.

Navy Flag Officer in Command Vice Admiral Giovanni Carlo Bacordo said that although they are leaving it up to the decision of area commanders on how they would utilize the militias, they are looking at initially deploying two companies in each of the naval forces.

The Navy has naval forces deployed in Northern Luzon, Southern Luzon, and Central or the Visayas, Eastern Mindanao, Western Mindanao and in Palawan, which are operationally under the area commands of the Armed Forces of the Philippines.

“We intend to have two compa-

nies per naval forces. So that’s about 120 maritime CAAs per naval force.

That is the intent, and later on, from there, we will know if we need to increase, or we need to decrease their forces,” Bacordo said on Monday during a virtual news briefing with military reporters.

“But we will start with the baseline of 120 per naval forces,” Bacordo added.

The idea of forming and mobilizing maritime militias cropped up during last week’s hearing of the budget of the Department of National Defense after Sen. Imee Marcos moved for the formation and training of such sea-based militia force in order to secure the West Philippine Sea (WPS).

China had been using maritime militias in maintaining its presence in the territories that it disputes in the South China Sea, especially against the country, wherein a swarm of steelhulled boats operated by its militias are used to intimidate or even harass

Filipino boats in the WPS. Bacordo said the use of militias for maritime security is not new for the military, which currently employs, or supervises land-based militiamen such as the CAAs and those from the Civilian Armed Forces Geographical Unit (CAFGU) as security force multipliers.

“These maritime CAAs has been in existence for long. When I was in Naval Forces Western Mindanao way back in 2014-2016, we already have the maritime CAAs in Western Mindanao, and also in Eastern Mindanao,” the Navy chief said.

“It is like the concept of having the CAAs of the Army, which is operating on land. If you operate on water, then that’s the area of the maritime CAAs. We intend to have maritime CAAs in all of our naval forces which will be an additional contribution to the area commands,” he added.

Meanwhile, Bacordo said that the Navy plans to acquire additional antisubmarine helicopters as it enters the

era of anti-submarine warfare under its capability upgrade program by acquiring modern sea-based platforms.

The Navy has already two AgustaWestland 159 anti-submarine choppers, and as it eyeing to acquire additional assets with anti-submarine warfare capability such as the two Corvettes that it was looking to procure from South Korea.

“The plan to acquire additional AW-159 is connected to the plan also to acquire more platforms,” Bacordo said, adding that an anti-submarine helicopter operates in tandem with a ship having the same capability.

The Navy chief also said that they are ready to protect Filipino vessels on exploration and surveys in the country’s oil-rich waters following President Duterte’s decision to lift the moratorium on oil exploration in the West Philippine Sea. He said they would also sustain maritime and air patrol and improve facilities in the area for better monitoring and response.

PNP chief Cascolan reorganizes police DIPOs, appoints four new commanders

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ATIONAL Police chief General Camilo Pancratius Cascolan has ordered a new round of reorganization by designating new commanders of four of the Philippine National Police’s (PNP) integrated offices, which are equivalent to area commands in the military.

The reassignments involving commanders of four PNP-Directorate for Integrated Police Operations (DIPO), which according to PNP spokesman Col. Ysmael Yu, oversees operations of regional and provincial

mobile forces, took effect on Monday while Cascolan is in Baguio City.

Named as new directors of DIPOs are Maj. Gen. Dionardo Carlos for the Visayas, Maj. Gen. Chiquito Malayo for Western Mindanao, Brig Gen. Manuel Abu for Southern Luzon and Brig. Gen. Ferdinand Daway for Northern Luzon.

Yu said that under the PNP Sustainable Development Plan, Cascolan has tapped the DIPOs to come up with implementing rules and regulations to operationalize

new developments in terms of their expanded functions in internal security operations.

“We envision this development for our DIPOs as one of our frontline units in peace and order functions, particularly our crusade against communist insurgents and other threat groups in far-flung areas across the country,” Cascolan said.

The PNP chief ordered last month the realignment of regional and provincial maneuver units by placing them under the operational control

of the DIPOs in order to take bigger functions in relation to internal security operations.

According to Yu, DIPOs will also assume bigger roles in the investigation of major crime and terrorism incidents that crosses jurisdictions of Police Regional Offices.

He said the PNP is also eyeing to fast-track the decongestion and relocation plans for DIPO offices in strategic areas to allow closer supervision of regional and provincial mobile forces. Rene Acosta

‘₧2.5 billion for vaccine not enough’

By Claudeth Mocon-Ciriaco Correspondent

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SANITATION PACT

The Municipality of Magalang, Pampanga, represented by Mayor Romulo Pecson and Soliman EC Septic Tank Disposal represented by its President Epitacio “Dennis” Soliman sign a memorandum of agreement on October 8, 2020 to undertake waste transport and treatment services of domestic and hazardous waste in commercial businesses in the municipality. Witnessing the signing at the town hall are Soliman E.C representatives Senior Vice President Ailah Naguit; Operations Manager Gilben Roxas: Legal and Compliance Manager Dan Mart Caleon, and municipal officials Municipal administrator Lyndon Cunanan, Business Permit and licensing Office Head Rick David, Municipal Environmental Officer Albert Bais and Councilor Popoy Miranda. ASHLEY MANABAT

EALTH Undersecretary Maria Rosario Vergeire on Monday concurred with Marikina City Second District Rep. Stella Luz Quimbo that the P2.5 billion appropriation the procurement of Covid-19 vaccines in 2021 may not be enough.

In an online media forum, Vergeire said that the DOH will be needing P10.5 billion to vaccinate the “priority population” identified by President Duterte. “[These are] the health-care workers for both private and public [hospitals], indigent senior citizens, indigent, or vulnerable population or the poor...we need about P10.5 billion and [the P2.5 billion] is really not enough,” Vergeire said.

Vergeire said that the initial estimate for the vaccine is around P12.1 billion to cover just about 20 percent of the population.

The health official said that they are already looking for ways to be able to produce the needed amount by tapping unprogrammed funds.

New DOLE cash-for-work program to benefit 500,000 displaced workers

By Samuel P. Medenilla @sam_medenilla

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VER 500,000 informal sector workers who were classified as “unserved” during the implementation of the Bayanihan to Heal as One Act 1, may soon benefit from the next round of emergency

employment from the Department of Labor and Employment (DOLE).

“The instruction and mandate given to us is to prioritize those who were not given aid under the Bayanihan 1,” Bureau of Workers with Special Concerns (BWSC) Director Ma. Karina Perida-Trayvilla said in an online briefing on Monday.

Under Bayanihan 2, DOLE was given another P13 billion for its flagship programs to assist workers adversely affected by the Covid-19 pandemic.

This includes its enhanced Tulong Panghanapbuhay sa Ating Disadvantaged/Displaced Worker (TUPAD), which provides emergency employment for displaced workers in the

informal sector.

Beneficiaries of the program are usually tasked in helping clear or repair of public works, or infrastructures for at least 10 days in exchange for a daily minimum wage.

But under the enhanced TUPAD, beneficiaries will be given temporary employment for 15 to 17 days.

Trayvilla disclosed they are eyeing P6 billion of the P13-billion Bayanihan 2 fund allocated to DOLE for the implementation of the enhanced TUPAD so they could help 863,667 beneficiaries.

However, currently the labor official said they requested for an initial P4 billion, which will be good to pay

the wages of 574,379 beneficiaries.

“We hope the start the implementation before the end of October,” Trayvilla said.

Aside from extending temporary work to TUPAD beneficiaries, she said they are also planning of providing them orientation on financial and digital transaction literacy.

A4 Tuesday, October 20, 2020 • Editor: Vittorio V. Vitug

Economy BusinessMirror

www.businessmirror.com.ph

P10B in Bayanihan 2 agri stimulus up for Palace OK

By Jasper Emmanuel Y. Arcalas @jearcalas

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VER P10 billion of the government’s stimulus fund for the agriculture sector under the Bayanihan 2 could be up for President Duterte’s approval this week, a Department of Budget and Management (DBM) official said.

DBM Director Cristina B. Clasara said they first received an P11.6-billion fund request from the DA that was followed by another P2.4 billion and P1.5 billion under the Bayanihan 2.

The DA has a P24-billion allocation under Bayanihan 2.

During a Senate hearing on the DA’s 2021 budget, Clasara disclosed that the P11.6 billion is now subject to review by higher officials, which included the P4.5-billion financial assistance to farmers.

After the amount is reviewed by the higher officials, it will be endorsed to the Office of the President for Duterte’s approval.

Clasara said they are currently reviewing the P1.5 billion for six projects and P2.4-billion fund request that was submitted to them last October 15.

“The bureau just finished the review and endorsed it for approval for the recommendation of the Secre-

tary. It could be endorsed to the Office of the President this week,” she said. “OP approval is quick [since it is under the Bayanihan 2].”

Clasara said reviewing the DA’s proposals took time as most proposals were just “concepts” and they were waiting for additional documents to substantiate the funding requests.

“Some of those projects are not properly supported so we have processed and are subject for further review as far as the DBM is concerned,” she said.

Agriculture Undersecretary Ariel T. Cayanan said they have already submitted funding for 26 of the to-

tal 36 projects to be implemented using the DA’s Bayanihan 2 funds.

DA has yet to receive a single peso from its P24-billion Bayanihan 2 fund allocation to date.

“We are going to exert effort to submit the remaining 10 projects by next week,” Cayanan said at the Senate hearing. “Our P16.5-billion submission was detailed and the remaining projects would also be detailed,” he added.

The senators urged agencies such as DBM and OP to fast-track the releases of Bayanihan 2 funds for the agriculture sector to help farmers cope in the pandemic.

The Bayanihan 2 law is effective

only until December 19.

The BusinessMirror first broke the story that the DA will spend a third of its P24-billion stimulus fund under the Bayanihan 2 for income-enhancement projects, which includes P5.5 billion worth of farm-to-market connectivity projects and P600 million worth of provincial trading centers. (Related story: https://businessmirror.com. ph/2020/09/17/p8-8-billion-ofda-stimulus-fund-to-go-to-income-enhancement-projects/) A DA document obtained by the BusinessMirror showed it is spending P8.790 billion on incomeenhancement projects meant to

improve the country’s farm logistics, postharvest facilities, provide loans, farm clustering and farm-tomarket connectivity.

The DA is spending P8.71 billion for productivity enhancement projects that include a P5-billion rice resiliency project (RRP) for the dry season planting, which provides free fertilizer and seeds to farmers, among others.

Last, the remaining P6.5-billion stimulus fund of the DA will be devoted for social protection and social amelioration projects that includes a P4 billion worth of cash and food subsidy to marginal farmers and fisherfolk.

DTI readies MC for staggered work-hour shifts DA halts payment of AI lab test fees

By Elijah Felice E. Rosales @alyasjah

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HE Department of Trade and Industry (DTI) is set to issue a memorandum circular (MC) encouraging firms to stagger their work shifts to moderate the volume of passengers taking public transport during rush hours.

In a televised interview on Monday, Trade Secretary Ramon M. Lopez announced his agency is crafting a circular calling for scattered work shifts in the reopening of economy. He said this will reduce the number of passengers riding public transport units during rush hour.

In effect, Lopez argued, this should promote social distancing in mass transit units, especially at a time when the government has authorized more industries to resume operations.

“We will be issuing a [memorandum] circular encouraging companies to apply staggered shifts in working hours. This should allow

us to scatter the office hours and passengers taking public transport to avoid heavy volume of people in rush hours,” Lopez added.

The DTI has released a circular allowing a number of business establishments, mostly engaged in services, to operate at full capacity in areas under general community quarantine (GCQ).

Moreover, Lopez declared his intent to permit malls and commercial stores to initiate promos and sales in time for the holiday season. He explained this will reinvigorate activity in malls to the benefit of the economy, as people will be enticed to spend for Christmas.

This is also in line with the decision of Metro Manila mayors to shorten the curfew from 10 in the evening to 5 in the morning, to just 12 in the midnight to 4 in the morning.

“The mayors limited their curfew to 12 midnight up to 4 in the morning. This is precisely to make more economic activity happen as we reopen more sectors,” the

trade chief said.

Asked if this is paving the way toward lowering the quarantine level in Metro Manila, Lopez said the important thing is to keep on reopening the closed, or limited sectors of the country to give income source for workers.

“We don’t have to necessarily shift to modified GCQ. In a way we can reopen most of economy under GCQ, especially if there is still fear to go out from some people,” he said.

According to Lopez, the next firms the DTI is looking to reopen are those in the nonessential industries, particularly cinemas and theaters, which are just at present permitted to resume their business in areas under modified GCQ. The Metro Manila Council, the policy-making body of the 17 mayors in Metro Manila, has submitted to the national government a recommendation to keep the nation’s capital under GCQ status for at least the rest of the year.

Are we born smart, or do we learn to be smart?

By Henry J. Schumacher

W

HEN we hear stories about a seven-year-old who can speak 14 different languages, or see a video of someone with a photographic memory repeating back every single person’s name in a fiftyperson auditorium, we sit back in awe.

“How can they do that?” we say, our jaws on the ground. We begin to think that high levels of intelligence are more the result of nature, rather than nurture.

But that’s just not the case! The truth is, we are all blank slates when we arrive here on Earth. Sure, we inherit a few things from our parents, but ultimately our futures depend on our work ethic. There are plenty of brilliant people in the world who never amount to much, solely because they lacked the desire to refine their inherent talents and intelligence.

On the other side of the spectrum, there are plenty of people who had the odds stacked against them and went on to do brilliant things.

We, of course, want to belong to this group. So take note: People aren’t born smart.

People learn how to work with what they’ve got and become smart as a

result. How? Let’s learn from a super star Elon Musk: Learning is one of the overcommunicated but under-leveraged tools. Everyone talks about methods of learning, but few people find realistic and authentic techniques that actually yield a net profit in the information and application categories.

Elon Musk has broken through that barrier with learning techniques that have proven successful not just once, but time and time again.

Yes, Musk is a once-in-a-lifetime genius. He has a different way of viewing problems than the average person.

Of course, he reads hundreds of books. He works with top-level thinkers. He has astronomical levels of funding to put towards his every whim. But that’s not what makes him a great learner.

His learning methods aren’t that regal. In fact, his two rules for how to learn anything faster can be implemented by anyone at any time.

Including you!

Rule #1—Make sure you’re building a tree of knowledge What does this mean for you practically? It helps us understand that not everything is weighed with equal gravitas or importance.

When it comes to learning, there is a difference between material that ends up hanging from a branch and the material that makes up the base of the trunk of your tree. It’s the periphery vs. the central!

Musk is a master of understanding what is at the core of each of the sectors his entrepreneurial ventures sit in.

He starts there, ensuring that he has the best possible grasp on the “trunk” material before moving off into the minutiae of the branches

and the leaves.

Musk’s brilliance is found in his second rule of learning, which underlines his ability to build vast and towering trees of intellect across multiple sectors.

Rule #2–You can’t remember what you can’t connect This is how Musk was able to span sectors and shift entire industries seemingly overnight.

He started with solid roots and dense trunks, and then as he began to grow his knowledge upward, he began connecting branches and leaves together with other branches and leaves from other trees.

Musk never learns a piece of information at random. Everything he intakes, he connects back to some deeper, more solid base.

Musk plants trees, in rich soil, that grow to be thick and abundant centers of learning.

You can do the same. You just need to embrace his two rules. Build the trunk first, then work tirelessly on making connections.

Let me conclude with my vision: Smart people hang around other smart people.

Most people hang around other people just like them (of course observing social distancing, for the time being). This can be a good thing when done intentionally.

If you want to become smarter, you have to spend time around people smarter than yourself, or at least communicate with them.

One of my favorite quotes is, “If you’re the smartest person in the room, you’re in the wrong room.”

Smart people hang around other smart people. Remember: You are the reflection of the five people you spend the most time with!

I look forward to your smart responses; e-mail me at hjschumacher59@gmail.com

T

HE Department of Agriculture (DA) has ordered a moratorium on avian influenza (AI) laboratory fees to help local raisers reduce their production costs during the pandemic and boost the government’s surveillance program.

Agriculture Secretary William D. Dar issued Administrative Order (AO) 31 issued October 12 that implemented a moratorium on the charging of laboratory fees for AI tests by the Animal Disease Diagnosis Reference Laboratory of the Bureau of Animal Industry (BAI).

The moratorium also covered the charges required by the Regional Animal Disease Diagnostic Laboratories (R ADDLs).

Securing an AI test from the aforementioned laboratories is required for the local transport of animals and farm accreditation.

The moratorium would be implemented until the end of the year based on the AO. BAI Director Ronnie D. Domingo said the moratorium would help livestock and poultry producers

to reduce their production costs and facilitate easier transport of produce during this pandemic.

“We need to help our livestock and poultry producers who were significantly affected by the pandemic restrictions. Through the moratorium we help reduce production costs and facilitate shipment of poultry products,” Domingo told the BusinessMirror.

Furthermore, Domingo said providing free laboratory AI tests would “encourage the local producers to submit samples for AI surveillance.”

“Increased submissions, improve the overall scope and sensitivity of our avian influenza surveillance program. We need to sustain early detection and early response,” he said.

In the AO, Dar said “there is a need to maintain and improve the Al reporting system of the country by ensuring that laboratory tests are conducted to confirm field reports, or suspect cases.”

Dar also said in the AO that laboratory services and fees become

burdensome to most clients since in some situations multiple tests are needed.

“In some instances, multiple tests need to be conducted to attain conclusive results that are not affordable for most clients,” he said.

“There is a need to harmonize the laboratory services and fees under the DA in order to have a uniform implementation of the AI Prevention and Control program,” he added.

Domingo said the BAI’s laboratories have sufficient capacity, in terms of test kits and funding, to cater to the possible influx of AI tests from the local industry.

The Philippines had three confirmed bird flu outbreaks this year in different areas: Jaen, Rizal; San Luis, Pampanga; and Taytay, Rizal. (Related story here: https://businessmirror.com.ph/2020/09/22/da-bird-fluoutbreak-in-taytay-under-control/) All the three bird flu outbreaks this year have been resolved and under control by the government due to immediate responses.

Jasper Emmanuel Y. Arcalas

Rules on IPR Oil firms adjust kerosene, diesel cases revised pump prices; gas P0.25 cheaper

T

HE Supreme Court has announced that the 2020 Revised Rules of Procedure for Intellectual Property Rights (IPR) will take effect next month and is expected to hasten the resolution of disputes involving trademarks, patents and copyright.

The 2020 Revised Rules of Procedure for IPR rules is set to take effect on November 16, 2020, following extensive discussions by stakeholders.

The 2020 revised IPR rules has shortened the period for courts to issue judgment on IPR cases from 90 days to 60 days.

“The 2020 IPR rules are designed to foster a legal atmosphere that ultimately spurs creative activity and innovation, technology transfer, and foreign investment,” the SC said.

Under rules, Special Commercial Courts in the cities of Baguio, Iloilo, Cebu, Cagayan de Oro, and Davao will be vested with the authority to issue writs of search and seizure in civil and criminal actions that could be enforced nationwide.

For civil cases, the prohibited pleadings and motions have been modified to allow for motions to dismiss on grounds of lack of jurisdiction, litis pendentia or when a similar case is already pending in court, res judicata or when the matter had already been decided by a court and prescription.

Motions for postponement may also be allowed, but only on the ground of Acts of God, force majeure, or justified physical inability of the witness to appear and testify, according to the SC. As for criminal cases, the SC adopted in the 2020 revised IPR rules the fine points of the Revised Guidelines for Continuous Trial of Criminal Cases such as the grounds for prohibited motions, the mandatory use of judicial affidavits which constitute the direct testimonies of the witnesses who executed them, and the simultaneous setting of arraignment and pretrial, proper scheduling of the trial of cases, strict rules on postponement, proper stipulation of facts and testimonies of witnesses, adoption of timelines and other rules intended to hasten the resolution of criminal cases.

“As regards the modes of discovery, courts may now allow the use of electronic means such as teleconferencing or videoconferencing in the taking of depositions and in other modes of discovery,” the SC said. Joel R. San Juan

By Lenie Lectura

@llectura

P

UMP prices of diesel and kerosene prices will be adjusted this week, while gasoline prices will be rolled back.

In separate announcements, oil firms said Monday that they will implement a P0.25 per liter rollback for all gasoline products. On the other hand, they will increase the price of diesel by P0.25 per liter and kerosene

by P0.20 per liter.

Petron Corp., Pilipinas Shell Petroleum Corp., PTT Philippines, Seaoil, Total and Phoenix Petroleum

said they will implement their price adjustment at 6 a.m. of October 20.

“These reflect movements in the international oil market,” said Petron.

Cleanfuel, on the other hand, will adjust its pump prices at 4 p.m.

Tuesday.

Other oil firms are expected to follow suit.

Fuel prices are adjusted every week.

Last week, oil firms raised diesel prices by P0.45 per liter and P0.55 per liter for kerosene. Gasoline prices, meanwhile, were reduced by P0.10 per liter.

Baguio still cautious about visitors’ entry, data show continued from a8

The new health and safety measures will be finalized anew together with the Inter-Agency Task Force for Emerging Infectious Diseases (IATF-EID) Technical Working Group.

Baguio has already relaxed the requirement for visitors to book their itineraries with a DOT-accredited tour agency.

Guests, however, are still required to book in a DOT-accredited hotel which has been issued a Certificate of Authority to Operate.

“Now that we have an actual visitor count, the city has an important reference point and valuable feedback on how to move forward from this initial opening period,” said Romulo Puyat in her opening remarks during the meeting. “The Ridge and Reef Project is one of the pioneering efforts to get our industry back on track, and the whole country is watching closely. Everyone’s determination to get the job done responsibly has been truly inspiring,” she added.

Ilocos Norte has also started accepting tourists from the NCR and the rest of Luzon on October 15, while Ilocos Sur has announced they would do the same starting November 15.

Meanwhile, the DOT welcomed the amended guidelines from the IATF-EID allowing the movement of persons traveling between areas under general community quarantine (GCQ) and modified GCQ. The IATF-EID also approved the recommendation gradually allowing individuals between 15 years old and 65 years old to leave their residences.

In a news statement, Romulo Puyat said, “These new policies support the DOT’s programs aimed at rebuilding the tourism industry to bring back lost jobs and livelihoods and stir local economies.”

She added, the amended guidelines will empower LGUs to responsibly reopen their respective destinations to more areas outside their province or region with the minimum health and safety measures in place. “The flexible travel movements, however, do not mean that we will be relaxing our health standards. We will continue to work with the LGUs in enforcing safety protocols and enhanced hygiene measures in all sectors of the tourism industry.”

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

The World BusinessMirror

China’s recovery boosts world outlook as consumers perk up

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hina’s economic recovery from the depths plunged during the Covid-19 pandemic continued, providing support for a world economy suffering its deepest recession since the Great Depression.

Gross domestic product climbed 4.9 percent in the third quarter from a year ago, according to data released in Beijing on Monday. That’s lower than economists forecast, but faster than the 3.2 percent expansion seen in the second quarter. Retail sales expanded 3.3 percent in September, industrial production grew 6.9 percent in the month and investment growth accelerated to 0.8 percent in the nine months to the end of the quarter.

Despite the weaker-than- expected GDP performance, output expanded 0.7 percent in the year to date, meaning that the world’s second-largest economy regained all the ground it lost in the first half.

Strong import growth in the third quarter may have dented the GDP number while still being a positive sign for overall output.

While Chinese stocks pared gains after the data, they remained above Friday’s close. The yuan was little changed, having briefly climbed to the strongest level since April 2019 as onshore trading started on Monday.

Underpinning the recovery has been an aggressive containment of the deadly coronavirus that has allowed factories to quickly reopen and capitalize on a global rush for medical equipment and work-fromhome technology—a dynamic that helped exporters win record market share in the seven months to July.

“One of the reasons that headline GDP missed expectations is probably a strong rebound in imports, which contributes negatively to GDP,” said Liu Peiqian, China economist at Natwest Markets Plc in Singapore. “That should not be viewed negatively, as strong growth in imports reflected recovery in underlying economic growth is strengthening.”

Shoppers have been more cautious, but robust spending through the recent Golden Week holidays suggests they too are starting to open their wallets again.

“China’s recovery remains intact, even with a slower-than-anticipated pickup in Q3 GDP growth.

The undershoot was caused by a service sector still struggling to shake off the virus impact. But the manufacturing sector leapt back to pre-pandemic levels of growth,” Click here to read the full report.

Said Chang Shu, Bloomberg’s chief Asia economist.

The recover y has come with relatively restrained government borrowing and central bank easing compared to China’s peers. Instead, the government has focused on targeted support for business, a contrast to how it responded to the global financial crisis.

“China is supporting the world in a different way from what it did after 2008,” said Shen Jianguang, chief economist of e-commerce giant, JD.com. “A slowing economy means it could not afford another stimulus in 2020. Instead, it did its job by serving as the ‘supplier of last resort’.”

Central bank Governor Yi Gang said Sunday

that China has “pro-active fiscal policy” and “an accommodative monetary policy to support the economy.”

“Right now, China has basically put Covid-19 under control,” Yi said in a webinar organized by the Group of 30. “In general, the Chinese economy remains resilient with great potential. Continued recovery is anticipated, which will benefit the global economy.”

Growing share Analysis of International Monetary Fund data shows the proportion of worldwide growth coming from China is expected to increase from 26.8 percent in 2021 to 27.7 percent in 2025, according to Bloomberg calculations.

The IMF says Chinese growth is virtually the only reason it expects global output to be 0.6 percent higher by the end of 2021 compared to the end of 2019.

But the recovery isn’t without its holes. The economy was only 0.7 percent larger in the nine months through September than it was in the same period in 2019. At the start of the year the government expected full-year growth of around 6 percent.

And consumers have been slow to spend as they once did. Even with the virus under control, shoppers have spent about 9 percent less in the first eight months of the year compared to the same period last year.

It’s also unclear how durable the recovery will prove to be given domestic pressures from unemployment and rising corporate and household debt. China Evergrande Group, the world’s most indebted developer, has rattled investors amid fears for its financial health.

Much will also depend on how relations with the US evolve after November’s presidential election. Any worsening of trade frictions could throw a spanner in the export revival. At the same time, the resurgent virus in Europe and the US will complicate the global rebound and could impair China’s own recovery.

Getting the economy quickly back on its feet is crucial to China’s global ambitions. They were hammered home last week by President Xi Jinping during a tour of tech-hub Shenzhen, where he doubled down on calls to take the global lead in technology and other strategic industries.

Urging an “unswer ving” commitment to technological innovation in a period of “changes unseen in a century,” Xi again promoted a need to become more self reliant, a policy that is expected to be a central part of a new five-year economic plan that will be discussed at a Communist Party gathering expected later this month.

That focus on driving growth in new economy sectors like consumption, technology and services means investment there is outstripping that in old sectors, making this cycle different from the credit and construction boom post 2008, noted Cui Li, head of macro research at CCB International Holdings Ltd. in Hong Kong.

“An industrial cycle led by the economic upgrade and the absence of a large credit expansion will make this growth recovery more sustainable,” she said. “The Chinese recovery will sustain.”

Bloomberg News

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their supply chains, to help businesses dilute the concentration of production in China, the Nikkei newspaper reported last week. Vietnam, Japan’s seventh-largest trading partner, is likely to be among the key beneficiaries of such a move.

Suga’s visit to Hanoi is the latest example of the delicate balance he faces between neighboring China and the US, Japan’s only formal military ally. It comes less than two weeks after he hosted a ministerial-level meeting of the so-called Quad, a group of democracies also including the US, India and Australia, which China has criticized as “stoking a new Cold War.” Ties between China and Japan appear to have turned chillier. Earlier this month, a Chinese government vessel spent a record of more than 57 continuous hours in waters that Japan claims as its territory around uninhabited isles known as the Senkaku in Japan and the Diaoyu in China, prompting repeated protests from Tokyo.

Meanwhile, tensions in the South China Sea remain high, with Vietnam among the nations that dispute China’s territorial claims, affecting access to energy reserves and fishing zones, as well as freedom of navigation in waters through which $3 trillion in trade transited in 2016.

Suga’s predecessor, long-serving premier Shinzo Abe, worked doggedly to improve ties with China that were at their worst in decades when he came to office in 2012. His efforts were set to be crowned with a state visit by Chinese President Xi Jinping that was planned for the spring. That was postponed indefinitely amid the coronavirus pandemic, and Beijing’s clampdown on Hong Kong prompted some in Japan’s ruling Liberal Democratic Party to call for the trip to be canceled altogether.

Suga will also visit Indonesia before returning to Tokyo later this week. Bloomberg News

A5

As coronavirus flares globally, new strategies target hot spots

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EW YORK—After entire nations were shut down during the first surge of the coronavirus earlier this year, some countries and US states are trying more targeted measures as cases rise again around the world, especially in Europe and the Americas.

New York’s new round of virus shutdowns zeroes in on individual neighborhoods, closing schools and businesses in hot spots measuring just a couple of square miles.

Spanish officials limited travel to and from some parts of Madrid before restrictions were widened throughout the capital and some suburbs.

Italian authorities have sometimes quarantined spots as small as a single building.

While countries including Israel and the Czech Republic have reinstated nationwide closures, other governments hope smaller-scale shutdowns can work this time, in conjunction with testing, contact tracing and other initiatives they’ve now built up.

The concept of containing hot spots isn’t new, but it’s being tested under new pressures as authorities try to avoid a dreaded resurgence of illness and deaths, this time with economies weakened from earlier lockdowns, populations chafing at the idea of renewed restrictions and some communities complaining of unequal treatment.

Some scientists say a localized approach, if well tailored and explained to the public, can be a nimble response at a complex point in the pandemic.

“It is pragmatic in appreciation of ‘restriction fatigue’...but it is strategic, allowing for mobilization of substantial resources to where they are needed most,” says Dr. Wafaa El-Sadr, who is following New York City’s efforts closely and is on some city advisory boards.

Other scientists are warier.

“If we’re serious about wiping out Covid in an area, we need coor-

dinated responses across” as wide a swath as possible, says Benjamin Althouse, a research scientist with the Institute for Disease Modeling in Washington state.

In a study that has been posted online but not published in a journal or reviewed by independent experts, Althouse and other scientists found that amid patchwork coronaviruscontrol measures in the US this spring, some people traveled farther than usual for such activities as worship, suggesting they might have responded to closures by hopscotching to less-restricted areas.

Still, choosing between limited closures and widespread restrictions is “a very, very difficult decision,” Althouse notes. “I’m glad I’m not the one making it.”

Early in the outbreak, countries tried to quell hot spots from Wuhan, China—where a stringent lockdown was seen as key in squelching transmission in the world’s most populous nation—to Italy, where a decision to seal off 10 towns in the northern region of Lombardy evolved within weeks into a nationwide lockdown.

After the virus’s first surge, officials fought flare-ups with citysized closures this summer in places from Barcelona, Spain, to Seoul to Melbourne, Australia.

In the English city of Leicester, nonessential shops were shut down and households banned from mixing in late June.

The infection rate fell, dropping from 135 cases per 100,000 to around 25 cases per 100,000 in about two months.

Proponents took that as evidence that localized lockdowns work.

Skeptics argued that summertime transmission rates were generally

low anyway in the United Kingdom, where the official coronavirus death toll of over 43,000 stands as Europe’s highest, according to figures compiled by Johns Hopkins University.

With infection levels and deaths rising anew in Britain, scientists have advised officials to implement a national, two-week lockdown. Instead, the government on Monday carved England into three tiers of coronavirus risk, with restrictions ranging accordingly.

“As a general principle, the targeting of measures to specific groups or geographical areas is preferable to one-size-fits-all measures, because they allow us to minimize the damage that social distancing inevitably imposes on society and the economy,” said Flavio Toxvaerd, who specializes in economic epidemiology at the University of Cambridge.

The damage doesn’t feel so minimal to Steven Goldstein, who had to close his New York City men’s hat shop last week.

The 72-year-old business, Bencraft Hatters, is in one of a handful of small areas around the state with new restrictions. Authorities hope they’ll avert a wider crisis in a state that beat back the deadliest spike in the US this spring, losing over 33,000 people to date.

Goldstein takes the virus seriously—he said he and his mother both had it early on—and he sees the economic rationale behind trying local restrictions instead of another citywide or statewide shutdown.

But he questions whether the zones are capturing all the trouble spots, and he’s rankled that the restrictions are falling on his shop after, he says, he faithfully enforced mask-wearing and other rules.

“I did my part, and a lot of other people did our part, and yet we’re being forced to close,” said Goldstein, 53, who tapped into savings to sustain the third-generation business through the earlier shutdown.

In New York’s most restricted “red zones,” houses of worship can’t admit more than 10 people at a time and schools and nonessential businesses have been closed. Those zones are ensconced in small orange and yellow zones with lighter restrictions.

Some resea rc hers, however,

Japan’s Suga lands defense deal with Vietnam amid China tension Israel, Bahrain sign deal establishing formal ties apanese Prime Minister Yoshihide Suga reached an agreement to send defense equipment to Vietnam, using his inaugural summit abroad as premier to signal wariness toward China.

On his first foreign trip since taking office in September, Suga held talks on Monday with Prime Minister Nguyen Xuan Phuc in Hanoi, where the two also affirmed their cooperation on security issues including tensions in the South China Sea and the threat posed by North Korea, Suga said in a joint news briefing.

Details of the military deal were not immediately available but Japan was seeking an agreement to export defense equipment, including patrol planes and radar to step up Vietnam’s surveillance capabilities, Kyodo News reported ahead of the meeting, citing Japanese officials. The two countries agreed to resume passenger flights that had been suspended due to the coronavirus pandemic, Suga said.

“It’s a big step in terms of security for our two countries to reach a substantive agreement on the transfer of defense technology and equipment,” Suga said.

Phuc welcomed Japan’s“active role in contributing to the regional and global peace and stability.” He said both countries agreed that regional disputes should be resolved “without the use of violence or threats of violence.”

Japan and Vietnam both face the dilemma of having China as their largest trading partner and as an adversary in territorial disputes. They have also been dragged into the fray in the months of confrontations between Beijing and the US. “We will promote the diversification of the supply chain,” Suga said, adding this will include the procurement of medical supplies made in Vietnam.

The Japanese premier has been looking for an expansion of subsidies for firms that diversify

Tuesday, October 20, 2020

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ERUSALEM—Is rael and B ahrain on S u n d ay a gre e d to e s t a b l i s h f o rm a l diplomatic relations, making the small G ulf countr y the four th Arab state to normalize ties with Israel.

The US-brokered agreement capped a one-day visit by a high-level delegation of American and Israeli officials to Bahrain.

Bahrain joined the United Arab Emirates at a festive White House ceremony last month marking the “Abraham Accords,” a pair of US-brokered diplomatic pacts with Israel.

While the UAE’s deal with Israel formally established ties, the agreement with Bahrain was less detailed and included a mutual pledge to follow suit.

Sunday’s visit appeared to complete that task, clearing the way for the countries to open embassies and exchange ambassadors in the coming months.

“It was indeed an historic visit, to start opening relations between both countries, to have fruitful bilateral relations in both fields,” said Bahrain’s foreign minister, Abdullatif alZayani, at the signing ceremony.

US Treasury Secretary Steven Mnuchin and Israeli Prime Minister Benjamin Netanyahu’s national security adviser, Meir Ben-Shabbat, led the delegations.

“Today we made the first formal step in bringing closer ties between the countries,” Ben-Shabbat said. “We were accepted with open arms, with warmth and cordiality.”

“This is an important step in stability in the region, in bring prosperity to all the people in the region and in the countries,” added Mnuchin.

Israel’s agreements with the UAE and Bahrain have marked diplomatic victories for the Trump administration and for Netanyahu.

But they have come under heavy criticism from the Palestinians, who have long counted on a unified Arab stance that recognition of Israel should come only after the Palestinians achieve an independent state of their own.

The agreements reflect a shifting Middle East, in which shared concerns about Iran and business opportunities have overshadowed the Palestinian issue.

Th e Pa l e s t i n i a n s h ave s e ve re d t i e s with the White House, accusing it of being unfairly biased toward Israel. US officials have in turn cultivated ties between Israel and Arab states, hoping to increase pressure on the Palestinians to reduce past demands in peace talks.

B a h r a i n i c i v i l s o c i e t y g ro u p s a n d opposition figures, already targeted in a yearslong crackdown on dissent, have also spoken out against normalization with Israel.

Israel’s commercial El Al flight 973—a nod to the international dialing code for B ahrain—flew through Saudi Arabia’s airspace en route to Manama. Although Saudi Arabia has not normalized ties with Israel, it has signaled tacit support for the moves by its Gulf neighbors, which reflect shared concerns about Iran.

The El Al flight landed at B ahrain International Airport on Sunday afternoon.

Th e ki n g d o m’s s t ate - ow n e d te l e v i s i o n channels did not carry the arrival l i ve. B a h ra i n’s s t ate - ru n n e w s a g e n c y later published pic tures of the arrival,

acknowledging the Israeli officials were there to sign documents “establishing diplomatic relations between the kingdom of Bahrain and the state of Israel, in addition to a number of memoranda of understanding in the areas of joint cooperation.”

In a rare recording, the Islamic State group condemned the move toward n o r m a l i z at i o n w i t h I s ra e l, i d e nt i f y i n g the UAE and Bahrain and also accusing Saudi Arabia of showing “subservience to crusaders” and Jews.

“Here now, the Jews have come to you and are walking freely in your streets and countries, feeling safe and secure with approval from your tyrants and supported by your edicts,” said the group’s spokesman, Abu Hamza al-Qurayshi. He also called for attacks to undermine the Saudi economy.

It was the first recording by al-Qurayshi in about a year.

Egypt and Jordan are the only other two Arab states to sign diplomatic treaties with Israel, in 1979 and 1994, respectively.

Other Arab countries could follow suit, with analysts and insiders pointing to Sudan, Oman and Morocco as possibilities.

The trip to Bahrain on Sunday also came as UN arms embargoes on Iran expired despite American objections. Bahrain, like several other Gulf Arab nations, views Iran as the most serious threat to its security in the Persian Gulf.

The Israeli delegation was slated to fly back to Tel Aviv later Sunday, while the Americans will head to the UAE before flying to Israel on Tuesday. AP

say officials need to consider not just where people live, but where else they go. In New York City, people can escape restr ictions entirely by ta k ing the subway one or two stops. “ T here’s room for improve ment by taking into account some spillovers across neighborhoods,” says John Birge, a University of Chicago Booth School of Business operations research professor.

He, colleague Ozan Candogan and Northwestern University graduate student Yiding Feng have been modeling how localized restrictions in New York City could best minimize both infections and economic harm; the research hasn’t yet been reviewed by other experts.

If hot spot measures can be strategic, they also have been criticized as unfairly selective.

In Brooklyn, Orthodox Jews have complained their communities are being singled out for criticism. In Madrid, residents of working-class areas under mobility restrictions said authorities were stigmatizing the poor. Restaurant and bar owners in Marseille, France, said the city was unfairly targeted last month for the nation’s toughest virus rules at the time. As of Saturday, several French cities, including Paris and Marseille, were subject to restrictions including a 9 p.m. curfew.

When an apartment complex housing mostly Bulgarian migrant farm workers was locked down in late June in the Italian city of Mondragone, the workers protested, and about a dozen broke the quarantine.

Other denizens of Mondragone feared infection would spread and, at one point, surrounded the buildings and jeered at the residents, one of whom tossed down a chair.

Eventually, authorities called in the army to maintain the quarantine and keep the peace.

For hot spot shutdowns to work, public health experts say, the message behind the measures is key.

“Lead with: ‘Here’s a community in need.... We should be empathetic,’” said Rutgers University epidemiology and biostatistics professor Henry F. Raymond. “It’s not a criticism of those people’s behaviors.

It’s just saying, ‘These communities might need more attention.’” AP

Thai parliament eyes special session as protests escalate

T

hai lawmakers are set to meet on Monday to decide on convening a special parliament session to discuss ways to end an escalating protest movement calling for the ouster of Prayuth Chan-Ocha’s government and the reform of the monarchy.

Chuan Leekpai, speaker of the lower house of parliament, will meet with lawmakers from the ruling and opposition parties in Bangkok and will decide if the house should be convened before its next scheduled session from November 1. The extraordinary session will need King Maha Vajiralongkorn’s endorsement.

Tens of thousands of pro-democracy protesters rallied in the capital for a fifth day on Sunday, defying a ban on gatherings and the threat of crackdowns by the police. The protesters have broken long-held taboos about publicly criticizing the royal family and questioned laws that stifle discussion of the monarchy.

They’re also calling for the resignation of Prayuth’s government and a rewriting of the constitution, which was drafted by a militaryappointed panel after the premier, a former army chief, took power in a 2014 coup. The activists say the charter was instrumental in helping Prayuth retain power after the 2019 elections.

“The government may start the process for charter amendment to reduce some pressure but it likely won’t result in everything that the protesters demand,” said Punchada Sirivunnabood, an associate professor of politics at Mahidol University near Bangkok.

A state of emergency in the capital and the arrests of more than 50 leaders have failed to deter the mostly student-led protesters, with the movement calling for daily demonstrations until their demands are met. The protests are gaining momentum amid the worst economic crisis facing the tourism- and trade-reliant nation, which has passed a $60 billion stimulus to battle the pandemic-triggered slump.

The escalating protest movement across Thailand may still hamper the government’s plan to gradually reopen tourism to foreign visitors on the back of its relative success in containing the coronavirus pandemic. The mass gatherings have raised concerns of a renewed virus outbreak. The country reported five new local virus transmissions on the weekend from the Tak province that borders Myanmar, which has seen a surge in cases ahead of national elections scheduled for November 8.

“At some point in the next two weeks, the daily protests may lose steam because it would get tiring for protesters with the police arresting leaders and dispersing crowds,” Punchada said.

“The protesters may change to holding big gatherings weekly or biweekly instead, although the momentum of movement will remain online.” Bloomberg News

A6 Tuesday, October 20, 2020 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

How will the global Covid crisis end?

G

lobally, the coronavirus has already infected over 40 million people and claimed more than a million lives. As the virus flares globally, governments are contemplating smaller-scale shutdowns in conjunction with testing, contact tracing and other initiatives they have put in place to stop widespread infections.

A new approach is needed. After almost a year of enduring mobility restrictions and avoiding crowded places, people are now suffering from “restriction fatigue.”

Now comes the question: When will the pandemic end? According to experts, there are two ways to describe an end to a pandemic. The first one is elimination, which is a reduction of new cases to a low number—preferably zero. The other is eradication, which means wiping out the virus from existence.

In a commentary special to Global News—History shows Covid-19 may fade out, but likely won’t disappear—Nükhet Varlik said: “In the early days of the pandemic, many people hoped the coronavirus would simply fade away. Some argued that it would disappear on its own with the summer heat. Others claimed that herd immunity would kick in once enough people had been infected. But none of that has happened. A combination of public health efforts to contain and mitigate the pandemic—from rigorous testing and contact tracing to social distancing and wearing masks—have been proven to help. Given that the virus has spread almost everywhere in the world, though, such measures alone can’t bring the pandemic to an end. All eyes are now turned to vaccine development, which is being pursued at unprecedented speed. Yet experts tell us that even with a successful vaccine and effective treatment, Covid-19 may never go away. Even if the pandemic is curbed in one part of the world, it will likely continue in other places, causing infections elsewhere. And even if it is no longer an immediate pandemic-level threat, the coronavirus will likely become endemic—meaning slow, sustained transmission will persist. The coronavirus will continue to cause smaller outbreaks, much like seasonal flu.”

In the US, the Trump administration wants to fast track vaccine development. The US effort to accelerate the delivery of a vaccine is named Operation Warp Speed. President Donald Trump has pushed for a vaccine before the November 3 election, although many companies and experts have said it is unlikely. Trump recently acknowledged that a vaccine may not be available before the election, and he blamed “politics” after regulators released new standards that could delay an authorization.

From Bloomberg: “Fading trust in governments, political interference and the dash to create a shot in record time are sowing doubts. Temporary halts to studies because of unexplained illnesses in volunteers—a part of vaccine development that doesn’t usually make headlines—add to the anxiety. These misgivings could hobble the high-stakes quest to slow a pathogen that’s killed 1.1 million people. Assuming immunizations can be successfully developed, mass-produced and deployed, vaccine advocates will need to convince enough people the shots are key to ending the crisis. In a survey of 20,000 people conducted over the summer, more than a quarter of respondents said they wouldn’t get a Covid shot. Russia, Poland, Hungary and France had the lowest support, the World Economic Forum and Ipsos study showed.”

An Associated Press story said that “while it’s not unusual to pause studies to probe potential side effects, those episodes highlight why the work can’t be rushed. Tests of the AstraZeneca vaccine in the US remain on hold after a volunteer in a UK trial became ill more than a month ago. Johnson & Johnson said last week it would pause its study to investigate an ailment, which it didn’t specify, in a participant. The fast pace of the studies has made people uneasy.”

Since 2005

BusinessMirror A broader look at today’s business

DPWH infrastructure projects under the radar Manny B. Villar

THE Entrepreneur

C

ovid-19 news and the coverage of the US presidential elections are understandably dominating newspaper headlines and the airwaves nowadays. Under the radar are the infrastructure accomplishments of the government, which I believe will secure the future of the Philippine economy.

I will reiterate what I wrote in my column last week. Public investment is our way out of this pandemic that has destroyed millions of jobs and derailed our economic growth. No less than the International Monetary Fund urged the revival of delayed infrastructure projects and the construction of new ones to help in the recovery effort. Construction works quickly create jobs while the completion of infrastructure projects provides the foundation for increased economic activities.

Infrastructure spending is not limited to the government sector.

The private sector is key to the success of the government’s “Build, Build, Build” infrastructure program. As the IMF noted, public investment encour-

ages the private sector to also invest.

Increasing public investment by 1 percent of the gross domestic product bolsters private investment by 10 percent, employment by 1.2 percent and the GDP by 2.7 percent.

Meanwhile, I am pleased to learn that the Department of Public Works and Highways has made great strides amid age-old corruption allegations.

Corruption at the DPWH, just like in any other frontline agencies, will not be eliminated overnight. But reforms and the strict enforcement of the rules will slowly eradicate this menace. The DPWH reported that close to 30 contractors have been blacklisted as part of the department’s anti-corruption efforts. The agency’s leadership has taken the challenge

Truth is poetry

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OUTSIDE THE BOX

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M

y two favorite films of the 21st century—Wolf of Wall Street and The Big Short—will never appear on the Top 50 or even Top 100 list. Part of the reason for that is the subject matter. The average person has absolutely no idea how the financial and asset markets work or even why they exist.

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While the characters in these films are in their mid to late 30s, the average 30-year-old today is embarrassingly ignorant about money and the markets. You also might think that it is not important, but note this: Over 1 billion people hold credits cards, with Canadians being No. 1 on the list as 80 percent of them has at least one card. The interest rate payable on those credit lines is determined in part by what happens daily in the financial markets.

Is it really necessary to mention that the price of literally everything runs off the price of the most widely and actively traded asset in the world—crude oil?

The scams of the Wolf of Wall

Street were not about “financial literacy.” When a person is able to invest several hundred thousand dollars, he is not “illiterate.” Likewise, the global banks, pension funds, institutional investment companies, and individuals that were destroyed by the global debt failure and the Western housing market collapse were extremely literate.

There’s a line in The Big Short that explains it all: “Truth is like poetry and most people hate poetry.”

People who were cheated by Jordan Belfort—and thousands others like him—were not abnormally greedy, particularly incompetent, or overly trusting. What they refused to do was confront the truth.

to continue fighting harder to stop corruption at the DPWH. “We have the monitoring systems. So far, all of our projects have geo-tagging so we would know the condition or status of the projects.

We continue to remain strict in our campaign,” says the DPWH. The DPWH, indeed, is doing its part in nation building. One will be amazed at the completion rate of major infrastructure projects under the current administration. Not many are aware that the DPWH has either completed major road networks or been building infrastructure projects without letup despite the mobility challenges posed by the pandemic.

Just recently, the DPWH announced the completion of the Metro Manila Skyway Stage 3 Expressway that connects the southern and northern part of Metro Manila.

The 18-kilometer elevated expressway linking the two major expressways in Luzon—the South Luzon Expressway and North Luzon Expressway—was completed ahead of the October 31 schedule. With the new toll road, travel from Slex to Nlex will now only take 20 minutes from about three hours. With reduced travel time, the elevated expressway will certainly decongest traffic in Metro Manila by providing a diversion road for Edsa and other

major roads in Metro Manila.

Not many people realize that the DPWH has lined up over a dozen roads and expressways projects—all aimed at decongesting traffic in the National Capital Region and improving the flow of goods from the provinces. The DPWH earlier reported the completion of the Nlex Harbor Link Segment 10 project, a 5.58km, six-lane elevated expressway connecting McArthur Highway and C-3 road. The road uses the existing PNR railroad tracks that cut across Valenzuela City and Malabon City.

The completion of this road reduced the travel time from Valenzuela City to C-3 in Caloocan City to just five minutes from more than an hour.

Civil works, meanwhile, are ongoing on the ambitious Southeast Metro Manila Expressway, C-6 (Phase 1) project of the DPWH. The 32.66-km elevated and at-grade expressway project from Skyway and FTI in Taguig City to the Batasan Complex in Quezon City will reduce travel time from Bicutan to Batasan to just 26 minutes from one hour and 50 minutes.

Another completed project is the Laguna Lake Highway, a 6.94-km road with a three-meter-wide protected bike lane, and the additional two-lane Napindan Bridge 2. The See “Villar,” A7

When it comes to facing the truth, stock market investors— primarily institutions—are deaf, dumb, and blind. Outside of the tech issues, there have been zero earnings per share growth in the past 12 years. Yet the Dow Jones Industrial Average is 225 percent higher since end 2008.

Even individuals bragged to their friends about buying a new house by receiving a “NINJA Loan”—“No Income, No Job, No Assets.” And none of these people were asleep in the early 1990s when the government had to spend $30 billion (to date) to bail out the savings and loan industry for all the failed housing loans they made.

When it comes to facing the truth, stock market investors—primarily institutions—are deaf, dumb, and blind. Outside of the tech issues, there have been zero earnings per share growth in the past 12 years.

Yet the Dow Jones Industrial Average is 225 percent higher since end 2008. If you take away global technology companies, the World ex-Technology Stock market Index has achieved zero earnings growth since the 2008 crisis.

The popular American science fiction television series The X-Files used this as the tag line: “The Truth is Out There.” But the American supernatural drama television series Charmed said it best: “The Truth Is Out There…and It Hurts.”

Stock market investing is like a bank account in that’s supposed to be instantly liquid. The first time Belfort and his ‘Boys’ said “you cannot get your money,” the next call should have been to law enforcement. The only genuine reason for not allowing a withdrawal I heard of was several months ago when a local mutual fund could not honor withdrawal requests for a couple of days. This was because, while the banks and stock market were open, mobility restrictions did not allow their employees to come to work to process the withdrawals.

In the run up to the 2007 global financial crisis, literally everyone— government regulators, banks and financial institutions, the real-estate industry, and financial press— knew that there was a huge problem brewing.

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

Opinion BusinessMirror

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Music lessons are the best investment for your kids

Ike–The president who had not lied

By Mark Gilbert | Bloomberg Opinion

W

hen I was about eight years old, an uncle gave me his old folk guitar after a schoolteacher started offering after-class lessons. Thus began a lifelong love affair with making music.

I’d argue every parent should consider investing in music lessons for their offspring. Learning to play an instrument doesn’t just give kids an opportunity to engage in an artistic pursuit and pursue a hobby they can enjoy alone or with others; a growing body of academic literature suggests it may also make them smarter.

I can attest to the fun part, at least.

During lockdown, swapping digital files with the guys in my rock band kept me sane and productive, albeit without the energy and camaraderie of making loud noise together in a rehearsal room. Taking up an instrument and participating in online lessons can offer an escape for children who might be struggling with the social isolation imposed by the pandemic and its destruction of daily routines.

Plus, music is a chance to learn a universal language: In 2002, a pair of battered acoustic guitars, the Eagles song “Hotel California” and a few inhibition-reducing beverages made for a memorable evening in the Brazilian rainforest with a bunch of locals who didn’t speak English but knew all of the words. (I didn’t attempt the guitar solo.)

So I’m in favor of giving kids the opportunity to strum, hit or blow something musical. To get youngsters started on stringed instruments, a ukulele is a great choice.

It’s small enough for tiny hands to get to grips with, and cheap enough that your buyer’s remorse won’t be too painful if it ends up gathering dust in a cupboard. There are even pricier electrified Les Paul versions available if your offspring is ready to start channeling their inner Slash.

Technology has also made piano and drums—two of the main instruments kids are most likely to respond to—much more accessible than in the past. Unlike the enormous wooden furniture models of old, today’s digital keyboards are cheap and portable, plentiful on the secondhand market and just close enough to the real thing for you to assess whether junior has the chops to become the next Elton John.

Electronic drumkits are also plentiful today and far more affordable. A set plus headphones make it possible for a budding Keith Moon to practice their paradiddles without sonically savaging the rest of the household — and for mom or dad to let loose their inner Karen Carpenter or Phil Collins once the kids are tucked in bed.

In terms of how to learn, one-

Villar. . .

Continued from A6

completion of these two projects cut travel time from Taytay town in Rizal province to Bicutan to 30 minutes from one hour.

These are among the roads, bridges, airports, railways and seaports

on-one lessons are by far the best way to progress, and you’d probably be helping a musician pay the rent and the bills by employing them to teach your child. But YouTube offers a wealth of instruction videos for all kinds of instruments and levels if tuition is too costly for your budget.

Now to the developmental benefits. A five-year study by the University of Southern California published in 2016 found learning to play music from the age of six or seven boosted development in areas of the brain that deal with reading skills, speech perception and language development. Exposure to music instruction, the study argued, produced a physiological change in the brain, increasing what’s called its neuroplasticity.

Those results are echoed in a study just published in the Frontiers in Neuroscience journal, in which researchers tested 40 Chilean kids aged 10-13. Half were musicians, defined as having had at least two years of specialist musical tuition, practicing for a minimum of two hours per week and regularly playing with other musicians. The other 20 had no additional musical instruction apart from what their schools taught as part of their regular curricula.

The children were hooked up to a machine that measures brain activity by detecting changes in blood flow, shown an abstract figure and played a melody, each lasting four seconds.

They were asked to focus on both, one or neither of the pair of stimuli, then asked to recall both. While reaction times were similar among both sets, the musicians did “significantly better” on the memory test. According to the study, that can have lifechanging implications: Greater cognitive flexibility is associated with favorable outcomes throughout lifespan, such as higher resilience, improved reading abilities in childhood, higher creativity, and a better quality of life.

So there you have it. Get your kids to learn a musical instrument and they’ll be in with a chance of a better quality of life. I’ll leave the final word on the topic to Leonie Kausel, one of the neuroscientists who authored the Chilean study and who also happens to be a violinist: I think parents should not only enroll their children because they expect that this will help them boost their cognitive functions, but because it is also an activity that, even when very demanding, will provide them with joy. that the Duterte administration has built or about to construct under its infrastructure program. Majority of these projects may have gone unnoticed by the public, but the population and the economy will shortly feel their impact.

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

Manny F. Dooc

TELLTALES

I

n exactly two weeks, American voters will troop to the polling places to elect their next president. In 1952, the most famous American soldier who commanded the mightiest and largest military force in the history of warfare, General Dwight David “Ike” Eisenhower, was elected to the same position. Ike was born on October 14, 1890 to spouses David Eisenhower and Ida Stover. He was the third child in a brood of six sons. When Ike returned from the war after successfully leading the allied forces in recapturing Europe, a neighbor asked Ida: “You must be proud of your son,” and she replied, “Which one?”

Ike was a 5-star General in the US Army and served as Supreme Commander of the Allied Expeditionary Forces in Europe that freed the continent from the grip of Nazi Germany.

He was the architect of the invasion of North Africa and Sicily in the socalled Operation Torch, which liberated the region from the Axis powers.

He also served as the first Supreme Commander of NATO after the war.

Ike was the President of Columbia University in New York before he was drafted and successfully ran for the US presidency.

Early in life, Ike loved reading military history and he developed a strong interest to become a soldier. His decision to attend West Point disappointed his mother who thought that military combat was “wicked,” but she did not dissuade young Ike from becoming a soldier.

After finishing high school, he and his brother Edgar wanted to attend college but the family could not afford it. So the brothers agreed

to take alternate years at college while the other worked to pay for their schooling. His brother took the first year in college but asked later that he continued the second year. Ike agreed and he continued working to fund his brother’s education. A friend, who was applying for admission at the Annapolis Naval Academy and aware of Ike’s military ambition, egged Ike to try his luck as there was no tuition fee required.

Ike was turned down at Annapolis due to overage but he was admitted at the West Point Military Academy.

He graduated from the academy as an average student.

Ike was an excellent bridge player, which he indulged in throughout his military career. While staying in the Philippines as assistant military adviser to the Philippine Commonwealth government, he regularly played bridge in Malacañang with President Manuel L. Quezon who also ardently loved the game. While here, Ike had deep

Bloomberg Opinion

C

hina’s economy is back-ish and the world can exhale.

Without this rebound, the nascent global recovery would be on even thinner ice.

The expansion reported on Monday is close to the numbers China chalked up before Covid-19 tore through national and global commerce. Gross domestic product rose 4.9 percent in the third quarter from a year earlier. While that’s less than economists expected, it was acceleration from 3.2 percent in the previous three months. The contraction

of 6.8 percent between January and March, terrible as it was, is fading in the rearview mirror.

The numbers underscore projections last week from the International Monetary Fund that China will be the only major economy to advance in 2020. Absent such momentum, any prediction that the world is poised to resume growth next year would be fanciful. The IMF’s forecast of a 5.2 percent expansion is heavily dependent on Beijing not making mistakes and avoiding another sweeping shutdown.

The brawny nature of the comeback buttresses struggling countries in China’s regional orbit; one bright

philosophical differences with his immediate superior, General Douglas McArthur, on military policies.

There was a mutual dislike between them, which continued during their entire military career. In fact, after both had left the military service, the two were considered rivals for a while for the Presidential nomination of the Republican Party in 1952, but McArthur’s star faded and his bid for the presidency did not gain traction.

Ike was not so tall or solidly built.

He looked just like any regular guy next door. But in real life, Ike, especially if you see his old photos in uniform and you know his heroic exploits during the war, appears bigger than life. And you realize that he’s an extraordinary figure who stood head and shoulders above all of us despite his physical size. Yet, he was a simple and average man. He was not cerebral like his two-time rival for the presidential post, Adlai Stevenson II, that he defeated twice in successive presidential elections in 1952 and 1956. He graduated at the middle of his class, unlike General McArthur who broke records at West Point. His 8-year term in office was not marred by any major scandal. In making his most difficult decisions while at the White House, it is said that he would look around his advisers and ask them a simple question: “Is it good for America.” Our own Guy, the well loved President Ramon Magsaysay, who was a guerilla leader during the war and became famous as Secretary of Defense, would raise a similar innocent question to his Cabinet: “Can we defend it in Plaza Miranda?” Yet they effectively addressed the burning issues of their presidency, which their more accom-

plished counterparts had struggled to resolve. He was the US President when the cold war was at its zenith.

He presided over the nerve-raising period when the US and the former USSR were competing for nuclear superiority. The US edged out the USSR in missile competition and built nuclear submarines. He ended the Korean War by threatening to use the bomb if the other side does not agree to a peace settlement. He built the massive interstate highway system crisscrossing America. New cars rolled out of Detroit and Americans drove across the country and its vast expanse leading to further development of the countrywide and the wild territories. His presidency was marked by peace and economic progress.

What made Ike click as a President? The historian Stephen Ambrose who wrote Ike’s 2-volume authorized biography had stated that “at the center of Ike’s power was trust… I never found him in a personal lie.” In his lifetime, Ike had dealt with heads of state, dictators, kings, military generals, and the academe while he was president of Columbia University and people from all walks of life. They never doubted his words. Ike always told the truth unlike the present occupant of the White House.

As his wife, Mamie Eisenhower had succinctly put it in trying to explain Ike’s universal appeal, “I’m not certain but I know that when I roll over in bed and feel that bald head, I’m sure the world is all right.”

No wonder, Ike remains one of the most well loved presidents America has ever had. Come November 3, Americans won’t go wrong if they elect into office the candidate who is trustworthy.

Retirement from employment in time of Covid Atty. Rodel C. Unciano

Tax Law for Business

I

T is quite certain that the Covid-19 pandemic has forced a number of employees to prematurely retire from employment.

And when we talk of retirement, the question to ask is whether or not the retirement benefits received by the retiring employee are exempt from tax.

Existing rules do exempt retirement benefits from tax, subject to compliance with certain conditions.

Under the Tax Code, retirement benefits received by officials and employees of private firms in accordance with a reasonable private benefit plan maintained by the employer are exempt from tax provided that the retiring official or employee has been in the service of the same employer for at least 10 years and is not less than 50 years of age at the time of his retirement. This can be availed of by an official or employee only once.

If the employer does not maintain a reasonable retirement benefit plan, the Labor Code requires that an employee, upon reaching the age of 60 years or more, but not beyond 65

and who has served at least five years of service in the said establishment may retire and shall be entitled to retirement pay equivalent to at least one-half month salary for every year of service. This retirement benefit is likewise exempt from tax.

In response to Covid-19 pandemic, Republic Act (RA) 11494 or the “Bayanihan to Recover as One Act” likewise provides tax exemption of retirement benefits received by officials and employees of private firms from June 5, 2020 until December 31, 2020. The tax exemption is on condition that the official or employee shall not get re-employment in the same firm within the succeeding 12-month period. Re-employment in the same firm shall be considered as proof of non-retirement, and shall

Maybe there’s hope for a V-shaped recovery

By Daniel Moss

Tuesday, October 20, 2020 A7

This comeback is welcome, and with it, the repudiation of skeptics who asserted Beijing had finally met its match with the virus. Yes, Covid-19 taught us that its four-decade expansion wasn’t infallible. China’s economy is mortal. Long live, China’s recovery.

spot in Singapore’s otherwise challenging economic performance is exports to the mainland.

Given all these nice numbers, is it possible that China could be pulling off that hallowed V-shaped recovery?

Factories are humming, exports are up and property sales in big cities exceed pre-Covid levels. After a slow start, rising consumer confidence is finally beginning to translate into higher spending. Retail sales jumped 3.3% in September from a year earlier, a separate report on Monday showed. Any drop-off would leave China’s revival lopsided and more exposed to exports. That’s a dicey prospect when recoveries in the US, Europe and Japan are proceeding with caution. Another qualifier is the role that China’s authoritarian political system played in locking down nationwide activity hard and early. The government also pursued

the disqualification for tax exemption applies not only in case of re-employment of the official or employee in the same firm but also in case of re-employment in the firm’s related parties. This disqualification of tax exemption due to re-employment with the firm’s related parties likewise poses a legal issue since this condition was not provided in RA 11494.

Under RR 29-2020, if re-employment happens within the calendar year 2020, the employer shall include the said retirement benefits in the gross income of the concerned official or employee for 2020. However, if the re-employment will occur in 2021 and within the 12-month period, the concerned employee shall pay the taxes due on the retirement benefits received within 30 days from date of re-employment or on the due date for the payment of 2020 income tax, whichever comes later.

subject the benefits received to appropriate taxes.

RA 11494 has apparently relaxed the conditions on tax exemption of retirement benefits received by officials and employees of private firms during the pandemic. In fact, the law provides no condition for exemption except that the retirement benefits must be received by the official or employee of private firms, whether individual or corporate, for the period from June 5, 2020 to December 31, 2020.

However, under Revenue Regulations (RR) 29-2020, the amount received should be in accordance with a retirement plan duly registered with the Bureau of Internal Revenue. This requirement poses a legal issue since this condition was not provided under RA 11494. The only requirement for exemption under RA 11494 is that the retirement benefits must be received by the employee for the period from June 5, 2020 until December 31, 2020.

Also, RA 11494 provides that reemployment of the official or employee in the same firm shall subject the benefits received by the official or employee to appropriate taxes. As the law is worded, the tax exemption does not apply if the employee gains re-employment with the same firm within the succeeding12-month period. However, under RR 29-2020,

The author is a partner of Du-Baladad and Associates Law Offices (BDB Law), a member-firm of WTS Global.

The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at rodel.unciano@ bdblaw.com.ph or call 8403-2001 local 140.

reopening aggressively.

While the US is often derided abroad for prevaricating on masks, squabbling about fiscal stimulus and its thicket of national and local politics, democracy is never going to be perfect. The US remains the world’s largest economy, which has deployed a significant pile of assets to the globe’s benefit. The Federal Reserve led major central banks in flooding the financial system with liquidity, shoring up markets and unleashing a raft of special lending facilities. The Fed’s dollar swap programs with counterparts in the West and some important emerging markets eased a troubling shortage

of greenbacks.

Important as China’s steps to stimulate its economy have been, they don’t come close to packing the same punch. In fact, the People’s Bank of China has been pretty neutral, a considerable factor behind the yuan’s appreciation. The PBOC’s relative discretion is partly thanks to the stability the Fed brought to markets. This comeback is welcome, and with it, the repudiation of skeptics who asserted Beijing had finally met its match with the virus. Yes, Covid-19 taught us that its fourdecade expansion wasn’t infallible.

China’s economy is mortal. Long live, China’s recovery.

A8 Tuesday, October 20, 2020

Baguio still cautious about visitors’ entry, data show

By Ma. Stella F. Arnaldo

@akosistellaBM Special to the BusinessMirror

B

AGUIO CITY continues to be cautious about letting tourists in, despite a recent announcement that it would open its doors to guests from the rest of Luzon starting October 22.

Official data obtained by the BusinessMirror source showed that from October 1 to 11, there were 536 travel requests made from Region 1 (Ilocos) via the city’s Visitor Information and Travel Assistance (Visita) app, yet only four of them were approved. Two arrived on October 2 and two arrived on October 11.

Referring to the statistics above, a hotelier in Baguio who requested anonymity told the BusinessMirror in Filipino, “It’s still difficult for tourists to enter...the screening is quite tough!”

In all, there were 1,608 travel requests made as of October 11, including those from Region 1, National Capital Region (NCR), Central Luzon, Calabarzon, Cagayan Valley, the Cordillera Autonomous Region, the United States, Central Visayas, Bicol, and Soccsksargen.

The City of Pines has been the traditional summer capital of the Philippines.

This developed as Health Undersecretary Dr. Maria Rosario S. Vergeire clarified that the pilot-testing of the SD Biosensor antigen test

in Baguio City is still ongoing. In a text message, she said, “We said there were just 200 samples tested and the required sample size was 956, so results were inconclusive at this point.”

She added, “We still wait for them to complete the required sample size so we can have accurate results.” Previous published reports quoted Vergeire and National Task Force on Covid-19 spokesman Restituto Padilla as having said the Baguio pilot-test of the South Korean-produced antigen test failed, when compared with results of RTPCR test results. Under the World Health Organization-approved pilot test, select visitors to Baguio are supposed to undergo both RTPCR and antigen tests to test the latter’s accuracy.

On October 1, Baguio and the Ilocos region began implementing their Ridge and Reef travel corridor, allowing the entry of tourists between their cities and provinces.

Over the weekend, the city announced it would start accepting guests from the NCR, Cagayan Valley, and Central Luzon. Only 200 visitors will be accepted per day.

Baguio made the announcement on Saturday, during the Department of Tourism-Baguio Post Opening Assessment attended by Tourism Secretary Bernadette Romulo Puyat, Baguio City Mayor Benjamin Magalong, Rep. Mark Go, and the tourism stakeholders.

Continued on A4

Fuel marking yields ₧143B in duties for govt in a year

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By Bernadette D. Nicolas

@BNicolasBM

HE government has so far collected over P143.31 billion in duties and taxes since the start of its fuel-marking program in September last year.

From September 2019 to October 15 this year, a total of 14.04 billion liters were injected with fuel markers, according to the infographic shared by Finance Secretary Carlos G. Dominguez III with finance reporters.

T h e g o v e r n m e nt e a r n e d P126.548 billion in revenues during the first year of the program imple-

mentation; it collected P16.767 billion so far for the second year of the program.

The bulk of the fuel marked by the government since September is diesel, at 61.87 percent; followed by gasoline and kerosene comprising 37.60 percent and 0.53 percent, respectively. Most of the fuel marked

was in Luzon at 74.2 percent; then Mindanao at 20.9 percent, and Visayas at 4.9 percent.

Twenty companies participated in the fuel-marking program.

Leading the list of petro leum companies is Petron with a 22.65-percent share of the total amount of fuel marked or 3.18 billion liters.

Next to Petron is Shell with 19.99 percent or 2.806 billion liters, followed by Unioil with 10.52 percent or 1.477 billion liters, Seaoil with 8.76 percent or 1.23 billion liters and Chevron with 8.58 percent or 1.205 billion liters.

Fuel marking makes use of a unique chemical marker that can be embedded at a molecular level in petroleum products—gasoline,

diesel and kerosene—thereby enabling authorities to test, identify and distinguish petroleum products with paid excise taxes.

Under Republic Act 10963, petroleum products that are refined, manufactured or imported to the Philippines such as, but not limited to, unleaded premium gasoline, kerosene, and diesel, shall be marked by an official marking agent after payment of taxes and duties.

Spearheaded by the Department of Finance, the Bureau of Customs and the Bureau of Internal Revenue, the fuel-marking program was launched with the aim of halting illegal importation, manufacturing and other fraudulent activities relating to the use and sale of petroleum products in the country.

Pandemic fast-tracks race to financial inclusion–BSP

By Bianca Cuaresma

I

@BcuaresmaBM

N what appears to be a rare silver lining, the global pandemic has pushed more Filipinos to open bank accounts and do their transactions online, the Bangko Sentral

ng Pilipinas (BSP) governor said in a recent speaking engagement.

Central Bank chief Benjamin Diokno said their goal to increase local financial inclusion by 2023 may have been fast-tracked as more and more people open accounts with their local banks due to the pandemic.

“Our goal is that at least 70 percent of Filipino adults should have a bank account by 2023. But with the pandemic, we’re optimistic that we can meet this goal as early as December 2022,” he said.

This is a big leap from three years ago, where according to the 2017 Financial Inclusion Survey of the BSP, 52.8 million or 77.4 percent of the total population remain unbanked.

Diokno said the BSP is also seeing an exponential increase in the use of e-payments platforms Instapay and PesoNet. “My personal goal is that half of financial transactions in the coun-

try should be digital by 2023, the end of my term. But with enabling regulations and the pandemic, this may be achieved sooner—perhaps by the end of 2022,” Diokno said.

Banks have echoed this trend, saying they are seeing double-digit growths in online transactions.

UCPB, for example, told the BusinessMirror that the pandemic seemed to have “forced people to bank online.” “[We] saw a spike in online banking enrollment and usage specifically of our Mobile App. Active UCPB App users increased by 67 percent versus the beginning of the year and 96 percent versus the same period last year. Transaction volume has likewise increased, largely driven by InstaPay usage,” UCPB said.

‘Inflection point’

FOR the local economy, meanwhile,

Diokno reiterated that the “worst is over” despite rising cases of Covid-19.

“While we’re not out of the woods yet, there has been progress as the economy gradually opens up from the strict lockdown in March to June to less stringent quarantine measures. We’re learning to live with the virus. Now, we’re at an inflection point,” he said.

Diokno said banks entered the crisis with “sufficient buffers” and are likely to withstand the negative economic effects of the pandemic.

He also said that the BSP’s stress tests point to favorable banking system prospects amid risks.

“Results show non-performing loans will remain manageable, capital adequacy ratios will stay above the 10-percent requirement, liquidity will be sufficient, and profitability will stay intact,” Diokno said.

Senator Go pushes PhilHealth reforms

S

ENATOR Christopher Lawrence Go pressed PhilHealth officials on Monday to frontload reforms to ensure a “more responsive health-care system.”

This developed as Senate Bill No. 1829 authored by Senate President Vicente Sotto III was approved at the committee level during the hearing, proposing PhilHealth to be headed by a finance official, subject to possible amendments and further review.

In a Senate hearing, Go also reminded PhilHealth to promptly “settle its bill” with the Philippine Red Cross “according to law.”

Presiding over the hearing as chairman of the Senate Committee on Health and Demography, Go called for “a better and more responsive health-care system, beginning with much needed reforms in the Philippine Health Insurance Corporation.”

Go convened the hearing to tackle the proposal to designate the Secretary of Finance as chairman of the PhilHealth board, instead of the Secretary of Health, even as Go acknowledged the efforts of Health Secretary Francisco Duque III. After the hearing, Go also affirmed support for early passage of Senate Bill No. 1829 introducing reforms to address issues hounding the state insurance agency, including the mandate that “mainly deals with fiscal management related to health care, noting that “if passed, the health chief will still remain as a member of the board.”

According to Go, “Secretary

Duque is doing everything he can do to respond to this pandemic. He is one of those we rely on heavily as Secretary of Health and [InterAgency Task Force on Emerging Infectious Diseases] Chairperson.

He bears a huge responsibility in this health crisis so we must pull together to help our people,” he added, partly in Filipino.

He noted it is not the first time that PhilHealth was involved in controversy, recalling that “in 2015, the Blue Ribbon committee conducted an inquiry into fraudulent claims. Every year, there is an investigation involving PhilHealth.”

Go suggested that “it is probably time to have the Department of Finance take the helm,” pointing out that PhilHealth is an insurance corporation, and that “it will be very appropriate if the Secretary of Finance would lead the Board.”

He challenged Finance Secretary Carlos Dominguez III to protect the interests of the public and ensure the agency’s funds are used appropriately, disclosing that he personally discussed the proposed measure with Dominguez who vowed to go after the corrupt officials within and outside the agency if he is made chair.

‘Pay Red Cross’

MEANWHILE, Go also urged PhilHealth to settle its obligations with the Philippine Red Cross, which last week suspended the conduct of Covid-19 tests for persons whose tests are covered by PhilHealth. The PRC said despite repeated requests, the

PhilHealth had not paid it millions due from past tests, pushing the Red Cross to a cash flow dilemma as it has to keep purchasing chemicals and supplies in order to continue testing people.

“Just a reminder: Our testing capacity must not be disrupted.

We don’t want to add to our people’s burdens by making them pay for their Covid-19 testing, like the OFWs, returning individuals, medical frontliners among others.

PhilHealth should cooperate with Red Cross, in order to pay what must be paid according to law,” he said.

Go offered to serve as a bridge between the parties and help resolve the issue. He revealed that a recent meeting was conducted with Executive Secretary Salvador Medialdea, Senator and Red Cross Chairman Richard Gordon and Dante Gierran.

“Red Cross is a big help to us, especially with their 24/7 operations. We cannot allow Red Cross to be squeezed just because government cannot pay. It’s important to ensure there is no disruption in services to our people, especially in this pandemic, every minute counts.... Lives are at stake here,” added the Senator.

During the hearing, various measures seeking to address the lack of appropriate facilities and equipment in public hospitals throughout the country were also discussed. Several bills establishing or converting hospitals were likewise tackled and approved on committee level. Butch Fernandez

Companies BusinessMirror

www.businessmirror.com.ph

PXP Energy told to resume oil search in Recto Bank

P

By Lenie Lectura

@llectura

angilinan-led PXP Energy Corp. received a notice from the Department of Energy (DOE) to resume exploration activities in Recto Bank, following last week’s lifting of the force majeure imposed in December 2014.

“PXP just received today the ‘Resume-to-Work' notice from the DOE in relation to PXP’s operating interest in Service Contract 72 [SC72]; while PXP’s subsidiary, Forum Energy Limited, also received today the Resume-to-Work notice from the DOE for its operating interest in SC 75,” PXP said Monday.

The development lifted PXP’s share price to P7.72 from P5.15 per share on Monday morning.

PXP Energy holds interest in SC 72

or the contract to explore Recto Bank in the West Philippine Sea through London-listed Forum Energy Plc. It also has a direct operating interest in SC 75 northwest Palawan.

PXP and China National Offshore Oil Corp. (CNOOC) used to discuss a possible joint exploration of SC72 to develop a part of the Reed Bank.

However, a territorial dispute with China prompted the DOE to declare a force majeure on the license.

Later on, the Philippines won an

arbitration case against China over the South China Sea. In particular, the Philippines has exclusive sovereign rights over the West Philippine Sea and that China’s nine-dash line is invalid, according to the United Nations Arbitral Tribunal.

Nearly six years later, the moratorium was lifted.

PXP President Daniel Stephen Carlos said Monday that the parties have yet to go back to the negotiating table.

“The parties are yet to agree on any disclosable definitive agreement. Hence, to date there are no disclosable information in respect of such ongoing negotiations, including the existence of such negotiations itself.”

Forum and CNOOC used to hold negotiations relating to the implementation of the Memorandum of Understanding on Cooperation on Oil and Gas Development between the Government of the Republic of the Philippines and the Government of the People’s Republic of China dated November 20, 2018.

Last Thursday, the DOE announced the lifting of the suspension of petroleum activities and the resumption of petroleum exploration in the West Philippine Sea. A “Resume-to-Work” notice was immediately issued to the Service Contractors doing petroleum-related activities in the areas of SC 59, 72, and 75 in the West Philippine Sea. SCs 59 and 72 are operated by the Philippine National Oil Co.-Exploration Corp. (PNOC-EC) and Forum Ltd., respectively. Meanwhile, PXP Energy Corp. operates SC 75.

“It’s a unilateral action on our part to ask licensees to start their activity,” said Energy Secretary Alfonso G. Cusi, adding that the lifting of the moratorium was arrived at in good faith and with full regard of the ongoing negotiations between the Philippines and China, and Forum Ltd. and CNOOC. Under Republic Act 7638 or the Department of Energy Act of 1992, the DOE has the authority to regulate the exploration of the country’s indigenous energy resources.

JTI may hike tobacco leaf purchases

By Bernadette D. Nicolas @BNicolasBM

T

he local unit of cigarette giant Japan Tobacco International (JTI) said it is looking at further hiking its procurement next year of locally produced tobacco from the current 4.6 million kilograms (kg) it has programmed to buy in 2021.

Citing a letter from JTI Philippines General Manager John Freda jointly addressed to Finance Secretary Carlos G. Dominguez III and Agriculture Secretary William D. Dar, the Department of Finance said in a statement on Monday that JTI's original plan to purchase 4.6 million kilograms of local tobacco leaf next year is 1 million kg higher than its purchases this year.

Its 2021 programmed purchases

of local tobacco leaf make up a quarter of its estimated total leaf requirement for next year, Freda said. This is also well beyond what was required under Republic Act 10351, which requires manufacturers or sellers of tobacco products to procure at least 15 percent of their tobacco leaf raw material requirements from locally grown sources.

This development comes after Dominguez, who had served as agriculture secretary under former president Corazon Aquino, and Dar requested the cigarette manufacturer to help support local growers and raise revenues for tobacco-producing provinces affected by the pandemicinduced economic shock by hiking its purchases of locally produced tobacco leaf.

In their letter, Dominguez and

Dar pointed out that the strict quarantines imposed to curb the spread of Covid-19 had constrained the marketing flow of food and other agricultural goods, including tobacco, which is among the most affected crops as it is a nonfood commodity.

Moreover, the two secretaries said a study has shown that “only 30 percent of the total local tobacco production are bought from the farmers while the rest are imported” by cigarette companies.

“Your kind assistance will translate into realized income to farmers, which assures food on their table and revenues for local government units [LGUs],” they said in their letter addressed to JTI. Responding to the letter of the two Cabinet secretaries, Freda said

its local team is coordinating with the company’s global leaf supply chain to “explore the possibility of further increasing our local leaf tobacco purchases next year and in the coming years." He added that JTI has also been coordinating with the National Tobacco Administration (NTA) on the same concern even before the receipt of the letter from two Cabinet officials.

“The NTA initiated a series of meetings on the subject in anticipation of the next harvest and trading season which is expected to begin sometime in March 2021, with the goal of ensuring that all harvest next year will be procured,” Freda said.

“JTI Philippines is committed to support the Philippine government and the local tobacco farmers,” he added.

East-West Seed in top 30 of FORTUNE’s list PH Resorts sets follow-on offer price

P

H Resorts Holdings Inc., the gambling unit of Davao businessman Dennis Uy, has set the price of its follow-on offering at P1.68 per share, reducing its proceeds to less than P1 billion.

The said price was at the lower band of its price range of P1 to P2.50 per share. It also reduces its proceeds to P756 million from P1.12 billion.

The company is offering 300 million in common shares and an over-allotment option of up to 150 million common shares, with a par value of P1 per share.

PH Resorts offer price is also lower than its stock price close on Monday at P2.54 per share.

The tentative start of the offer period is on October 21 and will run through October 28.

The company has also moved its tentative listing date to November 5, from the previously announced November 3 listing.

The net proceeds will be used to partially fund the construction of the first phase of Emerald Bay, the company’s flagship integrated casino beach front resort in Mactan, Cebu.

Emerald Bay, a P24.2-billion project, will be the first integrated casino resort on Mactan Island with access from the Cebu-Mactan International Airport.

The gambling site will be constructed in two phases, with the targeted completion of the first phase by the second quarter of 2022.

Upon completion of the first phase, Emerald Bay will feature 122 gaming tables for mass, premium mass and junkets; 600 electronic gaming machines and 270 hotel room bays. VG Cabuag

W

orld-leading vegetable seed company, EastWest Seed, was ranked at number 28 out of 53 in FORTUNE’s annual Change the World list of global companies that are “doing well by doing good.”

The list is intended to showcase the power of capitalism to improve the human condition by identifying companies that have made an important social or environmental impact through their profit-making strategy and operations. “Our focus is on smallholder farmers who play a critical role in ensuring the adequate supply of agricultural products. They produce 70 percent to 80 percent of the world’s food,” said Bert van der Feltz, CEO of East-West Seed. “They are vital to food security and nutrition, especially in developing countries.

“Our model at East-West Seed proves that you can make a real difference in people’s lives while also operating a successful business, the two do not need to be mutually exclusive.”

Only for-profit businesses are eligible for the list, with FORTUNE evaluating and ranking each on four criteria including measurable social impact, business results, degree of innovation and corporate integration.

“The company, which has operations in Asia, Africa, and Latin America earns high marks for its local seed breeding efforts and the training it provides its customers,” states FORTUNE in the reasoning for East-West

Contributed Photo

Seed’s ranking.

East-West Seed has its roots in Lipa City, Batangas, Philippines. Its founder Simon Groot started EastWest Seed with Filipino seed trader Benito Domingo in 1982. Back then, many farmers were having a hard time growing good crops because of the low-quality, poorly adapted seeds they often saved from season to season. Low-quality seeds resulted in low yields, which translated into poverty and malnutrition for farmers and their families. Groot and Domingo sympathized with the farmers’ plight and saw a way to break the vicious cycle of poverty and help farmers prosper through diversification into highvalue vegetable crops.

Today, East-West Seed is one of the world’s leading vegetable seed compa-

nies. The privately-owned company has played an important role in the development and improvement of tropical vegetable varieties that are adapted to tropical markets and growing conditions. Its mission is to provide innovative products and services that help to improve the livelihood of vegetable farmers. In addition, East-West Seed trains over 100,000 vegetable farmers annually in order to help maximize their yield and income through better knowledge on vegetable production and farming skills.

In October of last year, the company’s founder was awarded the annual World Food Prize for his decades of dedication in bringing vegetables to the forefront of the fight to improve global nutrition and health. In January 2019, East-West Seed was ranked first in the Access to Seeds Index for Global Seed Companies, besting 13 other global seed companies on their commitment and performance in providing the world’s smallholder farmers access to quality seeds. East-West Seed has its headquarters in Nonthaburi, Thailand. The company employs about 5,000 people and has 17 research and development (R&D) establishments in 7 countries. With exports to over 60 countries in tropical areas, East-West Seed serves nearly 20 million farmers around the world. In the Philippines, East-West Seed has 3 R&D establishments in Batangas, and Bukidnon, and its local head office is located in San Rafael, Bulacan.

Tuesday, October 20, 2020

B1

AC Energy to develop 2nd solar farm in India

Photo from www.acenergy.com.ph

A

C Energy Inc. on Monday announced its second solar farm project in India valued at $36 million.

“Fresh off the back of its maiden investment in India last July 2020, Ayala Corporation’s energy arm, AC Energy, continues to expand its renewables business in the country with the development of the 70 MWp Paryapt Solar through UPC-AC Energy Solar, the company’s joint venture with UPC Solar Asia Pacific,” the company said in a statement.

UPC-AC Energy Solar is a 50-50 joint venture company between AC Energy, through AC Renewables International Pte. Ltd., and UPC Renewables, through UPC Solar Asia Pacific Limited for the development, construction and operations of solar projects in the Asia- Pacific region.

The Paryapt Solar power project is expected to start power generation in the first half of 2021. UPC-AC Energy Solar won the 25-year power supply agreement for the project via a competitive bid at INR 2.55 per kilowatt hour.

It will be located in the Amreli District of the State of Gujarat, one of the first states to develop solar generation capacity in India, with its own target to set up 8000MW of solar power by 2022.

AC Energy’s first solar power project in India, the 140MW Sitara Solar plant in Rajasthan, is also expected to commence with power generation

in the same period.

India has emerged as a country with one of the biggest renewable energy expansion programs, with support from the government and investors driving the growth. It has set for itself an ambitious target of 175 GW renewables capacity by 2022 through 100 gigawatt hour (GW) from solar, 60 GW from wind, 10 GW from bio-power, and 5 GW from hydro power.

The partnership between AC Energy and UPC Renewables started in 2013 with North Luzon Renewables for the 81MW wind farm project in Pagudpud, Ilocos Norte.

In January 2017, the two groups invested in PT UPC Sidrap Bayu Energi, developer of a 75 MW wind farm in South Sulawesi, Indonesia.

Both are also involved in two wind projects, with an aggregate capacity of 60MW, in Vietnam.

AC Energy earlier announced plans to integrate its international business, and recently received the Philippine Stock Exchange’s nod to change its stock symbol from ACEPH to ACEN. The shift to ACEN, it explained, signifies the forthcoming integration of AC Energy’s onshore and offshore business into a unified platform, as it aspires to become the largest listed renewables platform in Southeast Asia, with the goal of reaching 5000 MW of renewables capacity by 2025. Lenie Lectura

B2

Companies BusinessMirror

Tuesday, October 20, 2020

PSE STOCK QUOTATIONS

October 19, 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 RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL FERRONOUX HLDG IREMIT MEDCO HLDG MANULIFE NTL REINSURANCE PHIL STOCK EXCH

44.5 88.9 66.85 21.65 9.17 40.85 9.3 16.5 24.2 51.1 16.94 93.85 54.65 0.75 26.7 3.5 1.12 0.305 700 0.56 156.8

44.9 89 66.9 21.7 9.2 40.9 9.45 17.3 24.25 51.45 16.96 94 54.7 0.8 27 3.7 1.16 0.32 750 0.59 157.2

45.25 87.7 66.7 21.65 9.12 40.9 9.41 16.76 24.2 51.4 17.1 94 54.4 0.76 27.3 3.24 1.12 0.315 722 0.59 156

45.25 89.1 67 21.7 9.25 40.95 9.49 16.76 24.6 51.45 17.1 94.15 54.7 0.76 27.5 3.7 1.17 0.315 722 0.59 157.2

44.75 87.65 66.3 21.6 9.12 40.55 9.41 16.5 24.15 51.4 16.9 93.5 54.4 0.76 26.65 3.24 1.12 0.305 700 0.55 156

44.9 89 66.9 21.65 9.17 40.85 9.41 16.5 24.2 51.45 16.94 94 54.65 0.76 26.65 3.7 1.16 0.31 710 0.56 157.2

10300 1804610 1093490 65200 229100 2297100 67400 50000 628300 510 103500 334300 32630 1000 6400 129000 69000 1650000 100 306000 1470

461005 159145088.5 73038081.5 1411545 2104802 93732780 638440 828726 15328030 26214.5 1753786 31407777 1781870 760 173980 468160 79320 508600 71840 169470 230556

47688801.5 -21340078.5 -60610 -525463.9997 7627430 -9193725 25700 -848904 1377088 -1102623.5 7200 100494

INDUSTRIAL AC ENERGY 3.51 3.53 3.5 3.59 3.42 3.51 16331000 57096180 1.25 1.26 1.25 1.26 1.23 1.25 480000 599140 ALSONS CONS ABOITIZ POWER 26.1 26.25 26.2 26.25 25.85 26.25 966800 25270475 0.179 0.181 0.174 0.187 0.173 0.179 10030000 1810490 BASIC ENERGY FIRST GEN 26.1 26.3 25.55 26.6 24.5 26.3 1222900 31577775 60 60.2 60 60 59.95 60 30980 1858764.5 FIRST PHIL HLDG 289.6 290 290 290 285 289.6 166500 48016936 MERALCO MANILA WATER 14.12 14.2 14.12 14.26 14.12 14.12 1031700 14618766 3.01 3.02 3.04 3.05 3.02 3.02 2031000 6149610 PETRON PETROENERGY 3.65 3.68 3.81 4 3.65 3.65 556000 2106050 14.88 14.9 11.52 16.64 11.52 14.88 10866300 157535256 PHX PETROLEUM 16.2 16.3 16.1 16.34 16.1 16.2 763500 12375460 PILIPINAS SHELL SPC POWER 10.96 10.98 10.66 10.98 10.66 10.98 363300 3928418 7.64 7.72 7.68 7.8 7.62 7.7 203200 1569745 AGRINURTURE AXELUM 2.8 2.82 2.85 2.85 2.75 2.82 1538000 4307290 17.78 17.84 17.8 17.86 17.76 17.78 1517300 26972918 CENTURY FOOD 4.85 4.93 4.9 4.98 4.85 4.85 104000 510960 DEL MONTE DNL INDUS 5.85 5.86 5.53 5.85 5.52 5.85 14458900 83076120 9.86 9.88 9.83 9.89 9.83 9.88 299900 2962139 EMPERADOR SMC FOODANDBEV 64.5 65.5 65.95 65.95 64.5 64.5 266010 17200057 0.64 0.65 0.65 0.65 0.64 0.65 172000 110280 ALLIANCE SELECT FRUITAS HLDG 1.17 1.18 1.17 1.18 1.16 1.17 5241000 6131580 GINEBRA 46.15 47.9 46 48 46 47.9 60000 2848385 154.5 154.6 147.1 154.8 147.1 154.6 1882710 285893830 JOLLIBEE MACAY HLDG 7.63 7.93 7.53 7.94 7.53 7.94 4300 34060 4.98 4.99 4.95 4.99 4.93 4.98 320000 1589320 MAXS GROUP MG HLDG 0.14 0.141 0.141 0.141 0.141 0.141 30000 4230 5.93 5.94 5.94 5.95 5.88 5.93 1261000 7472724 SHAKEYS PIZZA 1.21 1.22 1.23 1.26 1.18 1.21 7008000 8519180 ROXAS AND CO RFM CORP 4.93 4.95 4.93 4.93 4.93 4.93 9000 44370 1.76 1.81 1.78 1.78 1.75 1.75 9000 15840 ROXAS HLDG SWIFT FOODS 0.105 0.108 0.105 0.108 0.105 0.108 550000 58470 UNIV ROBINA 132.7 132.8 134 134 132.5 132.8 619850 82372915 0.77 0.78 0.78 0.78 0.76 0.78 1668000 1290720 VITARICH VICTORIAS 2.23 2.34 2.3 2.3 2.3 2.3 2000 4600 51 51.5 51 51 51 51 100 5100 CONCRETE A CONCRETE B 51.45 53.9 52 53.95 52 53.95 160 8339.5 1.58 1.59 1.57 1.6 1.54 1.58 17517000 27552550 CEMEX HLDG 4.4 4.51 4.3 4.5 4.3 4.5 52000 232280 DAVINCI CAPITAL EAGLE CEMENT 14.36 14.7 14.42 14.7 14.1 14.7 201100 2914730 7.5 7.69 7.23 7.5 7.17 7.5 605300 4480464 EEI CORP HOLCIM 5.44 5.45 5.45 5.46 5.36 5.44 946800 5113753 7.31 7.34 7 7.31 6.98 7.31 2567200 18503892 MEGAWIDE 8.01 8.4 8.45 8.45 8.45 8.45 100 845 PHINMA TKC METALS 0.7 0.71 0.71 0.71 0.7 0.71 66000 46560 0.75 0.76 0.76 0.76 0.75 0.75 1312000 993520 VULCAN INDL CHEMPHIL 110.7 129.8 110.7 110.7 110.7 110.7 200 22140 1.99 2.05 1.99 2.05 1.99 2.05 181000 365300 CROWN ASIA 1.82 1.83 1.89 1.89 1.82 1.83 676000 1239240 EUROMED LMG CORP 4.33 4.66 4.33 4.4 4.3 4.4 32000 138730 4.2 4.36 4.2 4.36 4.15 4.36 4000 17070 MABUHAY VINYL PRYCE CORP 4.22 4.24 4.3 4.3 4.09 4.22 65000 274070 2.41 2.42 2.4 2.47 2.39 2.42 3738000 9105030 GREENERGY INTEGRATED MICR 5.78 5.8 5.77 5.81 5.7 5.78 310400 1792588 IONICS 0.95 0.96 0.96 0.96 0.95 0.95 108000 103320 1.37 1.38 1.39 1.4 1.36 1.38 899000 1233180 SFA SEMICON CIRTEK HLDG 5.37 5.38 5.3 5.42 5.3 5.37 3318400 17779683

16040840 -18429330 25260 6087095 -1433964.5 -32440900 -7616086 -1980240 -653702 -4331334 -417890 227190 -26608 -87890 -14092409 -417592.9997 -12607493.5 -456400 1906380 65023892 -5020 220586 -35150 39440 -36420 -19721219 780 -1105090 66378 2502583 338822 -1520225 681480 28500 809934

HOLDING & FRIMS ABACORE CAPITAL 0.47 0.475 0.465 0.47 0.46 0.47 5510000 2579250 7.29 7.38 7.26 7.47 7.26 7.37 4600 33543 ASIABEST GROUP AYALA CORP 704.5 706 691 706 691 706 148780 104423765 43.9 44 43 44 43 44 384500 16874395 ABOITIZ EQUITY ALLIANCE GLOBAL 7.15 7.2 7.29 7.34 7.09 7.15 7027500 50360188 2.7 2.71 2.63 2.71 2.63 2.71 5550000 14934360 AYALA LAND LOG 0.6 0.61 0.62 0.62 0.6 0.6 309000 190050 ANGLO PHIL HLDG ATN HLDG A 0.83 0.84 0.84 0.9 0.8 0.84 43315000 36455900 0.84 0.85 0.76 0.88 0.76 0.85 6605000 5379860 ATN HLDG B BHI HLDG 900.5 1379 901 901 901 901 550 495550 5.09 5.15 5.1 5.18 5.06 5.09 3299000 16815231 COSCO CAPITAL 4.28 4.29 4.26 4.32 4.26 4.29 8941000 38390880 DMCI HLDG FILINVEST DEV 8.75 8.9 8.75 9 8.75 8.9 9900 87148 0.224 0.23 0.224 0.24 0.224 0.23 4430000 1029000 FORUM PACIFIC GT CAPITAL 408 409 390 409.4 388 409 838480 336153820 3.26 3.28 3.25 3.26 3.24 3.26 37000 120210 HOUSE OF INV 61.8 62.5 60 62.5 60 62.5 1278440 78394979.5 JG SUMMIT LODESTAR 0.62 0.63 0.63 0.64 0.62 0.62 35000 21790 2.57 2.58 2.6 2.6 2.55 2.57 1402000 3601800 LOPEZ HLDG LT GROUP 10.8 10.84 10.4 10.86 10.32 10.8 2168700 22757460 0.48 0.5 0.485 0.485 0.485 0.485 10000 4850 MABUHAY HLDG METRO PAC INV 4.01 4.02 4.01 4.04 3.98 4.01 40360000 161839020 PACIFICA HLDG 3.17 3.2 3.17 3.17 3.17 3.17 25000 79250 0.8 0.83 0.84 0.84 0.8 0.83 20000 16160 PRIME MEDIA SOLID GROUP 0.98 1 0.99 0.99 0.98 0.98 123000 121760 157 170 159 170 159 170 490 80650 SYNERGY GRID SM INVESTMENTS 878.5 894 866 894 866 894 208470 185627795 SAN MIGUEL CORP 99.85 100.4 99.9 100.4 99.7 100.4 202420 20252474 0.67 0.68 0.68 0.7 0.67 0.68 839000 575930 SOC RESOURCES TOP FRONTIER 123 124.5 121 123 121 123 2410 296030 0.189 0.203 0.2 0.203 0.2 0.203 550000 111200 WELLEX INDUS ZEUS HLDG 0.141 0.145 0.148 0.148 0.142 0.142 1420000 203020

-203700 28388 -34307510 693125 -15699396 3354430 -471040 332573 -14477710 -235000 -138136870 21364210 -1306360 3804976 -118690580 -4810245 1253097 -255440 -

PROPERTY ARTHALAND CORP 0.6 0.61 0.61 0.62 0.6 0.61 2703000 1636470 29.85 29.95 29.45 30.1 29.4 29.85 7398400 220547060 AYALA LAND ARANETA PROP 0.95 1 0.98 1 0.98 1 143000 142260 25.7 25.75 25.8 25.85 25.7 25.7 667800 17223775 AREIT RT BELLE CORP 1.37 1.38 1.36 1.37 1.36 1.37 310000 424670 0.81 0.82 0.85 0.85 0.8 0.81 11349000 9274620 A BROWN 0.78 0.84 0.84 0.84 0.84 0.84 3000 2520 CITYLAND DEVT CROWN EQUITIES 0.13 0.132 0.13 0.134 0.129 0.134 3030000 394530 5.76 5.97 5.74 5.98 5.74 5.98 27900 166463 CEBU HLDG CEB LANDMASTERS 4.68 4.74 4.73 4.74 4.6 4.74 805000 3741720 0.36 0.365 0.365 0.37 0.355 0.36 7730000 2773600 CENTURY PROP 0.43 0.44 0.355 0.44 0.355 0.435 20830000 8492550 CYBER BAY DOUBLEDRAGON 13.96 13.98 14 14 13.94 13.98 508400 7106068 5.32 5.33 5.4 5.44 5.31 5.33 113600 608080 DM WENCESLAO EMPIRE EAST 0.27 0.275 0.27 0.275 0.27 0.275 1040000 283300 0.09 0.092 0.09 0.093 0.09 0.092 7100000 640820 EVER GOTESCO 0.93 0.95 0.94 0.95 0.93 0.94 18689000 17562560 FILINVEST LAND GLOBAL ESTATE 0.75 0.76 0.75 0.75 0.75 0.75 891000 668250 6.96 6.97 6.9 7 6.9 6.96 148500 1036258 8990 HLDG PHIL INFRADEV 1.39 1.4 1.42 1.42 1.36 1.4 5099000 7106230 3.07 3.47 3.34 3.58 3.34 3.49 8000 27140 KEPPEL PROP CITY AND LAND 0.69 0.7 0.69 0.7 0.69 0.7 4000 2790 3 3.01 2.99 3.02 2.98 3.01 11594000 34759980 MEGAWORLD 0.36 0.365 0.37 0.37 0.355 0.365 68550000 24720350 MRC ALLIED PHIL ESTATES 0.32 0.33 0.32 0.32 0.32 0.32 20000 6400 1.15 1.18 1.15 1.18 1.15 1.18 78000 90410 PRIMEX CORP ROBINSONS LAND 14.26 14.3 14.2 14.3 14.12 14.26 1558600 22191038 PHIL REALTY 0.214 0.221 0.221 0.221 0.221 0.221 10000 2210 1.49 1.5 1.49 1.5 1.49 1.5 22000 32850 ROCKWELL STA LUCIA LAND 1.88 1.94 1.94 1.95 1.88 1.94 159000 304090 31.15 31.4 30.45 31.4 30.45 31.4 5537500 171779010 SM PRIME HLDG VISTAMALLS 3.81 3.85 3.89 3.98 3.8 3.85 139000 540100 1.2 1.21 1.19 1.22 1.19 1.21 1217000 1463700 SUNTRUST HOME 3.36 3.4 3.41 3.45 3.33 3.37 1738000 5884050 VISTA LAND

384300 -114558035 -4614465 31480 77700 23250 -440350 -3919390 5440 13500 -8743530 -455272 138369.9998 -6334650 271150 -5615578 22350 62131470 -603200

SERVICES ABS CBN 11.68 11.7 12.2 12.2 11.1 11.68 1563300 18325314 5.08 5.1 5.11 5.13 5.05 5.1 167200 850358 GMA NETWORK MANILA BULLETIN 0.41 0.415 0.4 0.42 0.4 0.41 880000 361150 10.48 11 10.8 11 10.8 11 6400 69944 MLA BRDCASTING GLOBE TELECOM 2000 2002 1998 2008 1998 2002 56810 113726320 1297 1298 1278 1320 1271 1298 161920 209823945 PLDT 0.052 0.053 0.054 0.054 0.052 0.053 52260000 2738210 APOLLO GLOBAL DFNN INC 2.94 3.04 2.96 3.05 2.91 2.91 41000 120660 6.24 6.25 6.1 6.34 5.94 6.24 47168800 291447306 DITO CME HLDG IMPERIAL 1.28 1.42 1.34 1.34 1.34 1.34 1000 1340 0.086 0.091 0.092 0.092 0.086 0.091 5370000 472970 ISLAND INFO 1.55 1.61 1.6 1.62 1.51 1.61 170000 268230 JACKSTONES NOW CORP 5.11 5.13 5.15 5.25 5.05 5.11 14764700 75872756 0.239 0.24 0.248 0.255 0.239 0.24 14360000 3519580 TRANSPACIFIC BR PHILWEB 2.62 2.63 2.68 2.7 2.55 2.62 2923000 7688540 8.62 8.77 8.8 8.8 8.37 8.62 105000 906534 2GO GROUP 15.32 15.92 15.92 15.92 15.92 15.92 100 1592 ASIAN TERMINALS CHELSEA 5.85 5.86 5.48 5.99 5.45 5.85 14223200 82180929 39 39.05 39.6 39.9 39 39.05 724200 28,488,295( CEBU AIR INTL CONTAINER 117 117.2 118 118.4 116.3 117 689170 80955743 14.2 14.58 14.5 14.5 14.5 14.5 500 7250 LBC EXPRESS LORENZO SHIPPNG 0.89 0.95 0.88 0.97 0.88 0.97 74000 69190 4.94 4.95 4.81 5 4.72 4.94 11275000 55015230 MACROASIA 1.89 1.9 1.92 1.93 1.89 1.89 470000 894030 METROALLIANCE A METROALLIANCE B 1.9 2.01 1.9 1.9 1.89 1.9 23000 43530 6.3 6.34 5.98 6.46 5.92 6.3 243800 1531206 PAL HLDG HARBOR STAR 1.27 1.28 1.32 1.32 1.27 1.28 3393000 4379400 BOULEVARD HLDG 0.026 0.027 0.026 0.027 0.026 0.026 19600000 514100 1.76 1.82 1.72 1.82 1.69 1.82 96000 163960 DISCOVERY WORLD GRAND PLAZA 10.1 10.6 10.1 10.62 10.1 10.62 2700 27780 0.4 0.415 0.4 0.4 0.395 0.4 410000 163950 WATERFRONT CENTRO ESCOLAR 6.49 6.99 6.5 6.5 6.5 6.5 100 650 7 7.2 7.2 7.2 7.2 7.2 100 720 IPEOPLE 0.31 0.315 0.315 0.315 0.305 0.315 4360000 1356150 STI HLDG BERJAYA 3.07 3.08 3.15 3.15 3.04 3.08 893000 2739030 7.49 7.5 7.42 7.69 7.42 7.5 9280700 70001393 BLOOMBERRY PACIFIC ONLINE 1.8 1.85 1.82 1.89 1.8 1.85 92000 167900 1.43 1.45 1.41 1.47 1.41 1.45 306000 439250 LEISURE AND RES 2.52 2.54 2.7 2.7 2.4 2.54 1243000 3144120 PH RESORTS GRP PREMIUM LEISURE 0.315 0.32 0.315 0.325 0.305 0.32 13020000 4141650 6.08 6.09 6.08 6.08 6 6.08 674100 4067476 ALLHOME METRO RETAIL 1.38 1.39 1.37 1.39 1.37 1.38 1144000 1577200 41.5 41.6 42 42.5 41.5 41.5 3180600 132757740 PUREGOLD 66.95 67 67 67.95 65.6 67 529900 35817050 ROBINSONS RTL PHIL SEVEN CORP 110 112 112 113 112 112 1260 141150 1.16 1.17 1.15 1.19 1.14 1.17 5926000 6,928,360( SSI GROUP WILCON DEPOT 15.16 15.18 15.12 15.3 15.1 15.18 2277500 34506516 0.285 0.295 0.285 0.295 0.28 0.295 5340000 1513050 APC GROUP 6.93 7.17 7 7.19 6.9 7.17 55300 385548 EASYCALL PRMIERE HORIZON 0.275 0.28 0.29 0.295 0.26 0.275 46750000 12689550 4.12 4.18 4.13 4.18 4.12 4.18 111000 460450 SBS PHIL CORP

-47824225 -123392680 -9150 6829829 35710 893500 -378250 -1790 6399579 8,641,535.0001) -45885360 -450320 -21876 129310 27540 3860944 -72500 -76560 -1626150 1630514 -13899.9999 -62721210 -3907880.5 -123200 2,494,789.9997) -21576924 280000 -106700 -

MINING & OIL ATOK 13.02 13.26 12.6 17.2 12.2 13.02 2511900 35814542 2780 APEX MINING 2.01 2.02 2.2 2.24 1.97 2.02 122866000 257574810 425210 0.001 0.0011 0.0011 0.0011 0.001 0.001 613000000 643000 7000 ABRA MINING ATLAS MINING 4.01 4.02 4 4.01 3.95 4.01 702000 2782050 19900 2.75 2.82 2.83 2.83 2.75 2.82 72000 202080 BENGUET A 2.7 2.86 2.77 2.87 2.7 2.86 111000 304630 -229880 BENGUET B COAL ASIA HLDG 0.238 0.26 0.265 0.265 0.26 0.26 280000 72850 2.52 2.53 2.55 2.55 2.53 2.53 108000 275270 255000 CENTURY PEAK DIZON MINES 7.35 7.45 7.43 7.45 7.4 7.45 800 5945 1.31 1.32 1.32 1.33 1.3 1.31 10372000 13588460 26220 FERRONICKEL 0.238 0.241 0.235 0.247 0.235 0.238 770000 184750 GEOGRACE LEPANTO A 0.158 0.159 0.164 0.165 0.156 0.158 37310000 5983480 0.158 0.16 0.161 0.17 0.158 0.158 1410000 228110 LEPANTO B MANILA MINING A 0.01 0.011 0.01 0.011 0.01 0.01 27600000 288800 0.01 0.011 0.01 0.011 0.01 0.011 34100000 363000 MANILA MINING B 0.95 0.96 0.97 0.98 0.95 0.95 5405000 5223940 74160 MARCVENTURES NIHAO 2.54 2.55 2.54 2.7 2.53 2.56 707000 1819890 -119470 3.72 3.73 3.72 3.77 3.66 3.72 14255000 53057660 7267820 NICKEL ASIA OMICO CORP 0.34 0.355 0.345 0.355 0.33 0.355 160000 54350 0.63 0.64 0.66 0.66 0.63 0.64 1854000 1184970 ORNTL PENINSULA PX MINING 5.48 5.5 5.8 6 5.2 5.48 12545300 72058286 1363969 SEMIRARA MINING 11.92 11.96 11.88 12 11.82 11.92 6832800 81526784 11979528 0.0054 0.0055 0.0053 0.0068 0.0053 0.0055 397000000 2358800 20600 UNITED PARAGON ACE ENEXOR 6.5 6.51 6.9 6.9 6.28 6.51 1569000 10197911 -1410 0.0097 0.0098 0.0095 0.01 0.0095 0.0097 147000000 1439600 ORNTL PETROL A ORNTL PETROL B 0.0098 0.0099 0.0098 0.0098 0.0098 0.0098 1000000 9800 0.0096 0.0099 0.01 0.011 0.0095 0.0099 258000000 2561700 89000 PHILODRILL 11.58 - 11.58 11.58 11.58 11.58 8010500 92761590 -3102282 PXP ENERGY

PREFFERED AC PREF B1 515.5 520 515.5 515.5 515.5 515.5 100 51550 15465 502 515 515 515 500 515 5020 2535100 AC PREF B2R DD PREF 101.1 101.5 101.5 101.5 101.5 101.5 22410 2274615 1002 1005 1005 1005 1005 1005 200 201000 GTCAP PREF A MWIDE PREF 101.4 101.6 101.6 101.6 101.6 101.6 23020 2338832 101600 100.8 101 101 101 101 101 13240 1337240 151500 PNX PREF 3B 985.5 996 987 996 985.5 996 2600 2577300 PNX PREF 4 PCOR PREF 2B 1030 1040 1030 1040 1030 1040 90 93100 1060 1065 1061 1063 1061 1063 16070 17066855 PCOR PREF 3A PCOR PREF 3B 1076 1085 1085 1085 1085 1085 1480 1605800 78 78.15 78 78.15 77.95 78 58900 4592995 SMC PREF 2C 75.65 76.7 76.65 76.75 76.6 76.75 116500 8940876 SMC PREF 2E SMC PREF 2F 77.5 78 77.9 77.9 77.5 77.5 30790 2389421 77900 76 76.5 76 76 76 76 7700 585200 SMC PREF 2G SMC PREF 2H 76.25 77.1 77 77 76.55 77 415500 31823850 76.5 78.6 78.9 78.95 76.25 78.9 207600 16036665 SMC PREF 2I

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 11.12 11.2 11.02 11.22 11 11.2 320000 3523370 -58344 4.85 4.95 5 5 4.95 4.95 300100 1488000 -1438000 GMA HLDG PDR

WARRANTS LR WARRANT 0.78 0.83 0.77 0.85 0.77 0.82 492000 395090

SMALL & MEDIUM ENTERPRISES ALTUS PROP 11.42 11.44 11.98 12.34 11.3 11.44 1957000 23099892 1353900 2.62 2.63 2.59 2.65 2.53 2.62 3608000 9367180 394930 ITALPINAS KEPWEALTH 5.13 5.14 5.16 5.17 5.1 5.13 66100 337811 3.37 3.38 3.39 3.42 3.31 3.38 24925000 83682450 1786820 MERRYMART

EXHANGE TRADE FUNDS

FIRST METRO ETF 90.85 91.1 89.95 90.85 89.5 90.85 10520 947314.5 24.5

www.businessmirror.com.ph

‘AllHome will expand store network despite pandemic’

A

By VG Cabuag

@villygc

llHome Corp., the listed retail firm of the Villar Group, said it will continue to expand its store network and is hoping to open two more new branches in the country before the year ends.

The company, which currently has 47 branches with the opening of new stores in Las Piñas and in Santiago City, Isabela, said it will end the year with at least 49 branches and will continue its expansion next year.

“We are optimistic in the performance of our provincial stores especially with our most recent opening in Santiago City, Isabela.

We have a solid pipeline of new stores around the country and with the help of our affiliates under the Villar Group, we foresee that we can fast-track the completion of these new stores in 2020,” Benjamarie Therese N. Serrano, the company’s president, said.

“We have adjusted the opening schedules given the construction delays and economic impact of this

pandemic. Initially, we planned to delay new store openings to 2021 but with the trend we are seeing, we have decided to open at least 4 new stores this 2020.”

All Value Holdings Corp. chairman Manuel B. Villar Jr. said its new branches will be built closer to residential communities as more and more consumers deem it a priority to lessen movement and shop closer to home.

“AllHome stores offer ample space for shoppers to maintain the necessary physical distancing. Being a one-stop shop, consumers no longer need to transfer to another store to complete their home and building shopping,” he said.

All Value is the unlisted mother unit of All Home.

To date, AllHome has 37 stores in Metro Manila and nearby provinces, 5 in Luzon, and 5 in Visayas and Mindanao.

On the strength of this growing network, residential communities including Vista Land homeowners, architects, interior designers and contractors in these cities are provided easy access to a comprehensive for home and building needs, the company said.

It currently offers 32 in-house brands across all carried categories.

The company’s income was down by 36 percent in the first half to P275.65 million from last year’s P434.3 billion.

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.

ATN supplies rock aggregates for rail project

A

TN Holdings Inc. said it has delivered rock aggregates to be used as construction materials for the North-South Commuter Railway project, a 148-kilometer railway flagship project that will connect New Clark City in Pampanga to Calamba, Laguna.

The company, a diversified group with interests in real estate, renewable energy, technology and operator of one of the country’s largest rock-extraction sites, said the delivery signals its formal participation in the government’s massive infrastructure projects.

Last year, the first phase of the project was awarded to the joint venture of contractor D.M. Consunji Inc. and Japan’s Taisei Corp.

The Tutuban-Malolos segment will stretch for 38-kilometers including six stations and a depot to be located in Valenzuela City. The said project is envisioned to carry 350,000 passengers daily.

“ATN is fully committed to the government’s BBB [Build, Build, Build] program and shares in its vision to prioritize infrastructure as the centerpiece of our economic recovery and massive job creation stimulus amidst the Covid-19 pandemic,” Arsenio T. Ng, chairman and CEO of ATN Holdings, said.

ATN’s rock-extraction facilities are built on a 254-hectare privately-owned property in Montalban, Rizal featuring a state-of-the art rock crushing plant with a capacity of 500 tons per hour.

The company said it has rock reserves of around 65 million tons, equivalent to an estimated accreted value of P65 billion. To date, it has an existing inventory of at least one million

tons of high-grade rock aggregates for future deployment.

“We are thrilled to be in a unique position to seize multiyear continuing opportunities in the bullish infrastructure sector given the massive size of our strategic stockpile and high-quality rock deposits,” Ng said.

At the moment, ATN is actively engaged in discussions for rock supply arrangements with various public and private proponents committed to large-scale infrastructure development as key to nation building, the company said.

The company was incorporated on February 17, 1961 as Jabpract Mining and Industrial Corp. and was primarily engaged in mining and oil exploration.

On March 14, 1996, the Securities and Exchange Commission approved the change in corporate name from JMIC to the present name, and the change in primary purpose from mining to a holding company, engaged in real estate, land development, energy and health care services.

ATN invests in real properties and stocks.

The company’s investment in real properties includes several units of office condominium at Summit One Tower in Mandaluyong City. The units are for sale or leased through either direct sales from walk-in clients, or referrals from independent brokers.

ATN’s subsidiaries are Palladian Land Development Inc. for its real estate development; ATN Philippines Solar Energy Group Inc.; Advanced Home Concept Development Corp., its unit for residential properties development; and Managed Care Phil. Inc., a health care services firm focusing on outpatient clinics. VG Cabuag

‘Delay in hitting CARS goal to affect workers’

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labor group urged the government to weigh carefully the appeal of two carmakers enrolled in its Comprehensive Automotive Resurgence Strategy (CARS) program for a “reprieve” from meeting their production targets.

The Philippine Metalworkers’ Alliance (PMA) said in a statement that the appeal of Toyota Motors Philippines (TMP) of Misubishi Motors Philippines Corp. (MMPC) will have employment implications.

Participants of the CARS program must be able to churn out at least 200,000 units of enrolled vehicles in six years to get fiscal incentives from the government.

However, both TMP and MMPC announced last August that they may not be able to hit the target because of low sales caused by the Covid-19 pandemic.

PMA President Ruel Punzalan said he recognizes that there was a decline in car production and

sales since the onset of the pandemic last March, but he noted that sales have started to pick up

by August.

“In April 2020, production declined by 84 percent. By August, lost volume of production fell to 43.5 percent. Production will need to catch up soon as demand for vehicles will return early next year,” Punzalan said.

PMA also said that the car firms may be reducing local production to increase imports of completely built units, which it opposes.

“Enrollees in the CARS program will certainly not meet their production targets on time when they continue to rely on imports than expand local production.

This clearly goes against the objectives of the CARS program,” Punzalan said.

He urged the government to reallocate a portion of the budget for CARS to support the displaced workers instead. Samuel P. Medenilla

mutual funds

October 19, 2020

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a e193.57 -23.97% -12.63% -5.05% -23.14% ATRAM Alpha Opportunity Fund, Inc. -a 1.0778 -28.3% -12.59% -3.04% -22.01% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.6261 -32.85% -16.6% -7.1% -28.6% Climbs Share Capital Equity Investment Fund Corp. -a 0.6682 -29.74% -12.81% n.a. -25.59% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.6704 -22.64% n.a. n.a. -21.06% First Metro Save and Learn Equity Fund,Inc. -a 4.1601 -23.39% -10.89% -5.03% -21.92% First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.6482 -25.57% -12.55% n.a.

-24.06% MBG Equity Investment Fund, Inc. -a 84.9 -25.95% n.a. n.a. -17.75% PAMI Equity Index Fund, Inc. -a 38.8668 -25.46% -11.29% -3.97% -24.21% Philam Strategic Growth Fund, Inc. -a 416.89 -22.97% -10.63% -4.17% -21.75% Philequity Alpha One Fund, Inc. -a,d,5 0.9062 n.a. n.a. n.a. -12.03% Philequity Dividend Yield Fund, Inc. -a 0.9945 -24.07% -10.63% -3.54% -22.72% Philequity Fund, Inc. -a 29.1071 -24.52% -10.37% -3.25% -23.19% Philequity MSCI Philippine Index Fund, Inc. -a 0.7648 -26.28% n.a. n.a. -24.88% Philequity PSE Index Fund Inc. -a

3.9704 -25.09% -10.82% -3.27% -23.99% Philippine Stock Index Fund Corp. -a 663.77 -24.99% -10.75% -3.38% -23.88% Soldivo Strategic Growth Fund, Inc. -a 0.6063 -32.62% -14.21% -7.08% -28.79% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.0473 -28.87% -12.3% -4.84% -27.6% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.7602 -25.21% -11.03% -3.47% -24.04% United Fund, Inc. -a 2.7952 -24.92% -9.79% -3.03% -23.49% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 89.021 -24.97% -10.5% -2.64% -23.88% Primarily invested in foreign currency securities ATRAM AsiaPlus Equity Fund, Inc. -b $1.0741 11% -0.4% 3.25% 4.44% Sun Life Prosperity World Voyager Fund, Inc. -a $1.558 20.26% 8.45% n.a.

13.01% Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.547 -3.49% -5.8% -2.82% -1.01% ATRAM Philippine Balanced Fund, Inc. -a 2.0311 -10.44% -5.93% -1.53% -6.88% First Metro Save and Learn Balanced Fund Inc. -a 2.3757 -10.6% -4.7% -2.89% -9.72% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.1801 -23.3% n.a. n.a.

-21.18% NCM Mutual Fund of the Phils., Inc. -a 1.8261 -7.06% -2.53% 0.13% -6.91% PAMI Horizon Fund, Inc. -a 3.4295 -9.71% -4.35% -1.13% -9.49% Philam Fund, Inc. -a 15.338 -9.87% -4.42% -1.22% -9.57% Solidaritas Fund, Inc. -a -5.41% -1.3% -10.62% 1.8968 -11.76% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.2225 -17.17% -6.64% -2.51% -16.59% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.9279 -9.13% n.a. n.a.

-8.64% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.8189 -18.9% n.a. n.a. -17.81% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.7954 -21% n.a. n.a. -19.92% Sun Life Prosperity Dynamic Fund, Inc. -a 0.7877 -20.14% -7.83% -3.47% -19.19% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.03923 2.13% 2.83% 2.11% 2.7% PAMI Asia Balanced Fund, Inc. -b $1.0608 6.98% 2.9% 4.82% 0.67% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.2403 12.76% 6.04% 6.27% 8.43% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.1775 6.38% 3.17% n.a.

4.32% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 368.72 3.84% 3.07% 2.64% 3.01% ATRAM Corporate Bond Fund, Inc. -a 1.9527 1.71% 0.81% 0.32% 2.67% Cocolife Fixed Income Fund, Inc. -a 3.2043 3.63% 4.72% 4.95% 2.77% Ekklesia Mutual Fund Inc. -a 2.2932 3.71% 2.64% 2.2% 3.14% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4497 4.69% 3.35% 2.11% 3.84% 7.3% Philam Bond Fund, Inc. -a 4.635 4.15% 2.68% 5.99% Philam Managed Income Fund, Inc. -a,6 1.3121 5.53% 4.37% 2.47% 4.41% Philequity Peso Bond Fund, Inc. -a 3.9599 5.72% 4.29% 2.31% 4.53% Soldivo Bond Fund, Inc. -a 1.0379 8.91% 3.61% 2.11% 7.63% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1826 4.83% 4.62% 2.92% 3.48% Sun Life Prosperity GS Fund, Inc. -a

1.745 3.76% 3.98% 2.32% 2.58% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $480.92 3.19% 2.62% 2.79% 2.68% ALFM Euro Bond Fund, Inc. -a Є217.65 -1.1% 0.7% 1.2% -0.97% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.2515 4.05% 3.36% 2.66% 3.67% 1.96% 1.66% 2.71% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0265 2.71% PAMI Global Bond Fund, Inc -b $1.0941 -0.31% 0.36% 0.18% 0.05% Philam Dollar Bond Fund, Inc. -a $2.5215 4.64% 3.92% 3.39% 4.91% Philequity Dollar Income Fund Inc. -a $0.0618332 2.6% 2.48% 2.19% 2.54% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.2148 1.3% 2.1% 2.46% 1.25% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 129.27 3.44% 3.3% 2.53% 2.73% First Metro Save and Learn Money Market Fund, Inc. -a 1.0458 2.02% n.a. n.a.

1.9% Sun Life Prosperity Money Market Fund, Inc. -a 1.2918 2.76% 3.01% 2.61% 2.12% Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0502 1.58% n.a. n.a.

1.15% Feeder Funds Primarily invested in Peso securities Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d,7 1.0347 n.a. n.a. n.a. n.a.

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

-4.04%

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

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

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

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

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

latest NAVPS/NAVPU."

www.businessmirror.com.ph

Banking&Finance BusinessMirror

Asia-Pacific banks face downside risks in Q4

By Tyrone Jasper C. Piad @Tyronepiad

T

HE Asia-Pacific banking industry is seen dealing with more “downside risks” in the last quarter of 2020 as economic recovery to pre-pandemic levels remains up in the air, S&P Global Ratings said.

According to S&P Credit Analyst Gavin Gunning, the Asia-Pacific’s economic recovery is expected to be slow and uncertain, like in other regions, which is affecting the banking sector as well.

“A banking sector revival will not just depend on the economic recovery occurring broadly in accordance with our base case,” Gunning said in a statement on Monday. “Also key is the nature and extent of the economic damage affecting firms and households prior to the onset of the economic recovery, and the extent to which this will hit banks.”

The credit rating firm said it expects the Asia-Pacific economies to contract by 2 percent this year and bounce back by 6.9 percent in 2021.

Still, the region is seen to remain below 5 percent of the pre-Covid level by end-2021.

S&P said that the employment situation is a key indicator of the recovery strength, which is only expected to become normal again by 2022 at the earliest.

Earlier this month, S&P said that the Philippine banking sector is expected to book more distressed assets this year.

The industry’s nonperforming assets, including restructured loans, as a percentage of total borrowings portfolio is estimated to reach 5.5 percent to 7.5 percent this year amid the pandemic.

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 explained.

The debt watcher is expecting the Philippine economy to shrink by 9.5 percent in 2020 and recovery of 9.6 percent next year.

S&P also revised its outlook on Bank of the Philippine Islands and Security Bank Corp. to negative from stable due to risks in asset quality.

Five things I wish I knew before I started my first business

S

tarting a business can be tough, but I think nothing will ever be more difficult than putting up your very first venture.

Without the advantage of experience, your tools are usually just textbook knowledge, observed wisdom and generous advice. So let me help you today by giving you one of those generous advice.

It was in 2004 when I registered my first business–a computer network gaming station in Makati.

Unfortunately, after almost a year, my partners and I decided to close it down. Our reasons are not important; but the lessons I learned in that small venture are certainly something worth sharing today.

Here are five things I wish I knew before I started that very first business.

Your business plan can become obsolete fast.

Read any business book and they’ll tell you that a business plan is essential when starting a business.

What many people tend to skip or miss reading is the part written in the end that you may have to ditch your business plan along the way. I was one of those people.

Don’t get me wrong, having a business plan BEFORE starting is important. It is your roadmap to success.

But understand that unexpected things are bound to happen and you will need to adjust your business plan or make a new one at worst.

When the map becomes irrelevant or unworkable, don’t hesitate to find alternative routes that will get you to your destination.

Self-employment is a necessary initial cost.

I learned from a book the difference between the self-employed and the business owner. One works for the business while the other lets the business work for him. I wanted to be the business owner.

But I learned later on that one cannot be a business owner without being self-employed first. Businesses are like children, you have to nurture and take care of them until they become independent.

Good employees are REALLY hard to find.

I thought since a lot of people are unemployed, then it will be easy to find someone to work for you.

I was partly right. What I didn’t know was that it will NOT be easy to find someone who will do a good job.

People working in human resources will agree: a person’s resume cannot guarantee his work ethics.

And from experience, even those

Fitz Gerard Villafuerte

personal finance who shine in their interview can be quite sloppy at work.

So again, take some time to work on your business so you’ll know exactly what it demands from a person. This will help you screen applicants better, and you’ll be able to hire the right people fit for the job.

Marketing is essential in every business—big and small.

My first business was just rented space in a small barangay. Being the first and only computer gaming shop in the area, I was confident that I wouldn’t need to do marketing and advertising after the grand opening.

“It’s just a small and simple business,” I thought. But then I learned that some of “my kids” are going somewhere across town because there’s a new shop that’s cheaper but with faster computers.

Relying simply on walk-in customers and word-of-mouth can be risky. And when business is good, expect competition to appear. A continuous marketing campaign will not only allow you to reach new customers, but it will also establish your brand and keep the trust and loyalty of your clientele.

It’s more than just about the money.

My primary reason for starting my first business was because I wanted passive income. And one of the reasons why we decided to close it down was because it wasn’t making enough.

Ironically, I also realized that the best reason why we closed down was that we were only after profits—we were in it for the wrong reason. Your business should indeed make money but, more importantly, it should be able to take you closer to a noble goal.

That’s why it’s important to have a mission and vision for the business. It’s a stronger motivation than income. Having that desire to help and provide a solution to a problem is the main force that drives successful entrepreneurs everywhere.

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

Tuesday, October 20, 2020 B3

Treasurer says to borrow again from local investors

T

By Bernadette D. Nicolas

@BNicolasBM

he Bureau of the Treasury is targeting to raise P3 billion from one-year government securities called “Premyo Bonds” set to be sold in November.

National Treasurer Rosalia V. De Leon confirmed this to reporters on Monday as the government focuses on borrowing more from the local debt market.

This comes a week after De Leon said there would be “no more” borrowing through renminbi-denominated Panda and yen-denominated Samurai bonds slated for the year as the Bangko Sentral ng Pilipinas (BSP)

recently approved a P540-billion advance credit to help the government cover a budget deficit that swelled after imposing lockdown measures against the Covid-19 pandemic.

Last year, the government generated P4.961 billion from the maiden sale of Premyo, or prize, Bonds.

Meanwhile, the government also raised P20 billion in Treasury Bills (T-bills) on Monday’s auction

PNB cites wins at The Asian Banker Awards

T

he Philippine National Bank (PSE: PNB) announced it was honored by T.A.B. (The Asian Banker) International Pte. Ltd. with “Best Managed Bank” and “Best CEO” during its annual Leadership Achievement Awards held last October 15.

The award was given Dr. Lucio Tan receives the Asian Banker Award for Best Managed to PNB for demonstrating Bank during Covid-19. With him is PNB President and CEO Jose excellence on its response Arnulfo A. Veloso (right). PNB was given the award together with to the challenges brought other top banks in the region for their efforts in providing safe about by the enhanced and sustainable banking amid the pandemic. community quarantine ing the health of its customers and (ECQ) imposed due to the Covid-19 employees. outbreak.

“The pandemic has proven to be In addition to its digital platform, the toughest challenge we are facfinancial services were also made acing as a business community and cessible to customers as its Bank On as a Filipino nation thus far. We are Wheels made rounds in areas where delighted that our efforts in proATMs are limited. The bank also viding safe and sustainable banklaunched numerous initiatives to asing have been recognized by The sist individuals severely affected by Asian Banker. It is truly an honor. the ECQ such as PNBigay Tulong, an We thank our Chairman, Dr. Lucio employee-giving campaign benefitTan, the Tan Family and our Board ing outsourced personnel who were of Directors and Management Team temporarily not allowed to go to work for their unwavering support. We because of the lockdown. are grateful for every Philnabanker The Asian Banker’s Leadership for their exemplary commitment to Achievement Awards Programme is serve,” PNB President and CEO Jose widely acknowledged as the highest Arnulfo A. Veloso said. possible recognition available to proWith the appropriate technolofessionals in the financial services gies already in place prior to the industry in Asia Pacific, Middle East, lockdown in March, PNB was able and Africa. The Programme aims to to quickly deploy majority of its provide benchmarks of exemplary workforce on a work-from-home arleadership for future generations of rangement to ensure uninterrupted potential leaders so that the industry financial services while safeguardcan develop in a sustainable manner.

as rates ended flat.

Taking advantage of strong liquidity, the Treasury also opened the tap facility for an additional P5 billion in 364-day T-bills.

“Liquidity remains strong; looking for redeployment outlets with interests on the front end of curve,” De Leon said.

The auction was oversubscribed by more than 3.4-times the P20billion offer as total tenders reached P69 billion.

The 91-day T-bills fetched a slightly lower average rate at 1.086 percent, 0.2 basis point below the previous average rate at 1.088 percent. The tenor attracted total bids amounting to P21.87 billion.

For the 182-day T-bills, the debt papers posted an average rate of 1.597 percent, 0.1-basis point below the previous auction rate at 1.598 percent. Tenders for the tenor

reached P21.632 billion, 4-times the P5-billion offer.

Lastly, the 364-day tenor settled at an average rate of 1.793 percent, the same as the previous auction.

Total bids for the security reached P25.46 billion, more than twice the P10-billion tenor.

As tax collections plunged amid the enhanced community quarantine, the Cabinet-level Development Budget Coordination Committee (DBCC) is projecting the country’s budget deficit to more than double to 9.6 percent of gross domestic product or P1.815 trillion from only 3.4 percent of GDP or P660.2 billion last year.

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

LandBank’s online client opening soars above 1M

G

overnment- owned Land Bank of the Philippines (LandBank) saw its online account opening breach 1 million as the lockdown measures against the coronavirus pandemic prompted the shift to digital banking services.

In a statement on Monday, the state-owned bank said it recorded 1,039,926 online account opening via its digital onboarding system on the back of increasing demand for online banking services.

Nearly half of the accounts were registered in January to September, the LandBank said.

“This milestone is a welcome development for the bank as it proves that Filipinos are responsive to the improvements and innovations that we implement, designed to provide them additional channels for their banking needs, as well as a more convenient banking experience in this digital age,” LandBank President and CEO Cecilia C. Borromeo was quoted in the statement as saying.

Launched last year, LandBank’s Dobs is a web application aimed at reducing account opening time to only 10 minutes from the previous 30 minutes to 45 minutes.

The system also simplifies the account enrolment process, the LandBank said.

Through this platform, clients also have automatic access to the bank’s digital features that allow internet banking, online banking transaction and payment of bills, among others.

It also permits current Dobs account holders to digitally update their information, the government financial institution said.

“This is only the start for the Bank’s digitization agenda as we also look forward to streamlining other bank processes using new technologies such as loan application, among others,” Borromeo said.

Last week, the state-run bank said it signed an agreement with the Department of Transportation, Land Transportation and Franchising and Regulatory Board and the Philippine National Railways to initiate six programs for transportation systems and services modernization.

These projects are the following: North-South commuter railway extension appraisal project; resettlement action plan entitlements distribution mechanism; distribution of cash subsidy for operators; automatic fare collection system–pilot production testing; support package for environment-friendly and efficiently-driven PUV program; and, the interim rehabilitation support to cushion unfavorably-affected enterprises by Covid-19 for better urban services transport lending program.

As of August, the bank said it has approved P737.21-million worth of loans to 16 borrowers for the acquisition of 407 modern jeepneys under its lending window for public utility vehicle drivers.

LandBank, meanwhile, allotted P3 billion for bus transport lending program. Tyrone Jasper C. Piad

Covid-19 pandemic leaves lessons on managing money

By Estrella Torres Contributor

T

he unprecedented impact of the Coronavirus disease 2019 pandemic has made people, particularly those in business, go back to the drawing board to review their asset management techniques, retirement plans and investment opportunities.

Economic challenges from business closures and massive job losses caused by the Covid-19 pandemic has made financial planning very important or even critical in protecting inheritance, maintaining investments as well as finding new sources of income, US-based wealth management expert Joel Barretto of Abacus Wealth International (AWI) said.

“There is a lot to be learned from this pandemic, and this is the best time to seek financial advice to put things in proper perspective,” Bar-

retto said. He said that some nine million US expatriates around the world, high-net worth foreign nationals and institutions are among the most exposed to the possibility of double taxation and costly investment mistakes. At least 220,000 of these US expatriates are in the Philippines, mostly highly paid and satisfied living in the country in terms of family life and career opportunities.

The Philippines ranks 24th on the list of best countries for expatriates to live and work in, according to the 2019 survey of global banking giant HSBC. To sustain satisfaction, these expats should avoid unnecessary investment expenses, penalties, interest and punitive taxes to preserve and optimize their wealth, according to Barretto. He said people work hard to accumulate and increase wealth.

But the transfer of wealth to loved ones can be costly and estate or

inheritance taxes and probate can diminish the entire estate by more than 50 per cent especially for multinational expat families. Barretto said wealth transfer and asset allocation strategies include tax and compliance analysis which are aimed to preserve and optimize transfer of wealth to loved ones.

Meanwhile, deciding on suitable investment strategies require a clear objective and aversion to risk, he said.

“Don’t put all your eggs in one basket,” advised Barretto, adding that balance and diversification of investments can avoid pitfalls.

Extensive life spans of people, or known as longevity revolution has placed retirement plan as a critical component of asset and wealth management. Barretto said expats should engage competent and qualified cross border wealth

management services to avoid possible pitfalls from retirement plans and pension schemes. Filipinos should likewise think of developing retirement plans to avoid being a burden to their children.

“Parents who depend on their children for support in old age was alright in the past, but we need to re-think that kind of arrangement as the times have changed,” added Barretto.

B4

Tuesday, October 20, 2020 • Editor: Gerard S. Ramos

Art

BusinessMirror

www.businessmirror.com.ph

AAA online talk tackles rural art residencies Artist Pan Parahom prepares a betel nut dye during the first Womanifesto Residency Program in 2008 at Boonbandarn Farm in the Isan region in northeast Thailand.

The program’s organizer, Nitaya Ueareeworakul, was part of the panel for Asia Art Archive’s recent talk, titled “Faraway So Close: Artist Residencies Outside the Circuit.”

WOMANIFESTO

Today’s Horoscope

By Eugenia Last

z

CELEBRITIES BORN ON THIS DAY: Alona Tal, 37; John Krasinski, 41; Snoop Dogg, 49; Viggo Mortensen, 62.

Happy Birthday: Keep an open mind, look at every angle, question what you don’t understand and make decisions that will position you for a better future.

Change takes courage, time and effort, and being responsible for your actions will make a difference. Be the master of your destiny instead of procrastinating or letting someone else take over. Keep life simple, moderate and manageable. Your numbers are 8, 12, 21, 27, 33, 35, 42.

a

ARIES (March 21-April 19): You’ll face opposition if you question what someone is doing. Concentrate on what will help you get ahead. Discuss what you want to happen with someone who can help you reach your objective. HHHHH

I

NDEPENDENT, nonprofit organization Asia Art Archive (AAA) mounted recently an online discussion over Zoom about art residences situated away from the glitz and bustle of urban centers and in the stillness of the what is considered as remote and far-flung.

Titled “Faraway So Close: Artist Residencies Outside the Circuit,” the talk was moderated by AAA Head of Research John Tain, who said that while artist-in-residence programs may not be as publicfacing as exhibitions or other manifestations of the contemporary, residencies “have nevertheless played a defining role in the history and development of Contemporary Art across Asia.” “[Our focus in this discussion is on] residency programs that are not situated in city centers, but, rather, remove themselves from it,” he said. “When the residency is located outside usual circuits of art and in settings normally thought of as remote or isolated, what happens? What possibilities emerge?”

Tasked to shed light on the issue by sharing their own experiences was a panel of three speakers who are all organizers of art residency programs situated in natural settings.

One was Shweta Bhattad, an artist and performer from Nagpur, India, whose work often deals with women’s education and the female body. Bhattad is a founding member of the Gram Collective, which is part of the Gram Art Project that is based in Paradsinga, a small village of about four thousand in Madhya Pradesh in central India.

Gram brings together artists, critics, architects, social workers, and farmers to collaborate and work with the rural community on several social issues related to the environment, women’s education, and rural India. Since introducing its residence program in 2013, Gram has welcomed several artists from the US, Nepal, Pakistan and other countries, encouraging them to “connect and express” with the community and learn about local crafts and practices.

Meanwhile, Cheng-Tao Chen first visited the villages of the Truku tribe in eastern Taiwan in 2011. The mountain setting and the culture of the community inspired him to establish Tree Tree

b

TAURUS (April 20-May 20): Don’t be fooled by hidden costs. Map out your plans, and address issues that are questionable. With opportunity comes responsibility. Make sure you are up to taking on a new or unexpected challenge. Do thorough research before you begin, and proceed with intelligence. HHH

c

GEMINI (May 21-June 20): Proceed with caution. If you want to avoid an emotional roller coaster, listen carefully, verify the information before passing it along and don’t make a move based on innuendoes. HHH

d

Tree Person—Taroko Arts Residency Project, which encourages the revisiting and re-imagining of the relationship between human beings and nature.

Since 2015, the program has invited some 20 artists to the national park in eastern Taiwan to live with members of the Truku tribe, on whose land the park is located.

The third speaker was Nitaya Ueareeworakul, one of the founding members of Womanifesto, a biennial initiative founded by women artists active in Thailand from 1997 to 2008. Also a co-organizer of the Womanifesto Workshop and Residency Programs, she lives in Kantharalak in northeast Thailand, where she is part of the Border Art Group as well, which conducts community art workshops.

All three speakers established that rural art residency programs almost always have artists growing close and working in harmony with their host communities. In the case of Gram, Bhattad shared how part of the artists’ works was geared toward social awareness, such as the promotion of toilet seat usage for a community that was foreign to the idea.

Bhattad also cited the same example in addressing the issue of how organizers ensure that the rural artist residency setup doesn’t become intrusive—extractive, even—of a village-immersive experience. She said members of these small communities learn as much from the artist as they do from them.

Gram also have a reciprocal exchange of sorts, where the locals then become the artists in some

ways as they are invited to go abroad. In the case of Tree Tree Person, Cheng-Tao invites active artistic participation from the local community in allowing the indigenous members become the curators of the project.

“What’s special about our program is we focus on not to be viewed as outsiders,” Cheng-Tao said. “Our approach is, ‘We are here to build trust, to learn, to share life,’ which is why we’re always looking for community-building or social-intervention projects.”

With regard to funding, the organizers said their finances come from an assortment. For Gram, Bhattad said most of the invited artists are funded by alternative art spaces. Then, they gradually learn some level of self-sustainability, including organic farming. Meanwhile, Cheng-Tao said he works a day job to support the artists with his own money, as government grant simply isn’t enough.

Womanifesto’s Ueareeworakul shares the same plight. Despite securing government funding, the amount they receive either takes a long time to be processed or what the finally get is too little. Thus, they also rely on community-based relationships.

“I want a permanent house for the artist residencies,” she said. “If we have a place, artists and communities can benefit in a sustainable way. That way, we won’t require a big budget.”

The talk coincides with the launch of the Womanifesto Archive on AAA’s web site, which will be made available in the next few weeks. AAA is celebrating its 2oth anniversary this year. n

Artists join Araneta City’s #YouMatter campaign AS Araneta City continues to campaign #YouMatter for the World Mental Health Day, Gateway Gallery has launched its Gallery in Your Hands exhibit via its mobile app.

The Gallery in Your Hands virtual exhibit features artworks depicting different struggles and inspiring journeys of artists who are struggling with mental-health issues such as depression and bipolar disorder. These artists are now staunch advocates of fighting the still-evident stigma on people with mental health problems.

Artists Paulo Dumlao, Christine Sioco, Tarik Garcia, Sasha Garcia, Enrico Paulo Cipcon Gregory, Mary Michelle Ibisate, Merc Tenorio, Melissa Basmayor, Ja Turla, Vanessa

G. Tan Gana, and Samantha Kei Manansala shared their works for the virtual exhibit. A passionate teacher-artist who uses art as a medium of expression and coping, Samantha Kei Manansala draws her art inspiration from her greatgrandfather and renowned artist Vicente Manansala. She is showing three of her artworks, including Abuse in a Jar, which depicts the abusive experiences she had with her mother.

“I was diagnosed with bipolar 2 disorder in 2017 but that never stopped me from living my life and creating art. Now I advocate for mental health by educating my students and encouraging people that it’s okay to express one’s emotion.”

Paolo Dumlao’s is included in the exhibit.

Known for his jaw-dropping multidisciplinary visual art performances, Paolo started his nude artistry when he was 19 years old, mixing up the absurdity of psychology and philosophy. He is a mental health advocate with art as his medium of expression.

“I use my art to tell my story and experiences in life, my struggles against trauma and being bipolar.”

Download the Gateway Gallery mobile app, the Pocket Museum, via Google Play to view all the exciting masterpieces in the #YouMatter virtual exhibit. For those interested to support the artists via a purchase, contact Gateway Gallery via the Connect section of the Pocket Museum app.

CANCER (June 21-July 22): Take the road less traveled. It’s OK to be different; in fact, it will help you avoid getting into a dispute with someone focused on something that doesn’t interest you. Agree to let everyone do their own things. HHH

e

LEO (July 23-Aug. 22): Put some muscle behind whatever you decide to pursue. The less interaction you have with others, the easier it will be to follow through with your plans. Don’t present what you are working toward until you are satisfied with the results. HHHHH

f

VIRGO (Aug. 23-Sept. 22): Keep your emotions hidden. The less others know about you or what you are doing, the better.

Bring about the changes you want to make, and stop worrying about what others think or do. HH

g

LIBRA (Sept. 23-Oct. 22): Problems at home will mount if you don’t take care of your responsibilities or are too lax with your spending or behavior. Make a point to concentrate on getting things done on time. HHHH

h

SCORPIO (Oct. 23-Nov. 21): A change someone makes will play into your plans.

Look for a diverse way to use your skills, and find out what those around you have to offer to be most productive. HHH

i

SAGITTARIUS (Nov. 22-Dec. 21): Confusion will set in if you are gullible or let your heart rule your head. Protect your health and physical well-being. Abide by rules and regulations when in public. A thrilling experience may entice you, but consider the consequences. HHH

j

CAPRICORN (Dec. 22-Jan. 19): An unusual opportunity will lead to changes regarding how you work and live. Look at the pros and cons before you decide to change your lifestyle. A relationship will influence the decisions you make.

Romance is on the rise. HHH

k

AQUARIUS (Jan. 20-Feb. 18): Be a leader, not a follower. Tend to responsibilities, and avoid outside interference. If you appear to be uncertain about what you want to do, someone will step in and take over. Go about your business, and finish what you start. HHHH

l

PISCES (Feb. 19-March 20): Refuse to let your emotions take over. It’s essential to be realistic, especially if you are helping others.

Offering empty promises will not go over well when you cannot deliver. Being a good listener will be more helpful than misleading someone. HH Birthday Baby: You are well-liked, smart and innovative.

You are mysterious and unpredictable.

‘you are what you eat’ by paul coulter The Universal Crossword/Edited by David Steinberg

ACROSS 1 The Kennedys, e.g.

5 Completely committed 11 “___ keep you posted!”

14 Distinctive glow 15 More loved 16 “Who, me?”

17 Venomous reptile that may consume a rodent (see letters 1 to 3) 19 Little dog, for short 20 Least free, schedule-wise 21 Stick together 23 Big wine holder 24 Make fit 27 Propelled a Viking ship 30 Prickly animal that may consume bark (6 to 9) 33 Carrot, e.g.

34 Did damage to 35 Spanish for “aunt” 36 Person who cleans coats?

38 Patching (together) 40 Store convenience, for short 41 Contributes 43 Command to a tugging dog

44 Farm female that may consume a grain (7 to 9) 46 Siddhartha author 47 Like a flexible straw, initially 48 Go after legally 49 Mann with two Grammys 51 Bullfight, in Spain 55 Easy tennis shot 56 Purportedly additive-free fare, or what the indicated letters are for the starred answers?

60 Be behind on bills 61 Pearl source 62 “Do ___ others...”

63 Attention, metaphorically 64 Homes on the range 65 Scottish girl DOWN 1 Atkins diet restriction 2 Hilo feast 3 Song and dance?

4 Originating from 5 That is, in Latin 6 Home that may be “empty” 7 Newsperson Rather

8 Softball pitcher’s stat 9 “A spider!”

10 Make impossible 11 Foreign matter 12 Come into view menacingly 13 Like an old carrot 18 Detective’s need 22 Chop off 24 City abbr. that drops “onto” 25 Secret place?

26 Strand at a ski lodge, say 27 Eye, for one 28 Major blood carrier 29 Key thing for a hotel guest to know 30 “Come again?”

31 Dressed to the ___ 32 Bird known for its vision 34 ___ your bets 37 “Perhaps I was wrong” 39 Opposite of gloomy 42 Plopped down 45 Dir. hidden in “Johannesburg” 46 Fling or sling 48 Really takes off 49 Popular succulent

50 State where Field of Dreams is set 51 Alberta tribe 52 College in New Rochelle 53 ...

54 Big bothers 57 Affirmative vote 58 Cooking meas.

59 Colorado native

Solution to Friday’s puzzle:

Show BusinessMirror

www.businessmirror.com.ph

Editor: Gerard S. Ramos

• Tuesday, October 20, 2020

B5

Sanya Lopez comes into bloom GMA presents ‘Alden’s Reality,’ first-ever virtual reality concert ON December 8, GMA presents Alden’s Reality, the country’s first-ever virtual reality concert, bannered by top star Alden Richards.

Alden’s Reality (AR) gives the star’s fans a virtual date like no other, combining cutting-edge technology and performances to produce a full-length concert and online interaction with their idol. Alden will take concertgoers to a journey that celebrates his 10 colorful years in the entertainment industry. From heartfelt songs to adrenaline-filled dance numbers, Alden is sure to indulge everyone across the globe. A surprise treat also awaits his fans.

Shot in 360-degree video, concertgoers will not only have access to a front-row view, but are also in for an immersive experience from the comforts of their home. Mor information is available at www. gmanetwork.com/synergy.

“Through Alden’s Reality, we are bringing you the future of Philippine concert landscape,” says GMA Regional TV and Synergy Vice President and Head Oliver Amoroso. “We are more than excited that we are featuring Alden for our first virtual concert and that it also falls under the 70th anniversary of the network. This is only the beginning. We will be producing more events that will not only bring our Kapuso closer to their favorite artists but will also give them a unique concert experience wherever part of the Philippines and the world they may be.”

“Twenty-twenty has been a challenging year for everyone because of the pandemic,” says GMA Entertainment Group Vice President for Business Development Department III Darling de Jesus Bodegon. “We hope that through Alden’s Reality, we can bring joy to all our Kapuso not just here in the Philippines but all over the world. We are also happy that we are able to celebrate with Alden his 10 wonderful years in the entertainment industry via this virtual-reality concert. We have been a witness to his growth as an actor and a celebrity and we are proud that he has remained humble though all these years. The concert is his gift to all his fans who continue to support him and his journey as a Kapuso.”

Alden’s Reality (AR) is produced by Synergy: A GMA Collaboration, a group that produces ticketed and non-ticketed events, and activities catering to Filipinos across the globe. This is also GMA’s treat to the TV public as the country’s leading broadcast company marks its 70th anniversary.

The concert is directed by Paolo Valenciano.

I

T is definitely the perfect season for Sanya Lopez to be in full bloom and she is more than ready and ripe. Lopez has been announced as the replacement of Marian Rivera as the lead character in the upcoming GMA prime-time series First Yaya.

Rivera opted not to work in the requited bubble that would take her away from her two young kids in this time of pandemic, and her mother network immediately made the big move and cast the very promising Lopez as the replacement.

Second options for top acting roles very often turn out to be the better choices. Award-winning actress Gina Alajar, now also a director for GMA, was not the original choice for Laurice Guillen’s opus Salome.

The producers wanted either Alma Moreno or Dina Bonnevie but the title role ended up with Alajar, who perfectly slayed her portrayal.

Vilma Santos was a replacement for Lorna Tolentino in Celso Ad Castillo’s Burlesk Queen and the role became a milestone for Santos’s career. The late great actor Jay Ilagan already started shooting for Lino Brocka’s masterpiece Maynila, Sa Mga Kuko ng Liwanag, but the filmmaker decided to replace Ilagan with then-newcomer Bembol Roco, who made a big mark in this monumental film.

This huge break for Lopez will definitely herald her into the elite circle of A-list actors. “I am both humbled and excited to take on the challenge,” she told us. “I am aware that it will take a lot for me to fill in Marian’s shoes for the role but I am ready to give it my all and my best!”

She added, “The network decision-makers trusted me to give this role to me, and it is my responsibility to work hard to prove that those who pushed for me made the right decision.”

Twenty-twenty might not be a great year in general but life continues to be good for Lopez. She is the face of Ginebra San Miguel for the entire year. She is on the

final stretch of finishing the first-ever house that she will own. And now, this big TV project. “I am simply thankful for the blessings that come my way and to those who are dear to me,” Lopez enthused, making special mention of her personal core team that takes good care of her: Alvin Fortuno and Frank Millari.

Originally from Malolos, Bulacan, Lopez (whose real name is Shaira Roberto) and her actor-brother Jak Roberto are also glad that San Miguel Corp. will soon build a world-class airport in Bulacan.

“It makes me happy because building a new airport will open a lot of work opportunities for our provincemates in Bulacan, since many of them have been displaced or lost their jobs due to the pandemic. When all these virus fears are finally over, I look forward

to traveling again, and what a privilege it would be to have a five-star airport right in my province. I am quite sure our distinguished Gov. Daniel Fernando looks forward to this major collaboration with San Miguel Corp.”

Lopez admitted that she feels both skittish and thrilled to be given this huge acting break by her mother studio, and she vows to make every one who believes in her proud when First Yaya finally airs on free TV. “I have always felt at home with GMA— the love, the support, the trust, the patience, the understanding. If they feel it is my time to shine, I will shine brightly for them.”

And like the luminous and beautiful Sanya Lopez, may we all bloom where we are planted. n

Freestyle, Robert Seña to headline free online concert Pop and R&B band Freestyle and indie alternative band She’s Only Sixteen frontman and rhythm guitarist Robert Seña will headline the nostalgia-themed Unite 2020, an online concert that is free and open to the public.

Launched by the De La SalleCollege of Saint Benilde to welcome its newest breed of students, the night promises to bring memories of previous Unite events and provides an opportunity for other spectators to experience and witness the creativity, talent, and unity of the community.

The college’s first-ever digital

solidarity evening will likewise showcase a series of special throwback performances by homegrown talents and indie musical acts Kyla and Jam, The Strays, Why July, Nobody’s Home, Tala and Matt Murillo. The affair will feature highly anticipated numbers from the internationally acclaimed Saint Benilde Romançon Dance Company and hit mixes by DJ Mohit and DJ Rammy.

“Unite 2020” goes live on October 30, 6 pm, on the official Facebook page of the Benildean Student Trainers (www.facebook.com/StudentTrainers/).

Out and about again: Queen Elizabeth in visit with William

By Pan Pylas The Associated Press LONDON—Queen Elizabeth II on Thursday carried out her first public engagement outside of a royal residence since early March when the coronavirus pandemic started to impact upon on all aspects of dayto-day life in the UK. The 94-year-old monarch was joined by her grandson Prince William at the Defence Science and Technology Laboratory at Porton Down near Salisbury, in southern England, and met with scientists battling the virus.

The queen unveiled a plaque to officially open the new 30 million-pound ($39 million) Energetics Analysis Centre, used by scientists for counterterrorist work. The royal pair were also introduced to staff involved in the rapid response to the Novichok poisoning attack on former Russian spy Sergei Skripal and his daughter in Salisbury in 2018.

Though the UK is in the midst of a resurgence of the virus, neither the queen nor William were seen donning a face covering but both observed social distancing rules of staying 2 meters (6.5 feet) apart from each other and anyone else. The queen had

arrived by helicopter separately from the Duke of Cambridge, who had traveled by car.

A spokesman for the palace said all advice was followed.

All 48 people who were due to come into close contact with the royal pair had been tested for the coronavirus. All the tests came back negative.

Kensington Palace, the London residence of William, declined to comment as to whether the prince had also been required to have a test in order to be able to accompany his grandmother at Thursday’s event.

The queen’s last official public engagement outside of a royal residence was on March 9 when she joined the royal family for the Commonwealth Day service at Westminster Abbey. Before the UK was put into full lockdown on March 23, the queen and her husband, Prince Philip, moved to Windsor Castle, which is around 25 miles (40 kms) west of London.

They spent a large chunk of the past few months at the royal residence of Balmoral in Scotland, before they moved to Sandringham in eastern England. The queen returned last week to Windsor Castle to resume audiences and small engagements, while Philip, 99, has stayed at Sandringham.

Britain’s Prince William looks on as Queen Elizabeth II unveils a plaque to officially open the new Energetics Analysis Centre at the Defence Science and Technology Laboratory (DSTL) at Porton Down, England. AP

B6 Tuesday, October 20, 2020

Toyota PH, Denso TH help make air in PGH cars and facilities cleaner and safe

Metro Pacific supports student scouts

M

ETRO Pacific Investments Corporation (MPIC), through its Foundation, provided support to the student scouts of Conde Labac Integrated School in Batangas City, by donating Smart pocket Wi-Fi units to prepare them for education in the new normal.

Despite the COVID-19 pandemic, schools of all levels have begun their 2020 – 2021 school years, obliging their students to learn from home. With this unprecedented change in their educational environment, several schools have been compelled to provide their students

and teachers with the proper materials to ensure efficient distance learning, gadgets included. However, even with the availability of tablets that they can utilize for online classes, most of these students do not have access to stable internet connectivity. In order to address this, MPIC, with the assistance of Alagang Kapatid Foundation Inc., turned over fifty (50) units of Smart Pocket Wi-Fi to the school in preparation for their school opening on October 6. They were joined by Ms. Yolanda Ramirez, the school’s Officerin-Charge and Mr. Penn delos Santos, a dive instructor and co-founder of the

Batangas Dive Association (BaD Ass) Community Kitchen. These student Scouts served as volunteers for the BaD Ass Community Kitchen, catering to evacuees situated in the Dreamzone inside the Provincial Capitol when the Taal Volcano erupted. Through morning and evening, they provided full meals to those affected by the calamity, ensuring that they are wellfed and sustained for their entire stay at the evacuation centers. “Aside from valuing their right to education, we are extending this aid to the Conde Labac student scouts to express our gratitude for their selfless efforts in helping their disadvantaged community,” says Melody del Rosario, VP for PR and Corporate Communications at MPIC. “Their acts, no matter how simple, created lasting effects that changed people’s lives.”

“With the pandemic bringing unprecedented changes, we are grateful for the help that MPIC has provided to our students,” says Yolanda Ramirez, Officer-in-Charge at Conde Labac Integrated School. “It is encouraging for us to know that education is always valued as a priority, amidst all the other challenges of COVID-19.”

To further prepare them for their upcoming school year, AKFI also donated vitamins to the students and teachers. The pocket Wi-Fi units will be utilized as needed and will be turned over to the school for future use of incoming students.

AGC jumpstarts 2020 Brigada ng Ayala with health and safety efforts in the new normal

At the handwashing facility turnover rites, from left: Reginald Andal, Executive Director, Manila Water Foundation; Gene Pangilinan, Principal, Ramon Magsaysay High School; Virgilio Santos, Chief, SGO Division of SDO Manila; Cel Amores, Chairperson, Brigada ng Ayala; Cenen Milan, Manager, Ayala Foundation; and Kristine Gonzales, Program Manager, BPI Foundation.

A

T the time when collaboration is much-needed, Ayala Group of Companies proved its synergy through the launching of the 2020 Brigada ng Ayala at Ramon Magsaysay High School (RMHS) in España, Manila on October 12.

Aligned to the call of the Department of Education (DepEd)’s WASH in Schools program, Ayala Group foundations - BPI Foundation, Manila Water Foundation, and Ayala Foundation - commenced the Brigada ng Ayala with the turnover of a 10-faucet handwashing facility and 200 Ayala EduCare packs.

As handwashing facilities are essential in the prevention of the spread of coronavirus, the hygiene facility was designed by Manila Water Foundation to match the current needs in the new normal. The “contactless” design of the facility helps users to turn on the faucet via a foot pedal, while the one-meter distance between faucets allows proper physical distancing. Appropriate signages were also mounted on the facility to ensure that the steps to proper handwashing are followed. The facility is also connected to clean water supply and

a drainage system to ensure reliability and safety.

Meanwhile, the Ayala EduCare packs are hygiene kits that contain school supplies, posters that teach about COVID-19 measures and proper hygiene, face masks, a face shield, alcohol, bar soaps, and the Manila Water Foundation’s children’s storybook May Tubig na sina Tinay that teaches about water access, sanitation, and hygiene (WASH) practices.

Ms. Cel Amores, Chairperson of the Brigada ng Ayala (BNA) and Senior Director for Corporate Communications of Ayala Foundation, emphasized the collaborative approach of the different Ayala foundations in the said program.

“If we all work together – together with the communities, learners and teachers, we achieve much more. This is not just within the Ayala Group, we also welcome other partners who may be able to help.”

With the “new normal,” BNA mainly focuses on the following focus areas: Kalusugan at Kaligtasan led

by Manila Water Foundation, and Edukalidad, led by Globe Telecom.

Under Kalusugan at Kaligtasan, main donations are health sanitation and

disinfection, multivitamins and food supplements, personal protective equipment, DRRM kits, handwashing facilities. For Edukalidad, these are composed of teaching and learning materials, e-learning paraphernarlia, and education and training.

BPI Foundation which sponsored the handwashing facility in RMHS, aims to contribute to the efforts of preventing COVID-19 from spreading.

Kristine Gonzales, BPI Foundation Program Manager for Employee Volunteerism and Disaster Response shared, “We wanted to increase awareness and show the importance of hand hygiene because during these trying times, it saves lives.”

Gene Pangilinan, Principal of RMHS said, "We are deeply grateful to the people who help us and who tirelessly show their concern and share their time with us.”

Manila Water Foundation (MWF) is the lead implementer of Brigada ng Ayala’s Health and Safety pillar which is also aligned to the MWF’s WASH in Pandemic program that aims to empower schools and communities against the threats of communicable diseases such as COVID-19.

TMP representatives Ma. Cristina Arevalo (3rd from left), First Vice President for New Mobility Business Division (NMB) and NMB Supervisor Andrew Ryan Ty (2nd from left), turn over Denso Thailand's donation to PGH through doctors (from left:) Hermogenes Monroy, Dennis Serrano, Orlando Ocampo, and Esther Saguil.

L

EADING mobility company Toyota Motor Philippines (TMP) has recently turned over to Philippine General Hospital (PGH) 20 units of air purifiers donated by Denso Thailand. These portable devices called Denso Plasmacluster Ion Generator supress and remove airborne viruses, molds, and allergens in small spaces with limited air circulation, making them ideal for use in some of the state hospital's rooms, and inside the cars and shuttles being used by

its healthcare workers.

The air purifiers were previously tried and tested with the free shuttle transportation service extended by TMP and the Toyota Mobility Foundation (TMF) to PGH staff at the height of the lockdowns due to COVID-19.

PGH was also one of the recipients of the Vios units donated by TMP to the Department of Health (DOH) and other government and LGU-run hospitals to help augment mobility support for the healthcare sector.

DepEd urges PLIs, GFIs to give flexible terms for loan payment of employees

T

HE Department of Education (DepEd) is urging more partner Private Lending Institutions (PLIs) and Government Funding Institutions (GFIs) to provide a flexible and manageable loan payment scheme for its employees in accordance to the Bayanihan Act 2 (BA2), according to Undersecretary for Finance Annalyn M. Sevilla.

In addition to the loan moratorium provision of the BA2 where borrowers are granted a 60-days grace period for loans due on or before December 31, 2020, DepEd has coordinated with its partner PLIs and GFIs to grant a loan moratorium to its employees that will extend the deadline of the payments to an additional 60 days, as well as waiving the accrued interest.

The Secretary has written to all of the GFIs and PLIs, strongly urging them to go beyond the 60-day grace period,” said Usec.

Sevilla in a Handang Isip, Handa Bukas press briefing on recently.

Out of the 173 lending institutions offering services to DepEd personnel, 89 agreed to the negotiation of DepEd to not only adhere to BA2 but to also extend the payment period to another two months in the payroll and completely waive the accrued interest for the 60-day grace period on payment of loans. The

guidelines and list of these institutions were issued through Memorandum OUF-20200552 (https://www.deped.gov.ph/wp-content/ uploads/2020/10/INTERNAL-GUIDELINESBayanihan-Act-2-FINAL-1.1.pdf) Meanwhile, 30 of these lending institutions, comprised mostly of banks, have agreed to adhere to the 60-day grace period set by the BA2 and also extend another 60 days to the payment deadline at the end of the term of the loan in the payroll. These institutions, though, are still requiring the accrued interest to be paid on or before December 31, 2020, or as agreed between the PLI and the borrower.

Meanwhile, 50 of these lending institutions have not yet expressed their decision to waive accrued interest on the loan moratorium. Usec. Sevilla said that for these institutions, the basic guidelines of the BA2 will be applied.

The Automatic Payroll Deduction System (APDS) of DepEd that automatically deducts and remits the loan amortizations of the employees to the PLIs and GFIs will adapt the policies and adjustments of the BA2.

As of August 2020, DepEd has recorded 933,697 filled positions, and 70.21% of this number, or roughly 655,582 personnel, are borrowers from PLIs and/or GFIs.

PLDT, PBSP launch IwasH campaign with handwashing facilities for Manila residents

P

LDT recently marked Global Handwashing Day with a turnover of two 200-liter units of handwashing facilities to Brgy. 310, Sta. Cruz, Manila.

These were installed in the main barangay hall near Manila City Jail and in the Barangay Annex, along Oroqueta Street. This project, in support of the IwasH (Iwas Hawa sa COVID-19) campaign of the Philippine Business for Social Progress (PBSP), aims to promote

behavioral change by educating communities in preventing the spread of COVID-19 and other communicable diseases through proper handwashing. At least 3,000 individuals will also receive hygiene promotion information materials to raise awareness on COVID-19 risks. Facilities will also be installed in other areas with significant number of COVID-19 cases. In photo is a resident of Brgy. 310, Sta. Cruz, Manila.

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

Sports BusinessMirror

Tuesday, October 20, 2020 B7

YES, VIRGINIA, ‘THE BEAST’ PRAYS C

By Josef Ramos

ALVIN ABUEVA is not “The Beast” for nothing. It’s either you hate him or love him, or better yet, have him on your team rather than play against.

But one of the so-called bad boys of Philippine basketball has a soft side—he is God-fearing.

“I don’t forget to pray to God every day,” Abueva told the BusinessMirror on Monday afternoon.

Especially now as he awaits the lifting of his suspension—which is running on its 17th month—by the Philippine Basketball Association (PBA).

“Because of prayers, I am very confident with myself that I can come back [to the PBA],” said Abueva, who despite

serving an indefinite suspension was allowed by the PBA to join his team in the Clark bubble. “I know the Lord will never leave me in despair.”

Abueva is a deep devotee of the Black Nazarene. The 32-year-old Angeles City native said he makes it a point to attend Mass at the Quiapo Church.

“I always pray to God for the safety and success of my family, my teammates, the PBA, and all my love ones during these difficult times,” added Abueva, who always wears a scapular even when he is playing.

“I always attend the Nazarene festivity every year, I even climb the Nazarene’s carriage,” he said.

While at the bubble, Abueva said he prays as often as three times a day.

“I pray three times a day here because we’ll never know what may happen the next day. A plane may crash on you here while sleeping, that’s why you have to be prepared all the time,” he said.

The PBA entourage is billeted at the Quest Hotel, near the Diosdado Macapagal International Airport.

Abueva is in top physical condition and said he is “110 percent” ready to play once PBA Commissioner Willie Marcial gives him the green light to join the Phoenix Super LPG Fuel Masters.

Only the PBA stands in the way of Abueva. The Games and Amusements Board, through Chairman Abraham Kahlil Mitra, already reinstated his professional basketball license on a probationary status after he completed three seminars on how pro athletes should behave.

“I wanted to change [everything] for good because I already learned my lesson,” added Abueva, who was already a star as a kid in various leagues in Pampanga before enrolling at San Sebastian College and leading the Stags to the 2009 National Collegiate Athletic Association (NCAA) title.

With his hustle and brand of basketball, it’s a no brainer who his idol is: the National Basketball Association’s bad boy and rebounding demon Dennis Rodman.

“I make sure I stay in shape the way Dennis Rodman was when he was still playing,” he said. “I am awed with his energy

VINCENT JUICO @VJuico Instagram vpjp_j, vince.juico@gmail.com

SPORTS WITHOUT BORDERS

and great defense.”

Abueva regularly works out, lifts weights and joins the team’s scrimmages in Clark. He also communicates with his family every day through video.

For now, Abueva is happy to see his team playing cohesively resulting in back-to-back victories under interim coach Topex Robinson, like him, a San Sebastian alumnus. And it is going to be a different and a more competitive Phoenix Super LPG squad once he is allowed to play.

2020 PFL season

CALVIN ABUEVA is a devotee of the Black Nazarene.

SILVER LINING FOR MPBL

By Annie Abad

T

COMMISSIONER Kenneth Duremdes is hopeful the league will resume soon.

PBA players test negative in 2nd test

T

EAM members inside the Philippine Basketball Association (PBA) bubble yielded negative results anew following the latest swab testing for Covid-19 administered by the Clark Development Corp (CDC).

A week after action in the Philippine Cup kicked off, Commissioner Willie Marcial disclosed members of all 12 ballclubs are negative of the virus following the second round of testing done last week.

Some players who were late entrees in the bubble however, are still scheduled to be tested along with some members of the PBA staff.

Coach Raoul Cesar “Nash” Racela and the Blackwater Elite, meanwhile, takes on Alaska on Tuesday in the Philippine Cup at the Angeles University Foundation gym in Pampanga.

Game time is 6:45 p.m.

With Racela at the helm, the Elite are making their present felt and have won two of their first three games—over Northport (96-89) and NLEX (98-88)—behind spectacular plays by Shej Roi Sumang and Don Trollano.

But Racela continues to remind his wards to be cautious.

“Alaska is one of the strongest and conditioned teams in the bubble. They are a tough adversary so we really need to prepare hard,” Racela said.

Alaska ended a two-game slump with an 87-81 win over last year’s Philippine Cup runner-up Magnolia (1-2). Jeron Teng had 19 points while Jayvee Casio finished with 17 points in that game.

Meralco (1-2) and Magnolia clash in the other game at 4 p.m. with both teams hoping to get back on the winning track. With Josef Ramos

HE Maharlika Pilipinas Basketball League (MPBL) is starting to see its own restart amid the Covid-19 pandemic after the government approved the return to action of two more leagues in addition to four others that are either ongoing or have already finished their events.

“That’s good news for us and I am very optimistic that our request [for restart] would also be approved,” MPBL Commissioner Kenneth Duremdes told the BusinessMirror on Monday.

The Inter-Agency Task Force on the Management of Emerging Infectious Diseases allowed the Philippine Superliga to go ahead with its beach volleyball tournament in Subic

shuttered by the pandemic.

“We only have four games to go so I am really hoping that we will get the approval from the IATF,” said Duremdes as he reiterated the league’s intention to adopt the PBA’s guidelines in its Clark bubble.

“We are eyeing either Subic or Tanay,” said Duremdes, adding former Senator Jinggoy Estrada offered his spacious property in Tanay as the league’s bubble. Estrada owns the San Juan team.

Duremdes said they have to complete the semifinal games between San Juan and Makati in the Northern Division and Davao Occidental and Basilan in the Southern Division before proceeding to best-of-three national finals. The semifinals are do-or-die games.

PRINCESS EOWYN TOPS SAMPAGUITA STAKES

RICK OLIVARES | bleachersbrew@gmail.com

BLEACHERS’ BREW The Philippine Football Federation, in conjunction with futsal supporter, the Henry V. Moran Foundation, have made huge strides in the last couple of years to not only increase the profile of futsal, but to become a regional power.

Steps have been made over the past few years to give the sport a bit more prominence.

Together with partners like the Moran Foundation and the Department of Education, the PFF has also started promoting futsal in public schools.

Through the Liga Eskwela Program, from 2016-2018, the Department of Education introduced futsal at the primary school level for the regional Palaro Pambansa eliminations in Metro Manila.

In 2018, with the support of multinational German financial services provider Allianz, the PFF together with the Moran Foundation piloted a National Youth Futsal Invitational for boys and girls ages 12 to 16 years across nine provincial areas across the country (three each in Luzon, Visayas, and in Mindanao)—Central Luzon and Cordillera,

Makati defeated San Juan, 91-88 at the FilOil Flying V Gym in San Juan, while, Davao Occidental upset Basilan Steelers, 81-76, at the Lamitan Gym in Basilan in Game Two of the division semifinals on March 11, days before the enhanced community quarantine was imposed.

Duremdes also said all teams in the league remain intact despite the pandemic.

RINCESS Eowyn extended her reign with another smashing win in the Sampaguita Stakes Race at the MetroTurf Racing Complex in Malvar, Batangas, on Sunday.

Ridden by star jockey JB Hernandez this time, Princess Eowyn engaged Obra Maestra in a two-horse battle before sprinting in the final 300 meters for the multiple-length win in the 1,800-meter race.

The repeat Sampaguita Stakes Race champ clocked one minute and 55.6 seconds with quarter times of 14, 22, 23, 25 and 30 seconds in ruling the race.

“We had a strong start so we tested both sides of the track and when we got into the groove, we maintained out pace before giving it all in the stretch,” said Hernandez, who a week earlier steered Work Bell to the Juvenile Filles and Colts Stakes Race victory.

Owner Edward Vincent Diokno banked the P1.2 million prize of Princess Eowyn, a five-year-old filly sired by Keep Laughing out of Dona Carmela.

Shanghai Grey (owner Melanie Habla, jockey Kevin Abobo) pocketed the secondplace purse of P450,000, while Obra Maestra (Leonardo Javier Jr., JB Guce) and Two Timer (Rancho Santa Rosa, JP A Guce) picked up P250,000 and P100,000, respectively, as

third and fourth placers.

Viva Morena (jockey Dan Camanero) came from the outside to steal the victory worth P300,000 in the in the 4YO and Above Open Stakes Race.

Gomper Girl (JD Flores) settled for the runner-up purse of P112,500, while third placer Stella Malone (JB Hernandez) received P62,500.

Off Track Betting Stations in areas under a modified general community quarantine were finally allowed to operate subject to health and safety protocols. Online betting, however, is encouraged, with bettors at the Metro Turf races using Fastbet, with San Lazaro Leisure Park (Manila Jockey Club) and at the Saddle and Clubs (Philippine Racing Club) uitilizing Telebet.

Safety protocols were still in place at the MetroTurf to help stop the spread of Covid-19.

Only the racing clubs’ employees, Philracom personnel, horse-owners, jockeys, trainers and special guests were allowed at the venue, ensuring that only 25 percent of the usual crowd was present.

Jockeys wore special face masks and eye gear, while trainers and other horse-racing personnel at the stables had hazmat suits and other protective equipment.

The 2020 calendar continues with its weekly stakes races, including the second and third legs of the Triple Crown/Hopeful/3YO Locally Bred Stakes Races, Ambassador Eduardo Cojuangco Jr. Memorial Cup, 3YO Imported/Local Challenge and the Juvenile Championship/Lakambini Stakes Race.

National Capital Region/Manila, Bicol region, Cebu, Iloilo, Bacolod, Dipolog/Zamboanga, Cagayan de Oro and Davao.

Its main objective of the tournament with its local, regional and a national finals was to provide an initial assessment on the level of coaching, refereeing, match organization, and level of futsal players and stakeholders across the country.

The Allianz program also looked to create a pool of potential coaches, referees, organizers, venues and assets in place such as volunteers, equipment, local supporters (public and private) and organizers who can help promote futsal at minimal costs.

This model program eventually won a Silver Award at the 2018 Sports Industry Awards (SPIA) held in Bangkok, Thailand.

Further to that, in September 2018, the PFF

together with the Philippine Sports Commission reintroduced futsal to the Batang Pinoy National Youth Games for U13 Boys, U13 Girls, U15 Boys and U15 Girls.

These games served as a preparation for Philippine teams to the Southeast Asian Games, Asian Games and Olympics.

With that, the Philippines now has three major national youth futsal competitions— Allianz National Youth Futsal Invitational, the Batang Pinoy National Youth Games, and the Department of Education’s Palaro Pambansa where coaches, referees, and match organizers can apply what they learn in courses to develop the sport.

Adding more excitement to the growth of futsal is the involvement of in April of 2019, of renowned Dutch futsal coach Vic Hermans who was invited to assess the futsal program

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JOCKEY JB Hernandez flashes the No. 1 sign as Princess Eowyn secures the win at the MetroTurf.

Philippine futsal making waves THE ongoing Covid-19 pandemic may have put a stop to many things, but Philippine futsal like its older brother, 11-a-side football (name the Philippines Football League), is poised to take an even bigger step.

in November, as well as the National Basketball League with its finals series in Pampanga this week. Both events will be conducted in a bubble environment.

The Philippine Basketball Association (PBA) is three weeks into its Philippine Cup at the Clark bubble and the Chooks-to-Go Pilipinas 3x3 is a week inside the Inspire Sports Academy bubble for its President’s Cup. A professional boxing card was staged in Mandaue City without the crowd early this month, while the Philippine Football League is all set to take off at the Philippine Football Center bubble in Carmona, Cavite.

Duremdes said that they have already submitted the league’s guidelines to the IATF through their legal counsel, Brando Viernesto.

He said they intend to resume the semifinal round and the National Finals of which were

ON October 24, the Philippine Football League (PFL) returns in the form of a six-team tournament led by three-time defending champion United City Football Club, formerly known as Ceres-Negros Football Club.

I’m neither a football expert nor a soccer analyst, never was, never will be. I’ll leave all the preseason talk to those who’ve been around Philippine football for a very long time, but on paper, I see Kaya FC and the Laguna Stallions crowding UCFC at the top of the table if not keeping them busy.

It’s a short tournament so fitness, strength and conditioning will be very vital and crucial.

The strength and conditioning coaches, physical therapists plus the physiologists being very busy this competition will be an understatement.

The team that has a deep line-up with no drop off on talent on substitutions should emerge as league champions. It would also help if that team has an excellent training staff.

The margin for error in this tournament will be practically non-existent if not small.

New players on each of the six teams will have a short learning curve to digest the manager’s system, tactics, strategies, substitution patterns and set pieces.

I think teams that have a mixture of youth and experience will do well. Especially teams that have national team players both former and current. In a short tournament like the one coming up, teams will need the locker room or changing room presence of veterans and also the gung-ho youthful enthusiastic attitude of the young players.

A team like the Azkals Development, made up of up and coming players like football wunderkind Carlo Dorin and Ateneo standout Jarvey Gayoso may rely on an aggressive and attacking strategy, taking advantage of their youth.

Honestly, I’ve never been this excited about Philippine football since the accomplishments and achievements of the Azkals.

We fervently hope that nobody gets infected and if everything goes well without a hitch then congratulations will be in order for the PFL and the Philippine Football Federation. The football bubble may be looked upon as a model for other bubble football tournament organizers to follow.

PSA Forum on Team Lakay ace

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OP Team Lakay fighter Eduard Folayang and coach Mark Sangiao make their initial appearance in the online Philippine Sportswriters Association (PSA) Forum on Tuesday.

Folayang, the former One lightweight world champion, and Sangiao will talk about the Filipino’s coming fight against Antonio Caruso of Australia in Singapore.

The fight is a featured undercard in One: Inside the Matrix on October 30 The 10 a.m. session is presented by San Miguel Corp., Go For Gold, Milo, Amelie Hotel Manila, Braska Restaurant, Philippine Amusement and Gaming Corp., and powered

by Smart. Official webcast partner is Upstream Media.

The Forum is aired live via the PSA Facebook page fb.com/PhilippineSportswritersAssociation and also shared by Radyo Pilipinas 2 Facebook page. in the country.

The PFF and its support group got more than an assessment. Hermans looks to get involved in the development of the grassroots program.

According to local football officials, Hermans’ three-year involvement will kick-off once this pandemic is over.

Futsal has seen a reemergence internationally. In fact, the sport was introduced as an official sport in the 2018 Summer Youth Olympic Games in Buenos Aires for both boys and girls.

France, the hosts of the 2024 Olympics in Paris, has submitted a plan/bid to make futsal a demonstration sport and eventually a regular sport at the Olympic games for both men and women.

This looks like it’s going to be an exciting time for Philippine futsal.

Sports BusinessMirror

B8 Tuesday, October 20, 2020 | Editor: Jun Lomibao

mirror_sports@yahoo.com.ph

JAPANESE PM SUGA: GAMES WILL GO ON J

APANESE Prime Minister Yoshihide Suga intends to “make sure” the Olympic and Paralympic Games take place in Tokyo next year.

Suga, who succeeded Shinzō Abe as Prime Minister in September, made the comments during a speech at Kyodo News’ head office in the Japanese capital.

“I want to make sure I see the Olympics take place next year,” Suga said.

Suga also said the successful staging of Tokyo 2020 would be “proof that the human race has conquered the virus.”

The Olympics have been postponed to July 23 to August 8, followed by the Paralympics from August 24 to September 5, as a result of the Covid-19 pandemic. Organizers now have to plan for the Games against the backdrop of the global health crisis.

A coronavirus countermeasures taskforce, formed of officials from the Japanese Government, Tokyo Metropolitan Government and Tokyo 2020, is assessing possible scenarios and measures that could allow the Olympics to run as scheduled next year.

Policies are expected to be announced before the end of the year. These are likely to include a mechanism for lifting the entry ban on foreign tourists, which is currently in place for 159 countries and regions.

Measures may include a health checking app, mandatory testing and health insurance, and exclusive health centers for tourists.

The new Prime Minister identified rescuing the tourism industry as a key policy, and it is one which will aid the efforts of Tokyo 2020 organizers.

“I hope to revive inbound tourism by somehow surviving this coronavirus pandemic,” he said.

“Unless we balance measures against the novel coronavirus infections and the economy, Japan

itself will not be able to keep up.”

Suga replaced Abe after he resigned due to ill health.

International Olympic Committee President Thomas Bach is expected to visit Japan next month to meet Suga, with the pair already holding a 15-minute telephone call last month.

Bach and Suga expressed their commitment to making the Games “safe and secure” for both athletes and spectators.

So far, Japan has reported more than 91,400 coronavirus cases and 1,650 deaths, but is deemed to have kept the virus under control in relative terms.

Rodgers, Packers lose steam against stingy Bucs defense

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Government, Tokyo Metropolitan Government and Tokyo 2020.

It is also understood by Kyodo News that a special unit tasked with gathering information related to Covid-19 during the Games would be set up.

JAPANESE Prime Minister Yoshihide Suga says the successful staging of Tokyo 2020 is proof that the human race has conquered the virus.

ATHLETES’ VILLAGE AS TREATMENT FACILITY

THE Athletes’ Village at next year’s Olympic Games could be used to treat competitors and coaches suspected of having coronavirus.

Kyodo News understands Tokyo 2020 organizers are considering supplying the village with “health center-like” functions to support infected individuals.

Citing officials “with knowledge of the situation,” the Japanese news agency reports there is a proposal to create an independent Covid-19 testing center for the Olympic and Paralympic Games.

The plan is expected to be discussed at a meeting later this month involving the Japanese

More than 10,000 people are expected to use the Athletes’ Village and Tokyo 2020 officials are working on measures to stop the spread of coronavirus.

The organizing committee, meanwhile, recently announced that another member of staff has test positive for coronavirus, taking the number of confirmed cases among employees to six.

A Tokyo 2020 statement said that “a male

employee in his 20s employed at a Tokyo 2020 office in Harumi in Tokyo’s Chuo ward tested positive for Covid-19.”

The individual has been working remotely since October 13, the organizing committee added.

“Tokyo 2020 will continue to work with relevant organizations to prevent the spread of Covid-19 and take all necessary measures to maintain a safe and secure working environment for our staff,” finished the statement. Insidethegames

Van der Poel rules Flanders; Alaphilippe out after crash

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WOUT VAN AERT and Mathieu van der Poel push onwards as Julian Alaphilippe crashes after clipping a motorbike, ending the Frenchman’s race.

UDENAARDE, Belgium—Dutchman Mathieu van der Poel beat Belgian rider Wout van Aert in a photo finish to win the Tour of Flanders for the first time on Sunday, while contender Julian Alaphilippe crashed out near the end after hitting a motorbike.

Van der Poel and van Aert sprinted to the line with under 200 meters left and Van der Poel beat his former Cyclo-cross rival by less than half a wheel’s length.

After finding out he’d emulated his father Adrie van der Poel, who won the race in 1986, he raised his bike over his head and shouted in delight.

His maternal grandfather was the late Raymond Poulidor, who finished on the Tour de France podium eight times without ever winning.

Norwegian rider Alexander Kristoff was third, just like last year.

Alaphilippe was in contention until he hit a motorbike 35 kilometers from the end. The French rider was behind Van Aert and van Der Poel when he appeared not to see the motorbike slowing down to his right.

Suddenly, everyone knows Eddy’s name

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ORMER police officer Eddy Lissens gives his side of story after world champion crashes out of Tour of Flanders Eddy Lissens—a former Belgian police officer—was working on the 2020 Tour of Flanders on Sunday as a member of the race jury, riding a motorbike within the race. When road race world champion Julian Alaphilippe— part of the decisive three-man breakaway— crashed into him, the Frenchman’s resulting injuries put him out of the race, and suddenly everyone knew Eddy’s name.

“The breakaway had built up a lead of more than 20 seconds, and so, together with the Shimano [neutral service] motorbike, I decided to take up a position behind the break,” Lissens said, according to Het Laatste Nieuws on Monday morning.

“We let ourselves drop back: the TV motorbike did that on the left side of the road and we chose the right side,” he continued.

“Should we also have done that on the other side of the road? Anyone who says such a thing has never ridden a race.”

One such person was Alaphilippe’s

Deceuninck-QuickStep boss Patrick Lefevere, who told Sporza that the motorbikes “had no business there” on the right-hand side of the road, and said that they should have been on the outside—on the left—as the road was bending to the right and so the riders would always take the shortest distance via the apex of the bend.

I didn’t do anything unusual,” Lissens told Het Laatste Nieuws. “Such things happen 100 times in a race. This was just an unfortunate moment.”

Nevertheless, the 64-year-old from Leuven, near Brussels, added: “I felt terrible. I’ve been doing this for 20 years and nothing like this has ever happened to me.”

It appeared from the TV images that Alaphilippe had his left arm up to talk into his team radio just before hitting the motorbike, meaning that perhaps he would have also leaned his head over to the left to speak into the microphone and so not have seen first Wout van Aert (Jumbo-Visma) and then Mathieu van der Poel (Alpecin-Fenix) flick left to avoid Lissens’s slowing “moto.” It’s a theory that appears to hold water.

“Afterwards, I remember seeing that Alaphilippe had been talking into his microphone and could no longer avoid me,” Lissens said. “I feel sorry for Alaphilippe. His injuries are bad, but he also had the chance to win the Tour of Flanders, and that’s really hit me hard.”

Alaphilippe was diagnosed with two broken fingers following the accident, and is set to have surgery on Monday, according to the Belgian media, while Lissens said that he’s received a wave of abuse over social media.

“That’s affected me very deeply,” he admitted. “I feel guilty, even though I can’t do anything about it.”

Cyclingnews

He hit it with his arm and span off his bike, then lay screaming on the ground as he clutched his right arm. Medics tended to him and he was soon sitting upright and seemed conscious.

His Quick-Step team said in a statement that he has two fractured bones in his right hand and will have an operation in Belgium on Monday.

First held in 1913, the race in the Flemish Ardennes region is also known as De Ronde and is one of five classics along with Milan-San Remo, Paris-Roubaix, Liege-Bastogne-Liege and the Giro di Lombardia.

It features up to 19 short but punishing climbs—such as the Paterberg and Koppenberg—and is one of the two classics with cobblestone sections along with Paris-Roubaix, called off this year amid the coronavirus pandemic.

Alaphilippe was among the favorites after capturing the world title and then winning the Belgian semi-classic at Brabantse Pijl.

Belgian rider Greg van Avermaet did not take part after crashing at the Liège-BastogneLiège race and sustaining several fractures.

Because of Covid-19, organizers took the unique step of not releasing race information in a concerted effort to discourage fans from attending.

“Given the current health situation in Belgium,

we as an organization call on you to follow the race at home,” read a brief statement on the race’s web site. “It was therefore decided not to release any information about the course.”

Still, a handful watched in places along the shortened route of 244 kilometers—compared to 267 kms last year—from Anvers to Oudenaarde in eastern Flanders.

Shortly after the halfway point, the MilanSan Remo winner Van Aert was one of several riders caught in a crash. But he was soon back on his bike and catching up with the pack.

After a breakaway group of six riders was caught about 50 kilometers from the end, Alaphilippe started to increase the speed with Van der Poel and Van Aert alongside him.

AMPA, Florida—Things had been going so smoothly for Green Bay that Aaron Rodgers figured the Packers were due for a dose of reality.

The National Football League’s (NFL) highest scoring offense was virtually unstoppable through the first four weeks of the season and the opening quarter of Sunday’s 38-10 loss to Tom Brady and the Tampa Bay Buccaneers.

The last three quarters showed it’s a lot tougher to move the ball and score at will than it seemed during the team’s best start since 2015.

While Brady outplayed Rodgers, the real story was the job the Bucs defense did on the Packers after Green Bay scored a field goal and touchdown on its first two possessions.

“You don’t ever want to lose like this; I felt like we needed a little bit of a wake-up call at some point this season because things have been so good and there’s been so much talk maybe outside the building about the ease with which we’re moving the ball on offense and scoring,” Rodgers said.

The Packers (4-1) entered Sunday as the first team in league history to score at least 150 points without committing a turnover in the first four games.

They were averaging 445.5 yards and 38 points per game. And it looked like they might be headed for another big day when Rodgers built a 10-0 lead while controlling the ball for just over 12 minutes and limiting Tampa Bay to just five offensive plays in the opening quarter.

Two interceptions within a three-pass span of the second quarter—one of them returned for a touchdown—changed the game. By halftime, Green Bay trailed 28-10 and the Bucs’ defense never let up.

The loss stopped a nine-game regularseason winning streak.

“You can never get comfortable in this league. As soon as you get comfortable, you get your butt whipped,” Packers Coach Matt LaFleur said. “I’m not saying that’s what happened. Give the Bucs all the credit. They came to play. They beat us in every facet, from coaching to playing to just going out there and being more physical and executing.

“I think everybody needs to be critical of themselves,” LaFleur said. “That’s the only way you learn and the only way you can bounce back and get better from this.”

The Packers finished with a season-low 201 yards, just 52 in the second half.

Rodgers 16 of 35 for 160 yards with no touchdowns and had his first game with multiple interceptions since 2017. The Packers yielded four sacks after only allowing three in the first four games.

“We never got into a very good rhythm.

It definitely wasn’t my best game in terms of getting in the personnel and play-calling into the huddle,” LaFleur said. AP

BELLINGER SENDS DODGERS TO WORLD SERIES VS. RAYS

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RLINGTON, Texas—The Los Angeles Dodgers celebrated as Cody Bellinger’s drive soared deep into the Texas night.

Bellinger flung his bat off to the side and strutted up the first-base line.

All the way to the World Series.

Bellinger hit a tiebreaking solo homer in the seventh inning, and the Dodgers advanced to the Fall Classic for the third time in four years by topping the Atlanta Braves 4-3 in Game 7 of the National League Championship Series (NLCS) on Sunday.

“This year is our year,” Manager Dave Roberts said.

Bellinger connected an inning after Kiké Hernández became the first pinch hitter with a game-tying or go-ahead homer in a winner-take-allgame. His homer tied it at 3 and, like Bellinger’s, came on the eighth pitch of the at-bat.

The Dodgers, who matched an LCS record with 16 homers, overcame a 3-1 series deficit by winning three consecutive games when facing elimination for only the

second time in their storied history.

“Defensively, pitching, game-calling, planning, everything. we grinded all the way through this series,” said shortstop Corey Seager, who was named NLCS MVP after bashing a record five homers in the series.

“We’re glad to be on top.”

After winning both their NL Division Series and the NLCS in the new $1.2 billion Globe Life Field, the Dodgers get to stay in place for the World Series. Game 1 against the American League champion Tampa Bay Rays is Tuesday night.

Julio Urias closed with three perfect innings as the Dodgers won their 24th NL pennant, their 12th since moving to Los Angeles. They are coming off their eighth consecutive NL West title.

It was the 16th consecutive playoff appearance in which Atlanta did not win a World Series, the most for any team.

But these Braves have won three consecutive NL East titles and have a bunch of young players surrounding NL MVP candidate Freddie Freeman, who had never been to the NLCS in his previous 10 seasons in Atlanta.

“We’re taking strides in the right direction.

And we did it with our young players and the experience they got,” Manager Brian Snitker said. “A lot of our young players grew up a lot in these last three months.”

CODY BELLINGER hits the tiebreaking solo homer in the seventh inning. AP