BusinessMirror October 21, 2020

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DBCC MAY DOWNGRADE GDP OUTLOOK FURTHER www.businessmirror.com.ph

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Wednesday, October 21, 2020 Vol. 16 No. 13

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

PLASTIC barriers and roomier seating arrangements, in addition to stringent health protocols, greet dine-in customers as restaurants and fast-food chains reopen, albeit in reduced accommodation capacities, as seen at a fast-food branch on Boni Avenue in Mandaluyong City. BERNARD TESTA

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By Bernadette D. Nicolas

INANCE Secretary Carlos G. Dominguez III said the Cabinet-level Development Budget Coordination Committee (DBCC) may once again revise its outlook on the Philippine economy to take into account the impact of the government’s decision to revert to a stricter lockdown in August after the number of infections rose with the easing of rules.

The country’s finance chief told reporters on Tuesday the possible revision of GDP outlook by the DBCC is now “under discussion.”

The DBCC currently projects the economy could shrink by 5.5 percent, which is within the range of its GDP assumption of 4.5 to 6.6 percent contraction this year.

Continued on A2

NW Palawan oil extraction by 2026–PNOC-EC

By Lenie Lectura

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HE government expects to extract petroleum reserves within the northwest Palawan basin as early as 2026, a year before the Malampaya gas field runs dry.

During the Senate budget hearing, Philippine National Oil Co.-Exploration Corp. (PNOC-EC) President Rozzano D. Briguez said drilling activities for Service Contract (SC) 57 would commence next

year, with production date targeted in 2026.

“By fourth quarter next year, we can start drilling. If we will be lucky, by 2026 or early 2027, production will start for SC 57,” he said.

SC 57, which was awarded to PNOC-EC in September 2015, covers a total area of 7,200 kilometers in offshore Northwest Palawan and is situated around 50 km northwest of the northwesternmost tip of Busuanga Island.

Briguez said the government

PESO EXCHANGE RATES n US 48.5780

would take in a partner by way of assigning a portion of the contract to another party for development.

“Yes, we are inviting others to join,” he said.

A farm-in agreement must be finalized prior to the drilling activities. Briguez said potential petroleum reserves in the area are “estimated at two-thirds of Malampaya.”

The Malampaya gas field has proven reserves of about 2.7 trillion cubic feet of natural gas re-

serves and 85 million barrels of condensate.

“With the new EO [Executive Order] 80, we will be farming out 70 percent. So, we will be earning.

Our ownership is 100 percent. If we farm out the 70 percent, we will retain the 30 percent,” the PNOC officials explained to the senators.

CNOOC?

HE did not say if China National Offshore Oil Corp. (CNOOC),

HEAVY USE OF LOANS FOR CLIMATE AID A ’SCANDAL’—OXFAM

By Cai U. Ordinario

B

RITAIN-BASED international nonprofit Oxfam said climate financing extended by developed countries is smaller than the declared amounts.

In its Climate Finance Shadow Report 2020, Oxfam said the true value of support of developed countries for climate action may be as little as $19 billion to 22.5 billion per year once loan repayments, interest and other forms of over-reporting are removed from the amount.

Oxfam said donors reported $59.5 billion per year on average in 2017 and 2018—the latest years for which figures are available.

“At the worst end of the spectrum, some countries [including Japan] count the climate component as 100 percent of the project budget—even though such projects are explicitly defined as not primarily targeting climate action. Most countries apply a blanket percentage [usually 40 percent or 50 percent],” Oxfam said in its report.

Further, Oxfam said in a statement that 80 percent or around $47 billion of all reported public climate finance was provided as loans.

See “Climate,” A2

Continued on A2

n JAPAN 0.4608 n UK 62.8939 n HK 6.2685 n CHINA 7.2707 n SINGAPORE 35.7743 n AUSTRALIA 34.3106 n EU 57.1714 n SAUDI ARABIA 12.9510

Source: BSP (October 20, 2020)

News BusinessMirror

A2 Wednesday, October 21, 2020

NW Palawan oil extraction by 2026– PNOC-EC Continued from A1

www.businessmirror.com.ph

PHL has 4th worst pension of 39 economies–report

T which earlier farmed-in into SC 57, would secure the 70-percent interest.

It may be recalled that in April 2006, CNOOC acquired 51-percent participating interest and operatorship in SC 57, while Mitra Energy farmed-in last March 2006, getting 21 percent. The Deed of Assignment to formalize their entry has yet to be approved, following the issuance of an EO during the Arroyo administration that prohibits the PNOC from awarding farm-in and farm-out agreements for oil exploration, development, and production.

However, this EO was repealed with the issuance of another EO last year by President Duterte. EO 80 paves the way for PNOC-EC to partner with another firm to implement SC 57.

Also, with the recent lifting of the moratorium on oil and gas exploration activities in the West Philippine Sea, CNOOC’s partnership with PNOC-EC for SC 57 can already advance.

Aside from SC 57, other contracts that were affected by the moratorium include SC 59, 72 and 75.

Coal blocks

MEANWHILE, PNOC-EC is applying for coal blocks in Malangas, Zamboanga Sibugay. Its application is subject to a counteroffer, the Department of Energy (DOE) said.

PNOC-EC said in July that it would prioritize projects that are expected to yield profits. These projects include petroleum exploration and coal power.

PNOC-EC holds four coal operating contracts (COC): COC 41 (Malangas), COC 122 (Isabela), COC 185 (Buug-Malangas) and COC 186 (Imelda-Malangas). It also trades coal through its coal terminal located in Malangas, Zamboanga Sibugay.

The company, chaired by Energy Secretary Alfonso Cusi, is also engaged in the following petroleum service contracts: SC 37 (Cagayan), SC 57 (Calamian), SC 58 (West Calamian), SC 59 (West Balabac), SC 63 (East Sabina), SC 74 (Northwest Palawan) and SC 75 (Northwest Palawan).

More important, PNOC-EC has a 10-percent stake in the Malampaya deep water-gas-topower project under SC 38.

“PNOC-EC will prioritize projects with higher projected revenue or fastest ROI [return on investment],” Briguez had said.

Continued from A1

By Elijah Felice Rosales

In the Mercer CFA Institute Global Pension Index 2020, the country received a dismal 43 out of 100 to place 36th among 39 nations in terms of pension system. The Philippines only bested Turkey, Argentina and Thailand on the list.

According to the report, the Netherlands and Denmark have the best pension for their “firstclass and robust retirement income system that delivers good benefits, is sustainable and has a high level of integrity.”

As for those with a D rating, their system “has some desirable features, but also has major weaknesses and/or omissions that need to be addressed.” Countries with a D rating are the Philippines, Japan, China, India, Mexico, Turkey, Argentina and Thailand.

The average score globally was 59.7, and the Philippines was way off the mark at 43, which is lower than the 43.7 it obtained last year.

By subindex, the Philippines was given a grade of 38.9 for adequacy and 34.8 for integrity. It got its highest score of 53.4 for sustainability.

“The Philippines’s retirement income system comprises a small basic pension and an earningsrelated Social Security System.

Members can receive a lifetime pension if they have contributed for a minimum of 120 months,” the report explained of the country’s pension.

“If this requirement is not met, the retiree will receive a lump sum upon retirement equal to the member and employer contribu-

PICSTUDIO | DREAMSTIME.COM

HE Philippines has the fourth worst pension among 39 economies in the world, and it has to improve the adequacy and integrity of its retirement income system, according to a report.

BRIGUEZ: “By fourth quarter next year, we can start drilling. If we will be lucky, by 2026 or early 2027, production will start for SC 57.” PNOC-EC

Climate…

In the Mercer CFA Institute Global Pension Index 2020, the country received a dismal 43 out of 100 to place 36th among 39 nations in terms of pension system. tions plus interest,” it added.

According to the Mercer report, the Philippines can improve its pension by increasing the minimum level of support for the poorest aged individuals.

Likewise, the country can upgrade its retirement system by enhancing the coverage of workers in occupational pension schemes that would augment contributions and assets. The Mercer report also recommended putting aside funds in the public system for the future,

which should decrease reliance on the pay-as-you-go system.

Manila, meanwhile, was urged to introduce noncash-out options for pension plans proceeds so they can be preserved for retirement purposes.

This is the second time the Philippines was rated in the annual Mercer report, which surveys the financial security provision in 39 countries and compares how economies are improving their systems for their retired citizens.

Agencies may use Bayanihan 2 funds beyond Dec 19

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OVERNMENT agencies can still use the P165-billion fund under the Bayanihan to Recover as One (Bayanihan 2) even after the legislation expires

by December.

Malacañang made the assurance on Tuesday after some lawmakers proposed extending the effectivity of Bayanihan 2 beyond December 19, 2020.

“I don’t think the spending [of the fund] is subject to expiration of the law since it is already appropriated and is just about to be released,” Presidential spokesperson Harry Roque said in an online

briefing on Tuesday.

Bureau of the Treasury (BTR) after Bayanihan 2 expires.

BUDGET Secretary Wendel Avisado confirmed this.

“The projects may not all be finished by December 19, so what is needed is [to ensure] that the funds must be properly obligated,” Avisado said.

He said the concerned agencies must be able to present the necessary Notice of Award and Notice to Proceed as basis of the said obligation of the Bayanihan 2 fund.

Unobligated Bayanihan 2 budget will automatically revert to the

Pending release

contraction in Southeast Asia.

Last month, the Asian Development Bank (ADB) said it expects the Philippine economy to post the second steepest economic contraction among Southeast Asian countries next to Thailand. The Manilabased multilateral lender said it sees the economy shrinking 7.3 percent, lower than its June forecast of -3.8 percent.

While IMF and ADB’s forecasts on the Philippine economy are lower than the economic team’s projection of a 5.5-percent GDP contraction this year, these are still within the range of 7 to 9 percent economic contraction projected by Bangko Sentral ng Pilipinas Governor Benjamin Diokno.

discussion with our multilateral partner in the World Bank, and we talked a lot about this vaccine financing. I asked them to please work together with other multilateral agencies like the ADB so that we are not duplicating our efforts with regard to vaccines. And we’re tapping their expertise in identifying the vaccine, in financing vaccines for the Philippines, and also, not only just with the vaccine itself, but the necessary infrastructure that is required for the delivery of the vaccines,” he said.

Dominguez pointed out that cold storage is needed for vaccines to be effective, adding that effective vaccination is easier to do in big cities.

“However, in the island communities, we will have to boost our infrastructure for that. So, again, my discussions with the World Bank, with the ADB, who are keeping a close tab on developments of the vaccine, are very, very promising,” he said.

Asked how much is the Department of Finance eyeing to borrow from WB and ADB for vaccine financing, Finance Undersecretary Mark Dennis Y.C Joven told the BusinessMirror there are “no specific figures yet.”

Apart from the World Bank and the ADB, Joven said they are also in discussions with the World Health Organization (WHO).

“Basically, government is seek-

Proof of obligation

AS of Friday, the DBM had released over P5.33 billion of allotments under Bayanihan 2.

These include the following agencies: Department of Foreign Affairs (P820 million); Department of National Defense (P855 million) and to the Department of the Interior and Local Government (P2.52 billion); other Executive Offices—Office of the Presidential Adviser on the Peace Process (P28.37 million); and Department

of Public Works and Highways (P994.75 million);

The DBM also released P110.87 million to the Department of Finance-BTR for local government units to cover the augmentation of their Assistance-to-Nationals Fund.

Currently, Roque said there is also a pending release of P6 billion to the Department of Social Welfare and Development and P8 billion to the Department of Labor and Employment.

He said both will be released upon the approval of the Office of the President.

Bernadette D. Nicolas, Samuel P. Medenilla

DBCC MAY DOWNGRADE GDP OUTLOOK FURTHER Continued from A1

“For the entire year, we project our economy to contract by about 6 percent. We have seen unemployment spike when the domestic economy was hindered by the lockdown. Our enterprises have borne the brunt of the economic downturn,” Dominguez said in an online business forum.

Downward revisions

THIS development comes after multilateral agencies further revised downward their respective outlooks for the Philippines this year.

Last week, the International Monetary Fund (IMF) said it sees a much worse economic contraction for the Philippines at 8.3 percent this year, a further downgrade from its previous projection of a contraction of 3.6 percent. It also sees the Philippines suffering the worst economic

Covid-19 vaccine

IN the same forum, Dominguez also revealed that he is already in talks with multilateral agencies, such as the World Bank (WB) and the Asian Development Bank (ADB), on vaccine financing.

He said they expect an effective vaccine to be in place and available in the country by around mid2021.

“This morning I just had a long

ing a coordinated intervention from MDBs such as WB, ADB and WHO to support vaccine access,” said Joven, who heads the International Finance Group.

Last week, President Duterte said the government already has money to buy Covid-19 vaccines, but he said he still needs more funds to provide vaccines for all Filipinos.

Joven, however, explained that the question of whether the government would be able to provide free vaccines for all Filipinos would depend on the type of vaccine.

“But the international rule of thumb is that 20 percent of the population will be inoculated.

Health workers and high-risk individuals will be prioritized,” he said.

“Internationally, children are not eligible for vaccination since Phase 3 trials do not cover children.”

In July, Dominguez said the government is ready to finance the P20 billion needed to provide free Covid-19 vaccines to 20 million Filipinos.

The purchase, he said, will be financed by the Land Bank of the Philippines and the Development Bank of the Philippines, and the vaccines will be purchased by the government through the Philippine International Trading Corp., an attached agency under the Department of Trade and Industry.

Oxfam added that half of this or $24 billion was considered nonconcessional and offered on “ungenerous terms requiring higher repayments from poor countries.”

In the statement, Oxfam said the report calculated that the “grant equivalent”—the true value of the loans once repayments and interest are deducted—was less than half of the amount reported.

“The excessive use of loans in the name of climate assistance is an overlooked scandal. The world’s poorest countries, many of whom are already grappling with unsustainable debts, should not be forced to take out loans to respond to a climate crisis not of their making,” Oxfam Senior Policy Advisor on Climate Change Tracy Carty said.

ODA review

IN the Philippines, based on the 2019 Official Development Assistance (ODA) Portfolio Review, Climate Change Adaptation and Mitigation (CCAM) reached P165.37 billion.

The ODA report, released by the National Economic and Development Authority earlier this year, showed that this is composed of 19 ODA loans worth P158.84 billion and 13 grants worth P6.53 billion.

The project that accounted for the highest amount was the Philippine Ports and Coast Guard Capability Development Project, funded by the French government to the tune of P43.67 billion.

This was followed by the Philippine Rural Development Project (PRDP) funded by the World Bank and the Global Environment Facility (GEF) worth a total of P30.28 billion.

However, in terms of donors, the largest funder of these projects in the Philippines is Japan, which financed eight projects through loans.

The total loan extended to the Philippines by the Japanese government through the Japan International Cooperation Agency (Jica) reached P60.218 billion.

The two largest Japan-funded projects were the P8.87-billion Maritime Safety Capability Improvement Project for the Philippine Coast Guard Phase I and P7.8billion Phase II of the same project.

“Developed countries should provide more climate finance in the form of grants instead of loans, allocate more finance for adaptation and prioritize the most vulnerable countries—including least developed countries and small island developing states,” Carty said.

The Oxfam report also raised concerns about how developed countries are allocating climate finance. Oxfam said a fifth or 20.5 percent of funding went to the least developed countries and just 3 percent to small island developing states, which face the gravest threat from climate change and have the fewest resources to cope.

Data also showed that 25 percent of funding was spent helping countries adapt to the impacts of the climate crisis while 66 percent of funds were spent helping countries cut emissions. However, the volume of funding for adaptation rose significantly from $9 billion per year in 2015-2016 to $15 billion in 2017-2018.

“They should also use the COP26 [Conference of Parties 26] climate summit in Glasgow next November as an opportunity to set a new path for climate finance beyond 2020 by agreeing robust common accounting standards, and a specific finance goal for adaptation,” she added.

Oxfam said climate finance could be funded through a range of sources, including redirecting some fossil-fuel subsidies which cost governments over $320 billion in 2019 alone.

Oxfam said its third Shadow Climate Finance Report showed public climate finance has increased from $44.5 billion per year in 2015 and 2016 (OECD) to an estimated $59.5 billion per year in 2017 and 2018.

Oxfam’s estimate of net, climate specific assistance showed a more modest rise from $15 billion-$19.5 billion per year in 2015 and 2016 to $19 billion-22.5 billion in 2017 and 2018.

The Nation BusinessMirror

www.businessmirror.com.ph

Editor: Vittorio V. Vitug • Wednesday, October 21, 2020 A3

Two wanted ASG men arrested in Pasay City

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By Joel R. San Juan

@jrsanjuan1573

HE National Bureau of Investigation (NBI) on Tuesday bared the arrest of two suspected members of the Abu Sayyaf Group (ASG) in separate counterterrorism operations in Pasay City.

NBI Officer in Charge Director Eric Distor identified the alleged ASG members as Jamar Ibi and Raden Jamil.

The duo were accused of being involved in the kidnapping of six members of the Jehovah’s Witnesses in August 2002 in Patikul, Sulu. Two of the hostages were later beheaded.

Their arrest came more than two months after the NBI-Coun-

ter Terrorism Division (NBI-CTD) arrested three other ASG members who were also involved in the kidnapping and beheading incidents.

Distor sa id t he operat ion stemmed from an information received by the NBI-CTD that a certain ASG member known as alias Bas, who served as a perimeter guard at the time of the kidnapping and alias Tamiya were sighted

PNP general in Laguna helicopter crash dies

By Rene Acosta @reneacostaBM

A

SENIOR police official who reportedly remained comatose following a helicopter crash in March this year in Laguna has died and will be accorded with full honors, the Philippine National Police (PNP) announced on Tuesday.

Maj. Gen. Jose Victor Ramos, former director for comptrollership of the PNP, died at past midnight on Monday, PNP chief Gen. Camilo Pancratius Cascolan confirmed in a news statement released by spokesman Col. Ysmael Yu. “On behalf of the Philippine Military Academy ‘Sinagtala’ Class 1986, it is with a heavy heart that I join the officers and personnel of the Philippine National Police in prayer and mourning over the passing of Police

Major General Jose Victor Ramos at 12:07 A.M. today,” Cascolan said in the same statement.

The PNP chief said Ramos died “after a long hard battle due to serious injuries he sustained during that fateful helicopter accident in San Pedro, Laguna on March 5, 2020.”

“He will be accorded full honors befitting a police general,” Cascolan said of Ramos whose body was cremated.

Ramos’s official date of retirement is on November 25, 2020, according to Yu in a separate message to Camp Crame-based reporters.

“As chairman of the PNP Bids and Awards Committee and Director, he was instrumental in the speedy and transparent procurement of various equipment and essentials for the PNP as well as the immediate downloading of funds

needed by our personnel on the ground,” Yu added.

A helicopter owned by the PNP bearing Ramos and seven others, including retired General Archie Gamboa, the PNP chief at that time, was taking off in San Pedro, Laguna in March when it figured in a freak accident.

The Bell 429 was lifting off from the ground amid an almost zero visibility due to a dust swirl when it touched a high-tension wire, forcing it to crash land, injuring Ramos, Gamboa and other officials, including former PNP Director for Intelligence Maj. Gen. Mariel Magaway and former PNP spokesman Brig.

Gen. Bernard Banac.

Of the officials that were injured, it was Ramos and Magaway who sustained the most serious injuries.

Following the crash, the PNP

grounded all of its helicopters as it tasked Lt. Gen. Guillermo Eleazar to investigate the incident.

Releasing the investigation’s findings, Yu said that the crash was borne by the lapses of the pilot, and that the Bell 429 was “airworthy” and has “no trouble” in both of its engines.

“The pilot-in-command failed to conduct risk assessment before the takeoff which is required for a trained pilot like him,” he said. “That there was lack of situational awareness and evaluation of surroundings which are part of the protocol for safe and proper take off.”

“That there were some lapses in judgment on the part of the pilotin-command that include underestimating the capability of the aircraft,” the PNP spokesman said, citing the investigation report.

in Pasay City.

Ibi and Jamil were positively identified by a witness from a photo lineup.

After a series of casing and surveillance operations conducted by the NBI-CTD together with their military counterparts, they were able to collar Ibi last October 12 in Pasay City.

Based on the same intelligence report, another operation was

conducted in the city on Monday, October 19, by operatives of the NBI-CTD and the military that led to the apprehension of Tamiya.

The two are currently detained at the NBI Detention Facility.

The three other ASG members who were arrested by the NBI last July were identified as Saudi Ausad, Ajvier Kuhutan and his brother Adzmi Kuhutan.

End of the line for ‘losing’ PNOC-RC?

By Lenie Lectura

S

@llectura

ENATE Energ y Committee Chairman Sherwin T. Gatchalian on Tuesday said he would not recommend the approval of the debt-ridden Philippine National Oil CompanyRenewables Corp.’s (PNOC-RC) budget following the recommendation of the Governance Commission for Government Owned and Controlled Corporations (GCG) to abolish the agency.

“I can’t recommend the endorsement of PNOC-RC budget especially when there is a recommendation from GCG to abolish it. [There’s] really no point for me to endorse it if another agency has undertaken extensive study. With that, I recommend to PNOC President Admiral Reuben Lista and PNOC-RC President John Arenas to proceed with the winding down of PNOC-RC, absorb its existing manpower and

rechannel the skills and talents to other productive projects of PNOC for 2021,” said Gatchalian during the Senate budget hearing.

Lista said PNOC did everything it could to save PNOC-RC. Prior to the GCG’s recommendation, Lista said his office has recommended the same.

“We did our job as the supervising mother of PNOC-RC. We advised them to trim down the fats. We understand the problem but we can’t do anything on our side. In fairness to Arenas, there were already loses before he came,” said Lista.

Arenas, for his part, said his office submitted to the committee a “turn– around” plan, which could help wipe out the company’s losses by 2023.

“We submitted a turnaround plan… which we showed [and we] were tasked to enter...[some] big-ticket projects but with meager budget PNOC-RC might not accomplish [these],” he said.

A4 Wednesday, October 21, 2020 • Editor: Vittorio V. Vitug

Economy BusinessMirror

2020 milk imports to decline 5% to 2.8 MMT-LME–GAIN report

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By Jasper Emmanuel Y. Arcalas

@jearcalas

HE country’s dairy imports this year could fall by 5 percent to 2.8 million metric tons liquid milk equivalent (MMT-LME) from last year’s record-high of nearly 3 MMT-LME due to dampened consumer demand, a Global Agricultural Information Network (GAIN) report said.

“Total imports in 2020 are projected to drop due to dampened consumer demand caused by the Covid-19 induced economic slowdown,” the GAIN report, prepared by the United States Department of Agriculture-Foreign Agricultural Service in Manila (USDA-FAS), said.

“Dairy imports in 2021 will likely increase marginally as the local economy recovers and purchasing

power improves,” it added.

The report noted that liquid milk imports this year have dropped as the use of the commodity in the food service sector, particularly coffee shops, has declined during the pandemic.

“Similarly, imports of butter and other dairy spreads as well as cheese, mainly coming from New Zealand and Australia due to the duty-free

advantage of those suppliers, are also seen to drop due to the economic slowdown and reduced food service operations,” it added.

The Philippines imports virtually all of its dairy products, especially milk powder, as domestic production cannot meet the country’s dairy demand of nearly 3 MMT-LME, according to the report.

For this year, local milk production is projected to reach a recordhigh of 26,000 MT and will likely hit 26,500 MT next year, based on the USDA-FAS Manila estimates.

Local milk output last year reached 24,380 MT, 2.9 percent higher than the 23,690 MT recorded in 2018.

The GAIN report said local milk production is increasing due to “growing local dairying capabilities and the implementation of new dairy development projects.”

Bulk or about 65 percent of the country’s total milk output is cow’s milk, while the rest is carabao’s milk (31 percent) and goat milk (4 percent), according to the report.

“The average Philippine milk

production per animal [8 liters/day] remains low mainly due to poor feed and management practices, compounded with high production costs and a lack of adequate dairy infrastructure,” it said.

“In comparison, the average daily milk yield in the United States is around 30 liters/day and about 20 liters/day in the United Kingdom,” it added.

The country’s annual per-capita milk consumption is estimated at 22 kilograms, which is lower than Thailand’s 26 kilograms, Malaysia’s 52 kilograms and the United States’s 287 kilograms, according to the report.

“With a growing population of roughly 107 million in 2020, the Philippines is a large and expanding market for milk and dairy products,” it said.

“Ot her factors contr ibut ing to the long-term trend of strong growth in dairy consumption are expanding cold chain capacity, an increasing number of supermarkets, and a blossoming food processing industry,” it added.

Filipino workers and local products priority in govt infra projects, DPWH chief assures

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N response to clamor from lawmakers, Department of Public Works and Highways (DPWH) Secretary Mark Villar has promised to ensure that local products and Filipino workers will be given priority in government infrastructure projects.

Villar issued his commitment during the DPWH’s budget hearing at the Senate recently following calls by Senators Francis “Kiko” Pangilinan, Sonny Angara and Juan Miguel Zubiri.

“You have my assurance that we

will support this cause,” Villar told the lawmakers, subject to compliance of local materials to product standards.

Villar said he agreed with the lawmakers’ position that local products need to be prioritized to boost the economy and create jobs amid the contraction in various industries, such as manufacturing.

“I agree completely that we need to help our local industries as they create local jobs,” Villar said.

Pangilinan first floated the proposal to Villar, asking the DPWH

chief to give preference to local raw materials, or materials with high local content in building flagship projects to help local manufacturers rebound from the effects of the pandemic.

“The DPWH, with its resources at its disposal, should also put emphasis on local manufacturers and local materials,” Pangilinan told Villar.

Angara and Zubiri, for their part, echoed Pangilinan’s call, saying the move would help boost the economy and create more employment opportunities.

“Filipino first should be our first preference, particularly in the construction industry,” Zubiri said.

Pangilinan also suggested that a provision emphasizing the preference for local materials and supplies in infrastructure projects be included in the 2021 budget.

In addition, Pangilinan also called on Villar to ensure that Filipino workers are prioritized in the hiring for infrastructure projects under the 2021 budget to help address the high unemployment rate.

www.businessmirror.com.ph

House hikes budget for Covid-19 vaccine procurement to ₧8B

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HE House of Representatives has allotted a total of P8 billion for the procurement of Covid-19 vaccines next year.

Upon instructions of Speaker Lord Allan Velasco, Majority Leader Martin Romualdez, in a news statement, said the small committee of the lower chamber has increased the funding for the Covid-19 vaccines to a total of P8 billion from the original allocation of P2.5 billion in the General Appropriations Bill (GAB).

Romualdez said the additional funding for Covid-19 vaccines is included to the P20-billion “institutional amendments” approved by the small committee last Monday.

“This is to support President Rodrigo Duterte’s program to strengthen the country’s health care system. We believe that vaccine plays a very crucial role in keeping the population safe and healthy from the pandemic,” he said.

“We are working diligently to fulfill our constitutional duty of ensuring that funding for safe and effective vaccine to control Covid-19 is guaranteed and will be available to Filipinos,” Romualdez added.

The institutional amendments also include P300 million for the implementation of mental health programs; P2 billion for the Health Facilities Enhancement Program; P4-billion budget allocation for the Tulong Panghanap Buhay sa Ating Disadvantaged/Displaced Workers program of the Department of Labor and Employment and P2 billion for the Department of Social and Welfare and Development.

The amendments also include an additional P1.7 billion to fund the Department of Education’s requirement for Internet connection in public schools.

The lawmaker said the soft copy of the House version of the 2021 national budget will be transmitted to

the Senate on October 28.

Realign

MEANWHILE, Makabayan bloc on Tuesday asked the leadership of the House to realign P641.5 billion in the proposed 2021 P4.5-trillion GAB to address urgently needs in health, education and job creation.

In a 37-page document submitted to the House Committee on Appropriations, the bloc is pushing an additional P265.329 billion for health, P199.2 billion for economic stimulus, and P174.978 billion for education.

It also pushed for additional funding for health, which includes the restoration of budgets cut from the Department of Health (DOH) and government-owned hospitals; free mass testing and treatment for Covid-19; free health services in all public hospitals; expansion of public health facilities; salary adjustments and additional for nurses; procurement of personal protective equipment; and local vaccine development.

For education, the bloc proposed additional maintenance and operating funds for public elementary and secondary schools; provision for devices and Internet allowance for teachers; hiring of community teachers to aid in modular learning; additional funding for higher education and state universities and colleges.

The bloc also proposed funding for unemployment benefits; wage subsidies for micro, small and medium enterprises; financial aid for jeepney and bus drivers and displaced overseas Filipino workers; production subsidies for farmers and fisherfolk; and additional funds to purchase locally produced rice.

The Makabayan bloc also sought to amend the meaning of savings as the executive proposed to allow the President to realign, reallocate or reprogram any provision in the General Appropriations Act.

Jovee Marie N. Dela Cruz

USAID extends ₧170-M grant to Philippine govt for disaster relief and recovery

By Cai U. Ordinario

T

@caiordinario

HE United States Agency for International Development (USAID) has extended an additional grant to the Philippine government for disaster relief and recover y.

In a news statement issued on Tuesday, the USAID said it provided an additional P170 million, or $3.5million grant, to assist communities in Metro Manila, Northern Samar, and Maguindanao provinces that are highly prone to frequent earthquakes, typhoons and floods.

The grant will improve early warning systems, and develop better protocols for more rapid disaster responses. It will also help train evacuation center managers to organize safe evacuations that include safeguards and social distancing amid the Covid-19 pandemic.

“Through this assistance, we hope that Filipino communities are able to prepare, mitigate, and recover quickly from the negative impacts of natural disasters,” US Embassy Chargé d’Affaires John Law stated.

Citing the 2019 Asia Pacific Disaster Report, USAID said the Philippines’s multi-hazard average annual loss was estimated at $20 billion.

The report, USAID stated, estimates that 75.8 percent of the Philippines total population lives in high-risk areas.

Since 2010, USAID has provided P16.5 billion, or $340 million, in disaster relief and recovery assistance for more than 100 cities and municipalities in the Philippines.

The announcement coincided with the October 13 commemoration of the International Day for Disaster Reduction, which encourages citizens and governments to take part in building more disasterresilient communities and nations.

“As a friend, partner, and ally of the Filipino people, we are proud of our partnership with the Philippine government and the great strides we have made to boost the country’s resilience against natural calamities,” Law added.

USAID and the Philippine Department of Finance (DOF) recently signed a new five-year bilateral assistance agreement valued at more than P10.5 billion, or $213 million, to boost the country’s economic development and growth.

This bilateral agreement with the DOF is one of four new five-year USAID-Government of Philippines Development Assistance Agreements launching in 2020, with an anticipated total value of P32.7 billion, or $675 million, over five years.

Based on the 2019 Official Development Assistance (ODA) Portfolio Review, the United States was the country’s 6th-largest source of development assistance composed of ODA grants.

As of 2019, the US government extended a total $577.71 million in grants, accounting for 2.67 percent of the total ODA portfolio of the Philippines. The amount covered a total of 52 projects.

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

The World BusinessMirror

Wednesday, October 21, 2020

A5

Argentina passes 1 million cases as Covid-19 slams Latin America

U

SHUAIA, Argentina—At the edge of Argentina in a city known as “The End of the World,” many thought they might be spared from the worst of the coronavirus pandemic.

Sitting far from the South American nation’s bustling capital, health workers in Ushuaia were initially able to contain a small outbreak among foreigners hoping to catch boats to the Antarctic at the start of the crisis.

But as Argentina passed 1 million virus cases on Monday, it is now smaller cities like Ushuaia that are seeing some of the most notable upticks. Doctors have had to quadruple the number of beds for Covid-19 patients over the last month. At least 60 percent of those tested recently are coming back positive for the virus.

“We were the example of the country,” said Dr. Carlos Guglielmi, director of the Ushuaia Regional Hospital. “Evidently someone arrived with the coronavirus.”

Across Latin America, three other nations are expected to reach the 1 million case milestone in the coming weeks—Colombia, Mexico

and Peru. The grim mark comes as Latin America continues to register some of the world’s highest daily case counts. And though some nations have seen important declines, overall there has been little relief, with cases dropping in one municipality only to escalate in another.

The trajectory is showing that the pandemic is likely to leave no corner of Latin America unscathed.

“The second wave is arriving without ever having finished the first,” said Dr. Luis Jorge Hernández, a public health professor at the University of the Andes in Colombia.

Argentina has seen cases spiral despite instituting one of the world’s longest lockdowns. Colombia’s major cities have seen a dip, but smaller areas like the department of Caldas in the coffee region are only now reaching a peak. Peru’s overall numbers have dropped, but

officials recently reported 12 regions are spiking back up. Mexico, likewise, has seen a rise in a quarter of all states over the last week.

The result is that rather than a second virus wave like that being seen in Europe, epidemiologists anticipate a more sustained, plateau-like trend.

“Our countries are still getting out of the first wave,” said Dr. Marcos Espinal, director of the Pan American Health Organization’s Department of Communicable Diseases. “A great part of the population remains exposed and community transmission continues.”

The virus’ cruel path through Latin America is a consequence of weak public health systems, social factors like poverty and poor government decisions early on that resulted in flawed or limited testing and little contact tracing. Today the region is home to half the 10 countries with the highest total cases around the globe.

Argentina initially registered low virus case numbers but now has one of the highest rates of new daily infections per capita, according to Our World in Data, a non-profit online scientific publication based at the University of Oxford. It is on par with several European countries that are experiencing a resurgence of the virus.

Dr. Adolfo Rubinstein, a former Argentine health minister, said the nation depended too heavily on lockdowns as its primary means of controlling the virus, failing to purchase enough tests in the initial months of the pandemic.

Where the virus is appearing is also shifting. Initially, up to 90 percent of the confirmed cases were in metropolitan Buenos Aires. Today, 65 percent of Argentina’s cases are in its provinces and even faraway places like Ushuaia, authorities said.

“Now it is everywhere in the country,” Rubinstein said.

Dr. Carissa F. Etienne, director of the Americas branch of the World Health Organization, warned recently that the coronavirus is appearing in places that were previously not affected, with high numbers popping up in regions like the English-speaking Caribbean.

“In many countries, the pandemic has also moved to less populated areas,” she said.

That can be seen not just in Argentina but in Colombia as well. The city of Manizales in a region known for its coffee farms now registers 440.98 cases per 100,000 residents, far higher than the nationwide average of 284.09 per 100,000, according to the

Ministry of Health. Officials say the slower rise in cases allowed them to expand ICU capacity.

“Here we didn’t have a peak like in Europe,” Hernández said. “We had a plateau.”

Throughout the region, testing remains a hurdle. In Peru, officials have relied heavily on antibody tests to identify cases—even though the tests are not designed to make a diagnosis because they can only detect proteins that develop a week or more after infection. Argentina’s testing is still far below that of neighboring countries; on Sunday, just 13,890 were tested, compared to 31,988 the same day in Colombia.

The high percentage coming back positive in Argentina suggests the country is still likely missing vast numbers of infections.

Brazil reached 1 million cases in June and now is up to 5.2 million for the pandemic.

“These are huge undercounts of what is really going on in terms of numbers,” said Felicia Knaul, director of the Institute for Advanced Study of the Americas at the University of Miami. “We need more consistent mask use—but we have to couple that with testing and tracing—or else the numbers are going to rise tremendously.”

In Ushuaia, officials believe truckers carrying in produce from the Buenos Aires region may be responsible for the rise in cases since mid-September. The city famous as a departure point for cruises to the Antarctic had been a model for the nation. Closed off air travel and a halt on tourism left it virus free for months.

But that false sense of comfort may have led people to relax on basic pandemic norms like handwashing and social distancing. The Tierra del Fuego province, which has a population of about 150,000, now has over 8,000 confirmed cases.

In Ushuaia, anxious residents line up in their cars for drive-thru testing. A sports center that had been empty is now set up to take care of patients. One month ago, the regional hospital was treating just seven Covid-19 patients; now it has 28, occupying all of its bed set aside for adults with the illness.

“The failure in Argentina was the low amount of testing,” Guglielmi said.

José Bongiovanni, a lawyer in Ushuaia, said a worry that seemed distant now feels close.

“Living at the end of the world was never easy,” he said. “It’s a lot less easy in a moment like this.” AP

A6 Wednesday, October 21, 2020 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Seeing the potential of plant-based meat

J

ackfruit is one of the fruits grown in abundance in the Philippines. The unripe jackfruit can be used in cooking a popular dish called ginataang langka, while the ripe ones are eaten raw. Jackfruit is also one of the reasons for the increasing interest of the media in Thailand in recent days.

In an October 14 report, Bloomberg said NR Instant Produce Pcl raised about 1.6 billion baht ($51.4 million) in its initial public offering (IPO) this month and the stock doubled in intraday trading on its debut on October 9. The company is a food exporter that makes plant-based protein by turning jackfruit into mock pork. NR Instant Produce, which started making mock pork from jackfruit in 2016, is undoubtedly well-positioned to take advantage of the business opportunities presented by the rise in the consumption of synthetic meat.

Other Thai companies are joining the bandwagon, as the business potential for plant-based products is huge. NR Instant Produce, for instance, expects the contribution of its synthetic meat products to revenues will rise to 30 percent from the current 7 percent in four years. Citing a MarketsandMarkets report, Bloomberg said the plant-based meat market is expected to be worth $27.9 billion globally by 2025, more than double the $12.1 billion value last year.

Food processors in Thailand are able to capitalize on these developments because of the strong support they get from their government. Thai businessmen were encouraged to invest heavily in research and development (R&D), which enabled them to churn out products using their country’s abundant natural resources. These products translated into export receipts, which allowed firms to further expand and create more jobs for the Thais.

The Philippines should take a cue from Thailand and explore the potential of synthetic meat production. Just like Thailand, the country can produce fruits and vegetables that can be used for making mock meat. NR Instant Produce, the Thai firm that raised 1.6 billion baht from its IPO, also uses eggplants in its plantbased products.

The country is capable of giving Thailand a run for its money if policy-makers will be able to encourage food processors to tap the huge market for plant-based products. It makes sense for the Philippines to go into producing mock meat, particularly after global trade resumes, given its potential to boost export receipts. Aside from earning from food shipments, this will stop farmers from simply throwing away their surplus production and help government in its bid to reduce food waste.

There are hundreds of institutions around the country that businessmen can work with to add value to crops produced by millions of Filipino farmers. These institutions include state-funded universities that can assist them in creating various products out of crops that are endemic to the Philippines. Incentives are also welcome if policy-makers are really serious about strengthening the country’s food processing sector so it could become a major contributor to GDP. Since 2005

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Aurora C. Ignacio

All About Social Security

B

ack in the 1990s until the early 2000s, when computerization and the Internet were just starting, who would have thought that we would reach a point in time when having Internet connection would be a basic necessity, akin to Maslow’s Hierarchy of Needs?

Nowadays, being updated on social media is a part of our daily routine, especially for those who use the Internet for their work in offices or work from home arrangements. Our children too, are not exempted from this since, due to the current pandemic situation, we have adopted a new educational set-up consisting of blended learning systems of modular and online education.

Indeed, sharing of information is now at the tip of our fingers as we receive it in a matter of seconds, without gluing ourselves the whole day to our radio and television sets.

Music, movies and other entertainment videos raking millions of views in less than an hour is a strong validation of this breakthrough. As a general observation, these various social-media platforms have helped celebrities multiply their fan base, supported local and international businesses in expanding their market reach, and assisted government institutions in gaining more interactive engagements with their

respective constituencies. The Social Security System (SSS) is not an exemption to this.

As one of the government agencies that set up its social-media accounts during the early days when social media (socmed) was still new, the SSS tapped socmed’s power to reach out to more people all over the world.

With the primary purpose of providing timely and accurate information to our members, stakeholders and the general public, SSS created its first official socmed account on Facebook @SSSPh in June 2009. The platform welcomed questions from members, which are replied to by a team of moderators. The SSS FB Page now has over 3.15 million likes and 3.2 million subscribers, and is the primary source of many members for the latest updates about the institution.

Eventually, as more members followed the page, SSS created more diverse content such as press releases, advisories, videos, webinars, and livestreamed discussions.

The SSS also ventured into using

Youtube on March 7, 2011 under the name @MySSSPhilippines. Here, it showcases video tutorials on how to apply for various member benefits, as well as service transactions. To date, it has over 33,000 active subscribers and over 2.6 million accumulated views.

Twitter and Instagram (IG) have also established a strong presence in the country with increasing engagements from Filipino netizens. @MYSSSPH, the official IG account of SSS was launched in July 2019 and has now garnered over 38,600 followers. It showcases eye-catching art cards, IG Stories, and other info materials. Meanwhile, @PHLSSS, the official Twitter account was created in January 2014 where it has accumulated over 27,500 followers.

SSS joined Twitter to capitalize on the short messaging format, making its content easier to read and understand, and quicker to share.

SSS posts on various benefits and services are seen here, including tweets or queries from members, which are addressed by one of our support departments.

In time for the SSS’s 63rd Anniversary, its Viber Community, @ MYSSSPH Updates, was launched on September 4, 2020 to cater to the increasing number of online communities using Viber. Currently, it is like a virtual bulletin where members get updates on SSS programs and services and where a Question of the Day is posted to gauge member’s level of awareness and knowledge about SSS. Within a month of its soft launch, it already has 8,300 followers, and counting.

SSS has 38 million members worldwide. As much as possible, we intend to reach out to our members to promote our programs and services, being the country’s premier pension fund institution. I am happy that we have established our presence in all of these major socmed platforms not just for their reach, but also because this is a big boost to our agency’s marketing and information campaign efforts. Basically, socmed is a free promotional avenue where target audience reach is extensive. For our corporate promotional activities, socmed is the new age of advertising with nary a cost.

Finally, I would also like to remind our members and pensioners to get their information only from the right and legitimate sources to keep themselves safe from unscrupulous individuals and online scams. In an effort to separate the official socmed accounts from the fake ones, we have taken steps to getting our accounts verified. As you can see from our official FB, IG, and Viber accounts, the blue checkmark beside the account name means that these are verified and official.

Who knows, 20 years from now, there may be another technology that will be invented to form part of these online and social-media platforms? To be sure, the SSS will be in step with these technological advances.

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

We welcome your questions and insights on the topics that we discuss. E-mail mediaaffairs@sss. gov.ph for topics that you might want us to discuss.

Britain’s virus deadlock is indicative of a bigger challenge

Jennifer A. Ng Vittorio V. Vitug

Senior Editors

Creative Director Chief Photographer

SSS: Harnessing the power of social-media platforms

Mohamed A. El-Erian

BLOOMBERG VIEW

E

ngaged in protracted negotiations with Greater Manchester, the British government finds itself stuck between a rock and a hard place. The main trade-off in play—between imposing tighter Covid-19 restrictions and risking defiant noncompliance, or stepping back and seeing a further escalation of infections—illustrates a bigger issue that several countries will face. Shifting from a generalized national approach to a more differentiated regional one is no panacea for controlling yet another wave of this terrible virus.

A week ago, Prime Minister Boris Johnson’s government adopted a three-tier system due to wide regional differences in infection rates and projected hospital capacity. It makes analytical sense—why impose socioeconomically damaging restrictions on areas with low cases? Also, the approach worked well in some other countries, such as Australia, and, un-

til very recently, Germany.

Yet what seemed desirable on paper is proving harder to implement.

The government’s own scientific advisory group, or SAGE, questioned the plan’s operational efficacy. Many regions complained that it did not sufficiently take into account their individual conditions. Those subject to tighter restrictions lobbied hard

for financial assistance to offset the damage to jobs and businesses. Unavoidably, the government has been dragged into time-consuming bilateral discussions with regions. In each subsequent negotiation, they look to do better than in previous rounds.

The other regions then ask for more generous uniformity of treatment, as illustrated by Liverpool receiving an additional 30 million pounds ($38.7 million) in support funds.

The longer the standoff with Greater Manchester goes on, the greater the risk that the approach will become unstable and an insufficiently effective and expensive muddled middle. It would increasingly risk being too partial and not timely enough to curb pressure on healthcare facilities, and yet also be viewed as unfair and unduly restrictive, fueling discontent and non-adherence.

The end result for England could well be the proliferation of travel restrictions within and between regions (some are already in place between England and Wales) that ultimately lead to a tardy national lockdown.

This isn’t the only reason the government finds itself in a complex decision-making situation. The overall context is also a challenge, as it tries to strike an incredibly difficult balance between public health, socio-economic wellbeing and personal freedoms: The very public disagreement with Greater Manchester is likely to embolden other regions to play hardball with London.

It sends confusing signals, particularly to some segments of a population that already feel held hostage by a series of increasingly “random walk”-like measures for virus control.

The alternative strong-arm approach, including short-term “circuit breakers,” is resisted by some of the government’s supporters on the view that it’s overly restrictive, invites mission creep and can easily turn into an open-ended health and economic regime.

Meanwhile, economic pressures are building. Many are warning See “El-Erian,” A7

Opinion BusinessMirror

www.businessmirror.com.ph

Markets are divesting you from fossil fuels

Creditable Withholding Taxes as admitted assets

By Nathaniel Bullard

Atty. Dennis B. Funa

Bloomberg Markets

O

ne of the oldest components of the Dow Jones Industrial Average disappeared from the popular market benchmark at the end of August. ExxonMobil Corp., a member since 1928 (when it was Standard Oil of New Jersey) and the world’s most valuable company as recently as 2011, had fallen in value over recent years, but it was finally ousted for technical reasons. That month, Apple Inc. announced a 4-for-1 stock split. The subsequent drop in the iPhone maker’s stock price narrowed its share of the price-weighted Dow. The index provider opted to adjust its component companies—booting out Exxon—to maintain the information technology sector’s weighting.

In a year of record-low oil prices, the fossil fuel giant’s demotion might seem like a harbinger of bad news for the energy sector. Yet a more profound rebalancing was already under way. In 2008 energy was the S&P 500’s second-largest sector by weight, right behind information technology. Energy, one of the S&P 500’s 11 sectors, is made up entirely of oil and gas and oilfield services companies in the index, and over the past 12 years its heft has diminished. In August, after dropping below utilities, then real estate, and finally materials, energy is now the smallest sector by weight in the S&P 500. Shrinking from almost 16 percent to barely more than 2 percent of what’s arguably the most-followed stock benchmark raises a multitrillion-dollar thought experiment for investors: What value will energy companies add to a technology-driven and increasingly electrified world?

Six years ago, I wrote a white paper titled “Fossil Fuel Divestment: A $5 Trillion Challenge,” which attempted to explain why investors concerned about climate change might not be able to dump their energy stocks so easily. My argument was that divesting from oil and gas (but not so much coal) would be challenging given four key attributes of the sector: scale, which was greater than $4.5 trillion at the time; liquidity; growth; and yield. Then, oil giants in particular were some of the largest listed companies in the world.

They were widely traded, making it easy for investors to enter and exit at will. Oil-focused companies’ market value surged during crude price runups, and they provided doubledigit returns on equity. They made healthy dividend payments that, in the case of Exxon especially, rose for decades. From 2007 to 2013, the energy sector’s market capitalization was higher than technology’s.

Six years later, the only part of my thesis that remains true is that big energy companies’ stocks are still liquid. Divestment is no longer the $5 trillion challenge it once was.

Energy isn’t simply smaller than technology. As of the end of September, the combined market cap of the entire oil, gas, and coal sector was a half-trillion dollars smaller than that of only three technology companies: Amazon.com, Apple, and Microsoft.

In terms of growth, there’s no apparent penalty for removing fossil fuel companies from indexed investing. The S&P 500 Fossil Fuel Free Total Return index has outperformed the S&P 500 Total Return index since the former’s inception in 2012.

Finally, what of energy’s dividends? For years, oil majors have been the kings of payouts to shareholders. That’s changing. Exxon has maintained its dividend this year despite oil’s low price; BP Plc and Royal Dutch Shell Plc both slashed theirs in 2020. Meanwhile, companies outside the sector have ramped up their dividend payments substantially. The result: On a trailing 12-month basis, Microsoft Corp. pays out more dividends than Shell or Exxon.

All these trends challenge the way I viewed divestment in 2014, but not in the way that I’d examined them at the time. Now it’s clear the focus should be less on divestment from the fossil fuel sector and more on reallocation to companies that

are planning to create value from the low-carbon transition. That doesn’t necessarily exclude the energy sector.

One way to think of reallocation is by science, not sector. Instead of information technology, electricity, and oil and gas, it’s bits, electrons, and molecules. Climate change is a factor affecting everything for companies and investors.

The technology sector that dominates the S&P 500 today is in the realm of bits. It’s not without a physical footprint, of course, and companies such as Apple have enormous supply chains that create complex environmental puzzles. It’s a sector, though, where companies can credibly make commitments to be 100% carbon neutral in their supply chain and products within a decade, as Apple did. That’s because, more and more, the electrons that charge the technology sector and all industries that rely on electricity are becoming greener. Last year, for the first time, solar and wind made up the majority of the world’s new power generation, according to research by BloombergNEF. Oil and gas and the many industries that depend on the energy density and chemical richness of hydrocarbons are in the realm of molecules. Decarbonizing the world of molecules is tremendously hard.

It means not only substituting electrons for them wherever possible, such as in electrifying road transportation, but also making innovations in molecules themselves, including creating new carbon-neutral aviation fuels.

Shell, which aims “to be net zero on the emissions from the manufacture of all our products” by 2050 at the latest, has committed itself to reorienting its business in a way that challenges the chemical and physical realities of its business today. The 13 airlines in the OneWorld alliance, who’ve pledged net zero carbon emissions in the same time frame, are tackling a number of technology changes: developing new fuels, electrifying flight, building radically more efficient airframes, and creating carbon offsets on a massive scale. Any one of these things is a decade-long undertaking in its own right.

To give credit where credit is due: Reducing the emissions of some of the world’s biggest producers and consumers of liquid hydrocarbons to zero, even over three decades, is a transformative business agenda.

It also presents an immense opportunity for growth at a time when it’s needed most. As their strategies evolve, the world’s biggest emitting companies could steer into new business realms such as power generation, power networks, and technology development and deployment.

Companies without ambitious emissions plans stick out for all the wrong reasons. In early October, Bloomberg News reported that internal documents about Exxon’s $210 billion investment strategy show the company’s yearly emissions rising 17% over the eight years leading to 2025. The largest US oil producer hasn’t set a date to become carbon neutral.

Investors must decide which strategies and technologies are most likely to create value in a world that has to fight climate change. They should allocate capital accordingly.

Wednesday, October 21, 2020 A7

INSURANCE FORUM

U

nder Circular Letter 2020-89 (Guidelines in the Treatment of Creditable Withholding Taxes), September 3, 2020, CWT may be considered as admitted assets of insurance companies, subject to conditions and documentation provided therein.

Prior to this circular, CWTs were considered as non-admitted assets.

It has been observed that several companies have recorded in their books unutilized or excess CWT that have been considered as nonadmitted assets. Under Statutory Issue Paper 83 of the US National Association of Insurance Commissioners (NAIC), current income tax recoverables (i.e., CWTs) are considered as admitted assets if they are reasonably expected to be recovered. For insurance companies, this circular finds relevance with collected direct premiums, subject to CWT of 2 percent; collected reinsurance commission income from ceded premiums, subject to CWT of 2 percent; and collected rental income from properties or equipment of insurance companies, subject to CWT of 5 percent.

Nature of CWTs CWT is not an internal revenue tax but a method of collecting income tax “in advance” (because the tax has already been withheld even before the payee has received his income) from the recipient of income through the payor thereof, which is constituted by law as the withholding agent of

government. The income payors, in effect, act as agent of both the taxpayer and the government. The taxes withheld are then to be remitted to the Bureau of Internal Revenue (BIR).

Taxes withheld on certain payments are intended to equal or at least approximate the tax due of the payee on said income computed using the

graduated tax rate (from 1 percent to 15 percent). Failure to withhold the tax means the non-deductibility of their income payments.

Upon withholding, the withholding agent shall furnish the taxpayer with a BIR Form 2307 (Certificate of Creditable Tax Withheld at Source) or Form 2316 (Certificate of Compensation Payment/ Tax Withheld), to be later attached to the Income Tax Return (ITR), as proof that the taxes have already been withheld. These BIR Forms are prima facie proof of actual remittance to the BIR by the withholding agents. The certificates must be given to the payee within 20 days following the close of the taxable quarter in which the income was earned or received, or simultaneously with the income payment upon request of the payee.

The recipient of income is still required to report the income in his income tax return, and subsequently to pay the difference between the tax withheld and the tax due on the income.

The term “creditable” means the taxes withheld (CWT withheld) are deductible from the income tax due the taxpayer payee (or can be offset against the income tax due of the taxpayer). “Creditable,” in this instance, means deductible from the tax/income tax due. Any further

excess CWT can be carried forward or used in the succeeding taxable periods (tax credit) or it can even be refunded, at the option of the taxpayer. The rules thereof are set forth in Section 2.58.3 of RR 2-98, as amended. Under said provision, claims for tax credit or refund of any CWT shall be given due course only when: (a) it is shown that the income payment has been declared as part of the gross income; and (b) the fact of withholding is established by a copy of the withholding tax statement or certificate duly issued by the payer to the payee showing the amount paid and the amount of tax withheld.

Note that the income subject to CWT are ordinary income and returnable income (income to be included in the tax return).

Insurance companies may be required to withhold because of their status as Large Taxpayers. Thus, they are required to withhold 1 percent on payments to suppliers of goods and 2 percent to suppliers of services. Under Revenue Regulations 06-2009, the same rule applies to the top 20,000 private corporations. Under RR 6-2009, the same rule applies to the top 5,000 individuals, as well as to the taxpayers identified and included as medium taxpayers and those under the Taxpayer Account Management Program.

Thailand’s leaders can’t afford confrontation

By Clara Ferreira Marques | Bloomberg Opinion

A

nti-government marchers have been gathering across Thailand in defiance of a state of emergency, and their list of demands now stretches to include reining in the powerful monarchy. Prime Minister Prayuth Chan-Ocha has indicated he wants to talk. He could do with listening, too.

Discontent has simmered since a March 2019 election, but gathered steam late in the year with the disqualification of opposition leader Thanathorn Juangroongruangkit and the subsequent dissolution of his party. With few concessions and despite multiple arrests, restlessness has intensified and student-led protests have broadened. Former junta leader Prayuth has few useful options in his normal toolkit. A glance at the ailing $500 billion-plus economy provides one good reason for officials to show flexibility. Thailand was worryingly sluggish even before the pain inflicted by 2020, thanks to unimpressive productivity growth, the Sino-US trade war, severe drought and its stubbornly strong currency.

The coronavirus has hit tourism especially hard. The country has since done better than most neighbors in containing the pandemic, with the exception of Vietnam, but the af-

termath has been painful. Now, the prospect of prolonged unrest risks spooking businesses and consumers, whose confidence has only just begun to recover. Tourists, who contribute roughly 20 percent of gross domestic product, may stay away even if restrictions slowly begin to ease.

In the latest escalation, the government ordered emergency measures last week that ban gatherings of five or more people and news considered detrimental to national security, and used water cannon to disperse the crowd. Nonetheless, tens of thousands of people came together again at the weekend.

Now, authorities are threatening to censor troublesome media, too.

Protest is hardly new. The Southeast Asian country has seen about a dozen coups and many unsuccessful attempts since the transition to constitutional monarchy in 1932.

The economy does recover, but the

bounce has grown less pronounced as underlying, untended structural woes from labor to education and infrastructure linger. Analysts at Capital Economics point out that private investment, excluding housing, has yet to reach levels seen before the 2014 coup that first put Prayuth at the helm.

Equity investors are certainly not sticking around. The benchmark SET index has declined by almost a quarter this year, making it one of the worst performers in the region, with consumer stocks particularly dented. Foreigners have already pulled, net, more than $9 billion from domestic equities in 2020— exceeding 2018’s record annual outflow. Though admittedly easing some concerns about Thai competitiveness, the baht currency has gone from outperformer to one of Asia’s weakest in 2020.

The trouble is that it’s difficult to envision how the government’s next steps can help either the economy or future stability. During his time in office, Prayuth has shown no hint of pliability or instinct for radical reform, even when he had untrammeled power as junta leader.

Equally, his government appears unsure how to deal with a leaderless

popular movement that will be hard to silence in the age of social media.

One credible option is returning to charter reform, given one of the protesters’ demands is rewriting a constitution drafted by a militaryappointed panel after 2014. So far, that effort has stalled, as lawmakers instead want to vet plans submitted earlier. At best, it would buy time. The worst case would be lethal violence that has periodically suppressed protests over the decades. Even harder to see is how the monarchy would make concessions to those protesters who want to see a more democratic version of the institution, with the king, who spends most of his time in Germany, separating his wealth from the crown’s assets and relinquishing control over some army units. They also want to see laws that punish insulting the monarch scrapped.

Yet the issue is divisive, even among demonstrators.

Without efforts to foster a truce, let alone tackle deep divisions within Thai society, instability will continue. That’s a worryingly open-ended distraction for a government expecting to see the economy post its worst drop on record this year.

Growth—and investors—won’t return in earnest until that changes.

Intel can leave memory games to Samsung

By Tae Kim

Bloomberg Opinion

I

ntel Corp. has stumbled lately. To right itself, the semiconductor giant needs to get back to basics and prioritize its main business. An exit from the memory industry will help that effort.

The company agreed to sell its Nand memory-chip subsidiary to South Korea’s SK Hynix Inc. for about $9 billion, the Asian chipmaker said in a statement late Monday New York time. Despite large investments in flash memory, Intel has never been able to become a big player in these types of semiconductors, which are

El-Erian. . .

continued from A6

about a likely rise in unemployment and bankruptcies. Last week, credit-rating agency Moodys downgraded the UK one notch to Aa3, citing growing debt, eroding growth momentum, and increasing risk of longer-term scarring.

These myriad difficulties are likely to be repeated in many advanced countries juggling a winter

used in storage devices inside computer hard drives and consumer electronics.

That’s a problem because in a commodity market such as memory, leadership and size are essential to generate profits over the long term.

With no prospects for large gains on the horizon, Intel is smart to give up on memory. First, the move can help the company’s bottom line. Earlier this month, Raymond James estimated Intel could boost its annual free cash flow by $2 billion if it left the memory business.

Second, the prospects of this part of the chip industry aren’t very promising.

This, analysts say, is because market leader Samsung is willing to flood the

market if necessary to defend its leading position, without regard to maintaining its prices. Not a great situation for the other smaller players. Even Micron Technology Inc. CEO Sanjay Mehrotra hinted at those difficult industry dynamics during his earnings call last month. He noted the industry needs to reduce its factory investments if chipmakers wanted to improve the market’s profitability. This is a battle Intel doesn’t need to fight.

But most importantly, Intel needs to focus on its primary business: centralprocessing unit (CPU) chips. Frankly, the company has gotten distracted with several needless acquisitions and forays

into disparate markets such as security software, smartphone wireless chips and programmable FPGA chips. All those areas don’t matter if the company loses technical leadership in the CPU market.

And after Intel revealed in July that another next-generation chip based on 7-nanometer manufacturing technology would be delayed, most analysts now believe Advanced Micro Devices Inc. has the prime position to make the fastest, best-performing processors for several years.

A $9 billion deal isn’t going to fix all the problems of a $200 billion company.

But every step toward a more focused Intel is a positive.

resurgence of the virus, a desire to minimize curbs on personal freedoms, and a delicate balance between lives and livelihoods. The bigger the region-center divides and the greater the mobility of people across regions, the harder it will prove to avoid health and socio-economic damage. More comprehensive lockdowns may result.

All of which speaks to a larger, uncomfortable risk, especially for those living in liberal democracies that rightly put a high value on

individual rights.

Pending a vaccine or other forms of herd immunity, many of us will be increasingly vulnerable to confusing stop-go measures that risk falling short both in curbing Covid hospitalizations and deaths, and in limiting damage to jobs, incomes and the social fabric. Yet we can all play a larger role in reducing this risk by better embracing the collective responsibility to protect each others’ health, as well as our own.

Every day, there’s more evidence

“living with Covid” means our own actions—adhering to basic health practices such as frequent handwashing, strict social distancing and wearing a mask—must play an important role in designing and implementing policies that are effective in containing disease and limiting socio-economic disruptions. At the end of the day, the choice is as much ours as any government’s. And the solutions will require that both work together, and live up to these historical responsibilities.

A8 Wednesday, October 21, 2020

BTr makes full award of P30B in 5-yr bonds

By Bernadette D. Nicolas @BNicolasBM

HE Bureau of the Treasury fully awarded P30 billion in reissued fiveyear Treasury Bonds (T-bonds) on Tuesday.

The auction attracted total tenders of P68.7 billion, more than 2.3x the P30-billion offer.

With a remaining term of four years and 10 months, the security fetched an average rate of 2.782 percent, lower than the original coupon rate of 3.625 percent set during its first issue in September 2015.

This is also below the 3.182 percent average rate upon its latest reissue last June.

National Treasurer Rosalia V. de Leon told reporters the average rate was down on the back of “strong liquidity with heavy bias on belly tenors” and benign inflation outlook.

“Yield at this auction [is] lower by 40 bps [basis points],” De Leon said in a message.

With its decision, the outstanding volume for the series has now reached P203.7 billion.

For this month, the Treasury is set to raise P140 bil-

T

lion by borrowing from the local debt market through the issuance of government securities. This is lower than the P160 billion it programmed in September.

As of end-August, gross borrowings of the national government have already reached P2.47 trillion, equivalent to more than 80 percent of the all-time high P3-trillion borrowing program set by the Development Budget Coordination Committee (DBCC) for this year.

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

As tax collections are down amid lockdow n measures against the pandemic, the DBCC projects 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 it hasn’t seen in over a decade— from a record-low of 39.6 percent of GDP last year.

Govt, rural banks to offer soft loans to cover 13th-month pay

T

By Samuel P. Medenilla

@sam_medenilla

HE government and rural banks will now be offering soft loans to distressed micro and small establishments to help them pay the 13th-month pay of their workers, according to the Department of Labor and Employment (DOLE).

Labor Secretary Silvestre H. Bello III said the Department of Trade and Industry (DTI) has offered to allocate a portion of the P10- billion funds of its attached agency, Small Business Corp., for the purpose. “ They are willing to share about 4 billion of that [fund] to provide soft loans for micro and small enterprises so they could loan without collateral and pay the

13th-month pay of their employees,” Bello said in an online briefing on Tuesday.

Likewise, the labor chief said the Rural Bankers Association of the Philippines announced its members have also offered to provide similar soft loans to micro and small establishments.

Pending action

In a related development, Bello

said their proposed government subsidy for distressed establishments has yet to be acted upon by the Office of the President.

DOLE is currently requesting for between P3.5 billion and P13 billion to provide subsidy to benefit 1.5 million to 5 million workers, respectively.

“If we will be able to find a standby fund or savings for it, maybe we could subsidize small and micro enterprises,” Bello said.

The labor chief said the soft loan and subsidy, if approved, will ensure all companies will be able to afford to pay the 13thmonth benefits of their workers on or before December 24, 2020, as mandated by Presidential Decree (PD) 851.

Labor group aid

Despite DOLE’s assurance, labor

advocate group Defend Jobs Philippines (DJP) said some companies may still opt to violate PD 851 by citing the impact of the Covid-19 pandemic on their operations.

To help the workers of these erring establishments, DJP launched a hotline—09150052082 (Globe) or 09995542533 (Smart)—where they could report the nonpayment of their 13th-month pay.

“While ensuring the confidentiality of our complainants, we aim to compile the 13th-month pay related violations of employers and file the list of violators to the Labor Department for appropriate penalties and sanctions,” DJP s p ok e s m a n C h r i st i a n L lo yd Magsoy said.

DOLE spokesman Rolly Francia said the affected workers may also directly file their complaint with DOLE through its hotline 1349.

KIKO TOUTS COCO OIL FOR COVID, FARMERS’ UPLIFT C

oconut farmers are seen to reap huge benefits amid findings that virgin coconut oil (VCO) could prevent or reduce infections from the deadly coronavirus (Covid-19), Sen. Francis Pangilinan predicted Tuesday.

“The good news is that coco farmers’ poverty can be cured with VCO as Covid

cure,’” the senator said, citing “promising results of the research on the effectiveness of compounds from virgin coconut oil as antiviral agents to prevent or reduce Covid-19 infections.”

Pangilinan pointed out that recent research bankrolled by the Department of Science and Technology found that “compounds from coconut oil and VCO decreased coronavirus count by 60 percent to 90 percent at low viral load after six months of conducting experiments.”

The lawmaker likewise cited the DOST’s discovery that “compounds in VCO were observed to improve cell survival.”

In a statement made partly in Filipino, he acknowledged this development as “good news for our ailing folks” as well as good news, too, “for our coconut farmers.”

The senator suggested, however, that

“more experiments”are still needed to determine whether higher concentrations of these compounds will further reduce the replication rate of the virus.

He noted that the Philippines, “as one of the top coconut producers in the world... has an abundance of resources, and all we have to do now is to harness it.”

Pangilinan proposed that the production and processing capacity of VCO “must be boosted in order to meet the demands of this potential antiviral agent.”

Moreover, he advised that now is the time to boost support for the coconut industry to mass produce VCO. Pangilinan stressed it would also be a big help if Congress can pass into law the Coconut Trust Fund bill, saying: “Malaking tulong sana kung maisabatas na itong coco levy trust fund bill para mapakinabangan na at madagdagan ang kapasidad natin sa production.”

The Senate had already approved on third and final reading the Coconut Farmers and Industry Trust Fund, indicating readiness to hammer out a final version as soon as its counterpart bill is passed by the House of Representatives.

Once enacted into law, the enabling legislation, he added, will“create a mechanism on the utilization and disposition of the coco levy funds and assets, which were trapped in court disputes for many decades after the fall of the Marcos regime.”

Pangilinan pointed out that in 2018 the Philippines exported a total of 18,405.19 metric tons of VCO worth P63.92 million, citing a report by the Philippine Statistics Authority (PSA).

He added that the World Bank likewise listed the Philippines as the top coconut oil-producing country followed by Indonesia, India, Vietnam, and Mexico in April 2020. Butch Fernandez

Digitization not just for coping; embracing it is the way forward

By Cai U. Ordinario

T

@caiordinario

HE only way to come out stronger out of this crisis is to embrace digitization and prevent compromising the country’s growth in the next three decades, according to the World Bank.

In a presentation in a public webinar on Tuesday, World Bank Philippines Senior Economist Rong Qian said the extent of the Covid-19 crisis has far-reaching effects, being considered as the “most adverse peacetime shock in over a century.”

Qian said that in order to survive, many firms have turned to technology. But, she said, this shift to digital platforms is not a mere coping mechanism but the wave of the future.

“This crisis is not only hurting the present, it can also lower potential growth [or] growth that the country can have in 10, 20, 30 years,” Qian said.

“I just want to make the emphasis that this shock that is the digital transformation that we were all forced to do is not a coping mechanism. It’s a new era that if you don’t get on it, you’re probably left behind. If you get on it and embrace it, you will come out stronger,” she stressed.

Qian said the Covid-19 crisis has prompted many firms to shift online and offer technology-based services. Many firms also increased their online presence via Facebook and/ or Instagram.

Digital platforms In the country, 42 percent of firms started using digital platforms such as Facebook and Instagram while 23 percent have invested in digital solutions, relatively well positioned

compared to neighboring countries.

She added that the value of online banking transactions in the Philippines increased over 600 percent in March before and after the lockdown.

Qian said, however, digital adoption was not even across sectors. She said close to 60 percent of manufacturers and almost 50 percent of the education sector adopted digital solutions while business-process outsourcing (BPO) as well as accounting and legal services firms increased their digital operations.

She said retail and food services as well as agriculture were the least likely to adopt digital solutions.

“These new opportunities require democratizing digital access to prevent low-income families that don’t have digital access [from being] excluded in this process. If this digital divide is not addressed, this crisis could exacerbate the unequal access to economic opportunities,” Qian said.

Qian said some of the obstacles for digital adoption were access to finance, especially for micro firms, followed by the uncertainty of demand and unreliable or expensive Internet connections.

The list includes slow Internet speed. Philippine mobile broadband speed is only half the global average while 3G/4G mobile average download speed was half of the regional average.

Further, broadband penetration is low. She said the dominant mode of Internet connection in the Philippines is 3G technology through mobile phones, which is a slower version of the mobile technology.

In order to fast-track the country’s digital transformation, Qian cited a need to upgrade the digital infrastructure through the common tower policy; promoting digital

payments; improving the efficiency of the logistics system; and foster a conducive and competitive business environment that promotes competition and innovation.

In terms of promoting digital payments, Qian said, the government can lead the way in this respect and by implementing the national ID, which can provide a secure KYC procedure.

Qian said the Philippines remains a predominantly cash-based economy with only a third having bank accounts. Many Filipinos are also “unwilling to use them due to perceived risks of digital transactions.”

This makes it necessary for the government to set up a consumer protection framework that is conducive for the growth of e-commerce and digital payments by building trust between online sellers and consumers.

“The government could be one of the pioneers by using digital payments for payments of salary or delivery of social transfers, benefits and pensions,” she added.

Improving the logistics system is also important to encourage more businesses to engage in e-commerce. Apart from the cost of sending packages, the processing and clearance of imports and exports take longer in the Philippines at 120 hours versus 56 hours in Vietnam and 50 hours in Thailand.

Qian said regulatory requirements should be streamlined and should follow international best practices.

There is also a need to modernize customs processes through automation including the online filing, processing and payments.

She said a business environment that promotes competition and innovation would reduce business costs and would be a big help to SMEs that were closed during the pandemic.

Companies BusinessMirror

www.businessmirror.com.ph

‘More REIT listings to help PSE recover from Covid-19’

A

By VG Cabuag

@villygc

ccounting firm SGV and Co. said the recent listing of the country’s first real estate investment trust (REIT) at the Philippine Stock Exchange (PSE) may spur activity in the equities market and help it recover from the economic effects of the pandemic.

Dolmar C. Montañez, an SGV partner, said the recent initial public offering (IPO) of Ayala Land Inc.led AREIT Inc. may encourage other real-estate players to convert their current real-estate portfolios into REITs, which may positively impact the local bourse’s recovery from the effects of the pandemic.

“What is noteworthy is the landmark listing of the first REIT in the country 10 years after the REIT law was passed by Congress. This hap-

pened after the other participating regulatory offices collaborated to amend the existing implementing rules and regulation of the REIT law to address major concerns from potential REIT sponsors,” he said.

AREIT shares were listed in August.

IPOs in the Asean region, the Philippines included, were depressed as the pandemic felled most of the top economies in Southeast Asia, while other regions in the world enjoy

higher listings as companies grabbed the opportunity to raise funds due to high liquidity.

Across Asean, while Malaysia saw steady improvement in overall activity, the economic impact of the pandemic has been significant, particularly in Indonesia and Thailand, the accounting firm said.

“As a result, the region may take an extended time to recover,” the accounting firm said. “That said, Indonesia has one IPO in the pipeline that could raise $500 million before the end of the year, and Thailand has several sizeable IPOs in the pipeline that could go public in fourth quarter of 2020."

Montañez noted that many companies in the Philippines shelved their plans to go public due to the impact of the pandemic on local businesses and the overall economy.

“Only two companies completed their IPOs this year, with a total size of approximately $278 million. We expect to see another initial listing by the end of October, which is expected to be the biggest since 2016."

He was referring to Converge

Information and Communications Technology Solutions Inc., a company led by Pampanga businessman Dennis Anthony H. Uy, which is expected to raise some P29 billion in fresh cash.

Meanwhile, PH Resorts Holdings Inc., the gambling unit of Davao businessman Dennis Uy, is also doing its follow-on offering, raising some P756 million from the market.

Capital raised from the local equities market in the January-to-June period amounted to only P20.83 billion, mainly from one initial public offering, one follow-on offering, one stock rights offering and two private placements, the PSE said earlier.

Since the start of the year through the third quarter, there were 77 IPOs in Asean which raised $4.3 billion, down by 13 percent in volume but an improvement in proceeds by 12 percent compared to the same period last year, SGV said.

In the third quarter alone, there were a total of 33 IPOs raising $1.1 billion across Asean, up 175 percent in volume and 491 percent in proceeds from the second quarter, it said.

PH Resorts shares trading suspended P

H Resorts Group Holdings Inc., the gambling unit of Davaobased businessman Dennis Uy, has asked for a voluntary trading suspension of its shares at the Philippine Stock Exchange (PSE) during its follow-on offering.

Shares of PH Resorts will be suspended for trading starting Wednesday through November 5, when its offer shares will be listed at the PSE. The company's shares rose 28 percent on Tuesday to close at P3.27 apiece or double the price of the follow-on offer price at P1.68 apiece.

“This is the first time that the company is conducting a public offering under its gaming and hospitality business and as such, the company is requesting that it be allowed an offer period for its follow-on offering that is akin to an initial public offer whereby no shares are traded

during its offer period until listing date,” the company said.

“A trading suspension will allow the company to conduct its followon offering activities without potential market manipulations on the current market price of its shares.

It will also allow the potential investors and the public to properly make investment decisions without being influenced by fluctuations in the trading price of the company’s shares that may be caused by artificial market manipulations during the offer period until the follow-on shares are listed."

PH Resorts was previously named as Philippine H2O Ventures Inc., the water unit of businessman Jolly L. Ting.

In 2018, Uy bought shares in the company that allowed him to do a backdoor listing of its gambling

unit. PH Resorts then became a unit of Udenna Development Corp., Uy’s holding firm.

According to PSE rules, a backdoor listed company must conduct a follow-on offering after the unlisted firm takes over the listed firm.

PH Resorts’ follow on offer is composed of 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.

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

At P1.68 apiece, the company is raising some P756 million in fresh cash from the sale of shares.

The company has also moved its tentative listing date on 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.

Unicapital Inc. and Abacus Capital and Investment Corp. were appointed as lead and co-lead underwriters, respectively. VG Cabuag

More unique ‘VMware to fast-track digital transformation in SE Asia’ merchants tap PayMaya

F

inancial technology (fintech) player PayMaya said on Tuesday that the unique merchants it onboarded in September ballooned by over 1,400 percent annually, as contactless payments become the norm due to the pandemic.

In a statement, the company said the growth signifies “an exponential increase in preference of merchants to deploy cashless payment technologies.” Sought for further details, the company refused to disclose absolute numbers.

Meanwhile, cashless payment volume processed by PayMaya in retail establishments across the country also grew threefold in September versus the same period last year, as “retail merchants... have seen increasing preference for contactless payments over the past few months.”

“Cashless and contactless payment and money transfer technologies are now part of the world's arsenal against the virus. These touch-free digital solutions are saving lives, making commerce flow and bringing the economy get back to health. PayMaya is fully committed to providing every Filipino with a financial account they can safely and efficiently use to pay or receive money, especially during this critical time,” said PayMaya CEO Orlando Vea. Merchants that use PayMaya’s cashless solutions include Megaworld, McDonald's Philippines, Jollibee Foods Corp., Goldilocks, Unilever, Petron, Shell, Robinsons Malls, SM Supermalls, Smart Communications, Angkas, and foodpanda, among others. Lorenz S. Marasigan

V

MWare said it is planning to fast-track digital innovation and transformation in Southeast Asia through various initiatives in intrinsic security, future ready work solutions, multicloud platforms, application modernization efforts and artificial intelligence.

During the VMworld 2020, VMware unveiled new innovations to deliver intrinsic security to the world’s digital infrastructure. “The solutions will advance security for the public and private clouds, security operations and distributed workforces as organizations accelerate cloud adoption to build resilient, future ready digital infrastructure.”

The company also introduced the VMware Future Ready Workforce solutions to provide “exceptional” work force experiences, end-to-end Zero Trust security controls, and simplified management.

“The Future Ready Workforce solutions combine VMware Secure Access Service Edge (SASE), Digital Workspace and Endpoint Security capabilities to help IT manage and optimize more secure access to any app, on any cloud, from any device while providing a simple, high performant, and a safer user experience for the distributed work force.”

The company also announced its

Contributed Photo

intent to acquire SaltStack, a pioneer in building intelligent, event-driven automation software. Following close, SaltStack will enable VMware to significantly broaden its software configuration management and infrastructure and network automation capabilities.

The theme for the first ever virtual VMworld which was held on September 20 to October 1 is “Possible Together.”

“As the world has managed the Covid-19 global pandemic, adaptability has never been more important. The pandemic has accelerated digital transformation for millions

of organizations worldwide,” the company said.

“Many companies risk being able to adjust to new requirements, let alone capitalize on new market opportunities, because they still have so much work ahead to simply stabilize their businesses, move towards being 'Future Ready' and enable their distributed workforces.”

VMware software powers the world’s complex digital infrastructure. The company’s cloud, app modernization, networking, security, and digital workspace offerings help customers deliver any application on any cloud across any device.

Wednesday, October 21, 2020

B1

Local hotels secure hygiene certification

BusinessMirror file photo

R

edDoorz Philippines, a hotel management and booking platform, said it has been able to get onboard 100 HygienePass certified hotels across the country.

Launched last June 2020, the initiative aims to equip hotels with an industry-wide cleanliness and sanitation certification that is cocreated with local medical experts and also aligned with local government guidelines.

The roster of HygienePass certified RedDoorz hotels includes outlets in Edsa in Pasay City, near San Pedro Cathedral, Poblacion District in Davao, Jones Avenue in Cebu, and Kilometer 1 in Roxas City.

Beyond its own chain of accommodation facilities, several nonRedDoorz hotels have also been accredited as such since the reopening of the tourism industry.

“The HygienePass attests to cleanliness, hygiene and sanitation protocols set by hotel and accommodation players in the new normal,” the company said.

“Since it reflects their adherence to health and safety standards, it also informs and encourages patronage from essential workers, frontline health workers and local travelers when booking hotels.”

Dr. Renzo Guinto, RedDoorz’s HygienePass consultant, said the certification is one of the company's responses to help flatten the Covid-19 curve in the country.

“The program demonstrates that RedDoorz gives importance to protecting the health and safety of ev-

eryone in the ecosystem—from managers and staff to everyday Filipinos who want to feel worry-free,” he said.

“In tandem with strict government measures, this industry initiative helps ensure that everyone who intends to travel and book an accommodation has a stronger sense of safety and security.”

The company said the certification program is expected to help bolster local tourism and rejuvenate the economy by allowing hotel and accommodation establishments to operate in the new environment.

“Through the HygienePass Certification Program, we believe we can work towards contributing to the gradual domestic tourism recovery.

We’re very excited that more hotel owners are seeing the benefits of the certification. Through swiftly responding to the challenges of the new normal, we solidify our commitment in keeping Filipino travelers safe,” said Miguel Capistrano III, country manager of RedDoorz Philippines.

RedDoorz targets to implement this hygiene and sanitation “seal” to more than 250 hotels nationwide.

Since the pandemic emerged, RedDoorz has been providing long stays for essential workers, care kits for frontline health workers, and even temporary shelters for overseas Filipino workers and stranded individuals.

The first batch of HygienePass certified hotels are now accepting essential workers and travelers for cities under modified general community quarantine or MGCQ. Roderick L. Abad

B2

Companies BusinessMirror

Wednesday, October 21, 2020

PSE STOCK QUOTATIONS

October 20, 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 CITYSTATE BANK EAST WEST BANK METROBANK PB BANK PHIL NATL BANK PSBANK PHILTRUST RCBC SECURITY BANK UNION BANK COL FINANCIAL FIRST ABACUS FERRONOUX HLDG IREMIT MEDCO HLDG MANULIFE NTL REINSURANCE PHIL STOCK EXCH SUN LIFE

44.8 90.75 68.8 21.6 5.8 9.26 41.3 9.2 26.4 51.4 96 17.06 95.1 54.25 26.7 0.5 3.45 1.12 0.3 748 0.57 157.3 1875

44.9 90.8 69 21.7 8.19 9.27 41.4 9.54 26.5 51.5 101 17.08 95.35 54.3 26.8 0.58 3.55 1.13 0.31 749 0.6 157.4 1940

44.9 89.1 66.95 21.65 8.19 9.17 40.85 9.3 24.2 51.5 96.05 16.96 94 54.8 26.6 0.56 3.65 1.12 0.31 748 0.61 157.3 1900

44.9 92.45 69 21.7 8.19 9.35 41.75 9.5 27 51.5 96.05 17.14 96.5 54.8 27 0.58 3.7 1.15 0.31 748 0.61 157.4 1900

44.5 89.1 66.35 21.6 8.19 9.17 40.7 9.2 24.2 51.4 96 16.88 93.8 54.25 26.6 0.56 3.44 1.12 0.3 748 0.6 157.3 1875

44.9 90.8 69 21.6 8.19 9.27 41.3 9.5 26.4 51.5 96 17.08 95.1 54.25 26.7 0.58 3.55 1.13 0.3 748 0.6 157.4 1875

8700 5484450 8879840 136400 100 745800 2640800 25900 1577800 1530 190 132400 870640 49690 25100 20000 33000 111000 670000 10 52000 280 165

388790 497731782 596442637 2957520 819 6932314 109308305 245427 40621555 78743 18244.5 2258390 82764458.5 2701069.5 673685 11230 116020 126020 202300 7480 31340 44057 309625

375400 -35148749 29022534.5 -1278350 -2449039 -9964005 -5049065 -1766536 2643947 -502705.5 7480 -15000 243750

INDUSTRIAL AC ENERGY 3.55 3.56 3.51 3.62 3.51 3.56 17523000 62669060 ALSONS CONS 1.25 1.26 1.24 1.26 1.24 1.26 384000 480820 ABOITIZ POWER 26.15 26.25 26.25 26.4 25.95 26.15 1212800 31785705 BASIC ENERGY 0.196 0.199 0.187 0.23 0.18 0.196 30460000 6184160 FIRST GEN 26 26.1 26.25 26.3 25.5 26.1 1299600 33841530 60 60.05 60 60.2 59.95 60 112480 6749160 FIRST PHIL HLDG 289 289.2 289.6 291.6 286 289.2 201020 58188684 MERALCO 14.02 14.08 14.1 14.16 14.02 14.02 1509900 21265768 MANILA WATER 3.05 3.06 3.02 3.05 3.01 3.05 1755000 5341680 PETRON 3.15 3.35 3.77 3.77 3.06 3.35 266000 881690 PETROENERGY PHX PETROLEUM 12.8 13.46 14.9 14.9 12.6 13.46 4999600 66389258 PILIPINAS SHELL 16.24 16.26 16.36 16.36 16.22 16.24 432900 7044032 SPC POWER 10.92 10.94 10.98 11 10.84 10.94 320600 3511870 AGRINURTURE 7.42 7.7 7.76 7.77 7.49 7.71 198000 1494625 AXELUM 2.8 2.82 2.83 2.83 2.75 2.8 2072000 5770970 11.5 11.8 11.8 11.8 11.5 11.5 10300 118580 CNTRL AZUCARERA CENTURY FOOD 17.5 17.58 17.78 17.78 17.4 17.5 1651000 28914284 4.85 4.97 4.98 4.98 4.8 4.97 35000 173170 DEL MONTE 5.98 6 5.87 6.03 5.86 6 11541600 68885584 DNL INDUS EMPERADOR 9.88 9.9 9.88 9.91 9.84 9.9 3954800 39106137 SMC FOODANDBEV 64.45 64.5 64.5 64.95 64.4 64.5 266850 17227163 ALLIANCE SELECT 0.63 0.65 0.63 0.63 0.63 0.63 61000 38430 FRUITAS HLDG 1.18 1.19 1.17 1.19 1.17 1.19 7193000 8489140 GINEBRA 46.8 47.4 47.95 48 46 47.4 47200 2228815 168.8 169 154.6 174 154.6 169 3944710 660532555 JOLLIBEE 7.65 7.94 7.93 7.94 7.93 7.94 9500 75366 MACAY HLDG MAXS GROUP 5.5 5.51 4.99 5.5 4.99 5.5 1951000 10399120 0.14 0.143 0.14 0.14 0.14 0.14 180000 25200 MG HLDG SHAKEYS PIZZA 6.17 6.18 5.93 6.24 5.88 6.18 1191900 7318606 ROXAS AND CO 1.22 1.24 1.21 1.26 1.21 1.22 5968000 7363560 RFM CORP 4.68 4.93 4.93 4.93 4.93 4.93 200000 986000 ROXAS HLDG 1.76 1.81 1.8 1.8 1.77 1.77 13000 23220 UNIV ROBINA 134 134.1 132.8 135.5 132.8 134 1092870 146712457 VITARICH 0.79 0.8 0.78 0.8 0.76 0.79 3346000 2631400 50.9 51.5 51.5 51.8 51.5 51.8 200 10330 CONCRETE A CEMEX HLDG 1.55 1.56 1.59 1.59 1.55 1.55 11438000 17883090 4.42 4.51 4.42 4.42 4.42 4.42 29000 128180 DAVINCI CAPITAL 14.4 14.5 14.68 14.68 14.3 14.5 101600 1466844 EAGLE CEMENT EEI CORP 7.61 7.7 7.69 7.8 7.53 7.7 842000 6453695 HOLCIM 5.6 5.62 5.44 5.62 5.43 5.6 1206700 6705061 MEGAWIDE 7.42 7.43 7.47 7.48 7.3 7.42 3624000 26773983 PHINMA 8.01 8.4 8.4 8.4 8.4 8.4 400 3360 TKC METALS 0.71 0.72 0.7 0.71 0.7 0.71 59000 41860 0.78 0.8 0.77 0.81 0.77 0.78 2001000 1572290 VULCAN INDL CHEMPHIL 110.6 129.9 110.6 110.6 110.6 110.6 50 5530 CROWN ASIA 1.97 2.05 1.99 2.04 1.98 2.04 241000 479560 EUROMED 1.85 1.86 1.85 1.88 1.81 1.85 357000 658610 MABUHAY VINYL 3.6 4.36 4.36 4.37 4.36 4.37 5000 21810 PRYCE CORP 4.2 4.21 4.22 4.22 4.13 4.2 63000 263050 CONCEPCION 19.88 20 19.8 20 19.8 20 71100 1421960 GREENERGY 2.55 2.56 2.44 2.56 2.41 2.56 13996000 34917700 INTEGRATED MICR 5.97 5.98 5.84 5.97 5.84 5.97 962700 5707208 0.95 0.96 0.95 0.97 0.94 0.96 136000 129150 IONICS PANASONIC 4.76 5.27 4.9 5.89 4.9 5.28 16000 83110 SFA SEMICON 1.38 1.39 1.36 1.41 1.36 1.39 552000 754300 CIRTEK HLDG 5.75 5.76 5.42 5.75 5.4 5.75 5650100 31554946

16056550 -22031715 -174200 5186345 -5437910 -10580144 -15244964 -2033020 16550 163018 -3320118 200978 36908 214660 20426368.0003 -34350 -18849705 -1008472 -6133078 77270 210195 281683172 -131470 -1161860 -620480 -0 -68257223 131120 -760870 -4420 -188364 1823752 463517 -7954315 70380 -592000 -1173490 -63520 -260489

HOLDING & FRIMS ABACORE CAPITAL 0.48 0.485 0.48 0.51 0.475 0.485 65930000 32750950 ASIABEST GROUP 7.2 7.37 7.35 7.37 7.2 7.37 13200 96054 AYALA CORP 702.5 710 706 715 702.5 702.5 166050 117711220 ABOITIZ EQUITY 43.4 44.6 43.95 45.2 43.4 43.4 648700 28591380 ALLIANCE GLOBAL 7.5 7.51 7.27 7.5 7.17 7.5 10534300 77944744 2.65 2.68 2.71 2.74 2.58 2.65 2917000 7710650 AYALA LAND LOG 6.42 6.56 6.45 6.45 6.45 6.45 100 645 ANSCOR ANGLO PHIL HLDG 0.63 0.64 0.62 0.63 0.6 0.63 2090000 1310200 0.77 0.78 0.83 0.84 0.77 0.77 11712000 9218150 ATN HLDG A ATN HLDG B 0.77 0.8 0.85 0.85 0.76 0.77 2778000 2161680 COSCO CAPITAL 5.17 5.18 5.09 5.18 5.09 5.18 1021900 5255466 DMCI HLDG 4.4 4.41 4.29 4.45 4.29 4.41 17776000 78379600 FILINVEST DEV 8.8 8.98 9 9.03 8.98 8.98 10100 90857 FORUM PACIFIC 0.21 0.219 0.23 0.23 0.201 0.219 500000 108940 GT CAPITAL 432 434 409 434.6 408 434 1135360 484736618 3.27 3.33 3.28 3.33 3.28 3.33 26000 85980 HOUSE OF INV JG SUMMIT 64.1 64.2 62.4 64.7 62 64.1 2027020 129734777.5 0.61 0.64 0.64 0.64 0.62 0.63 108000 67030 LODESTAR LOPEZ HLDG 2.56 2.59 2.59 2.65 2.56 2.56 1409000 3627840 LT GROUP 11.28 11.38 10.88 11.66 10.88 11.28 9646300 109543100 MABUHAY HLDG 0.47 0.485 0.46 0.5 0.46 0.47 90000 43250 METRO PAC INV 4.01 4.02 4 4.05 3.99 4.01 55477000 222915010 PACIFICA HLDG 3.08 3.19 3.05 3.19 3.05 3.19 15000 46030 PRIME MEDIA 0.79 0.82 0.82 0.83 0.78 0.83 146000 117110 2.45 2.6 2.59 2.59 2.59 2.59 1000 2590 REPUBLIC GLASS SOLID GROUP 0.97 0.98 0.99 0.99 0.97 0.98 121000 117860 SYNERGY GRID 154 170 158 169.9 152 169.9 560 90309 SM INVESTMENTS 905 910 893 917 891.5 910 303540 275256815 101.9 102 100.5 102 100.4 101.9 178290 18107165 SAN MIGUEL CORP SOC RESOURCES 0.66 0.68 0.69 0.69 0.66 0.68 181000 120570 TOP FRONTIER 124 125 123 125.7 123 125 30690 3832458 WELLEX INDUS 0.189 0.203 0.203 0.204 0.203 0.204 370000 75440 ZEUS HLDG 0.142 0.145 0.14 0.146 0.14 0.145 1010000 143690

-4499750 7360 -69618990 -13995510 -19089771 1550090 1220 349140 233450 -46972510 -41330 49224200 3480397 -1345280 7595558 -31741470 6380 23643295 128745 -2246652 -

PROPERTY ARTHALAND CORP 0.6 0.61 0.61 0.61 0.58 0.61 1853000 1102130 ANCHOR LAND 7.65 8.11 8.12 8.12 7.5 8.11 1600 12916 AYALA LAND 31.3 31.35 30.2 31.35 30.15 31.35 14048700 434563720 ARANETA PROP 0.98 1 0.95 0.99 0.95 0.98 141000 138500 AREIT RT 25.6 25.65 25.7 25.85 25.6 25.65 525000 13497175 1.38 1.39 1.37 1.39 1.36 1.38 975000 1344750 BELLE CORP 0.81 0.82 0.82 0.84 0.8 0.81 6470000 5250730 A BROWN 0.79 0.84 0.84 0.84 0.79 0.84 7000 5830 CITYLAND DEVT CROWN EQUITIES 0.132 0.136 0.133 0.134 0.131 0.134 990000 131740 CEBU HLDG 5.79 5.98 5.98 5.98 5.77 5.98 700 4102 CEB LANDMASTERS 4.67 4.69 4.73 4.73 4.69 4.69 68000 319810 CENTURY PROP 0.36 0.365 0.36 0.365 0.355 0.365 4420000 1595350 CYBER BAY 0.4 0.405 0.43 0.44 0.4 0.405 5050000 2081350 DOUBLEDRAGON 14.18 14.2 14 14.5 13.96 14.2 1014700 14351856 DM WENCESLAO 5.29 5.3 5.33 5.34 5.29 5.3 182700 971280 0.265 0.27 0.265 0.27 0.26 0.26 260000 68800 EMPIRE EAST EVER GOTESCO 0.085 0.091 0.092 0.092 0.092 0.092 10000 920 FILINVEST LAND 0.94 0.95 0.94 0.95 0.93 0.95 10445000 9893180 0.76 0.77 0.75 0.77 0.75 0.77 323000 246730 GLOBAL ESTATE 8990 HLDG 7.55 7.6 7 7.55 6.97 7.55 334600 2421971 PHIL INFRADEV 1.37 1.38 1.41 1.41 1.36 1.37 2544000 3507970 KEPPEL PROP 3.26 3.79 3.34 3.34 3.26 3.26 2000 6600 CITY AND LAND 0.67 0.7 0.7 0.7 0.67 0.7 18000 12180 MEGAWORLD 2.99 3 3.01 3.05 2.99 2.99 14297000 42951990 0.335 0.34 0.36 0.365 0.33 0.335 114970000 39654600 MRC ALLIED 0.32 0.33 0.32 0.32 0.32 0.32 50000 16000 PHIL ESTATES PRIMEX CORP 1.15 1.19 1.15 1.19 1.15 1.19 51000 59090 14.5 14.62 14.3 14.7 14.28 14.5 2384700 34679432 ROBINSONS LAND 1.49 1.5 1.49 1.5 1.49 1.5 161000 241440 ROCKWELL SHANG PROP 2.66 2.7 2.66 2.7 2.65 2.7 58000 155090 STA LUCIA LAND 1.88 1.9 1.9 1.9 1.88 1.88 77000 145960 SM PRIME HLDG 31.35 31.4 31.2 31.6 31 31.35 6970900 218744610 VISTAMALLS 3.84 3.96 3.76 3.97 3.76 3.97 102000 389150 SUNTRUST HOME 1.19 1.2 1.21 1.21 1.18 1.19 921000 1092510 3.43 3.45 3.42 3.46 3.36 3.45 2266000 7750770 VISTA LAND

-80109055 -6166705 -457000 12300 -220900 7250 -76000 -8943034 5330 -655000 -986512 288420 -11753310 -180400 1150 6509442 7450 26450 1880 -92132460 23800 -1408740

SERVICES ABS CBN 10.96 11 11.68 11.7 11 11 1029900 11574866 GMA NETWORK 5.05 5.07 5.05 5.1 5.03 5.05 451100 2280302 MANILA BULLETIN 0.4 0.415 0.4 0.42 0.4 0.42 300000 123800 GLOBE TELECOM 2004 2006 2004 2016 2000 2006 74050 148532930 PLDT 1311 1316 1300 1327 1300 1311 183305 241197435 0.052 0.053 0.053 0.053 0.051 0.053 64490000 3332220 APOLLO GLOBAL DFNN INC 3 3.1 3 3.1 3 3.1 45000 138850 6.11 6.12 6.25 6.28 6.08 6.11 22855300 140920814 DITO CME HLDG 1.41 1.43 1.41 1.43 1.41 1.43 29000 41150 IMPERIAL ISLAND INFO 0.086 0.087 0.091 0.091 0.086 0.086 4580000 396510 JACKSTONES 1.58 1.62 1.55 1.62 1.55 1.62 68000 108550 NOW CORP 4.68 4.69 5.07 5.18 4.6 4.68 31682900 153819222 TRANSPACIFIC BR 0.23 0.232 0.24 0.247 0.23 0.231 15520000 3620130 PHILWEB 2.65 2.67 2.7 2.75 2.62 2.65 3194000 8513870 2GO GROUP 9.07 9.08 8.85 9.47 8.62 9.08 189900 1709173 15.56 15.88 15.5 15.5 15.5 15.5 1600 24800 ASIAN TERMINALS CHELSEA 5.62 5.64 6 6.09 5.6 5.62 10419600 60745337 41.65 41.7 39.1 43 39.1 41.7 2396100 100282865 CEBU AIR 116.1 116.2 117 118 113.7 116.2 2056810 238640395 INTL CONTAINER LBC EXPRESS 14.2 14.6 14.2 14.2 14.2 14.2 300 4260 LORENZO SHIPPNG 0.89 0.96 0.95 0.97 0.89 0.89 40000 37410 MACROASIA 5.28 5.29 5 5.28 5 5.28 16799000 87053310 METROALLIANCE A 1.9 1.91 1.9 1.9 1.85 1.9 680000 1283130 METROALLIANCE B 1.89 2 1.9 2.01 1.9 2.01 36000 68950 7.59 7.6 6.48 8.5 6.48 7.59 2058000 15608302 PAL HLDG 1.36 1.37 1.27 1.45 1.26 1.36 10513000 14245950 HARBOR STAR 0.026 0.027 0.026 0.027 0.026 0.026 47300000 1235300 BOULEVARD HLDG DISCOVERY WORLD 1.56 1.74 1.82 1.82 1.5 1.5 34000 58730 GRAND PLAZA 10.6 10.64 10.62 10.64 10.6 10.64 3300 35094 WATERFRONT 0.4 0.41 0.4 0.41 0.39 0.41 2280000 901850 FAR EASTERN U 493 500 500 500 495 495 170 84750 IPEOPLE 6.97 7.3 7.2 7.65 7.2 7.3 1300 9515 STI HLDG 0.31 0.315 0.31 0.315 0.305 0.315 2500000 778850 BERJAYA 3.09 3.15 3.04 3.25 3.03 3.12 534000 1666640 7.45 7.48 7.55 7.58 7.22 7.48 9904700 73417788 BLOOMBERRY 1.83 1.87 1.8 1.85 1.8 1.85 24000 43380 PACIFIC ONLINE LEISURE AND RES 1.48 1.49 1.45 1.56 1.45 1.49 2938000 4441730 2.11 2.33 2.33 2.33 2.33 2.33 6000 13980 MANILA JOCKEY PH RESORTS GRP 3.26 3.27 2.57 3.7 2.45 3.27 6473000 20368620 PREMIUM LEISURE 0.315 0.32 0.325 0.325 0.315 0.32 6910000 2212600 ALLHOME 6.35 6.39 6.08 6.47 6.03 6.35 3826400 23684263 METRO RETAIL 1.45 1.46 1.38 1.47 1.37 1.46 4777000 6841380 PUREGOLD 41.5 41.85 41.7 42.6 41.5 41.5 5382100 225947975 67.8 68 68 68.2 67.8 68 522450 35521713 ROBINSONS RTL 111 112 112 112 111 112 502900 56324345 PHIL SEVEN CORP 1.11 1.12 1.18 1.18 1.1 1.12 14006000 15901580 SSI GROUP 15.1 15.3 15.1 15.38 15.1 15.1 5036600 76304584 WILCON DEPOT 0.29 0.3 0.3 0.305 0.29 0.29 6550000 1928950 APC GROUP EASYCALL 6.9 6.98 7.19 7.19 6.82 6.9 32200 223292 GOLDEN BRIA 316.6 335 315 330 315 330 420 136030 PRMIERE HORIZON 0.275 0.28 0.275 0.285 0.265 0.275 13680000 3763650 SBS PHIL CORP 4.13 4.16 4.15 4.15 4.13 4.13 142000 587580

-86701650 -95829415 -74500 11666185 60229.9998 1454031 -231100 90000 2385605 -33521365 -80237447 -2019170 -993353 -30350 85800 29950 15500 -29431404 -1610740 74360 -338900 -1873440 -1296300 -103316350 -18782733.5 -235360 -2767740 -53422578 -

MINING & OIL ATOK 10 10.18 12.98 12.98 9.6 10.2 830900 8985320 175260 APEX MINING 1.8 1.81 1.88 1.95 1.79 1.8 64581000 119971970 -1612230 ABRA MINING 0.001 0.0011 0.001 0.0011 0.001 0.001 762000000 769800 22000 ATLAS MINING 3.98 4 4.02 4.02 3.95 3.98 861000 3442730 2.69 2.8 2.82 2.82 2.7 2.7 181000 491720 BENGUET A BENGUET B 2.65 2.8 2.67 2.84 2.65 2.84 55000 146480 -101160 0.26 0.265 0.25 0.26 0.25 0.26 260000 66600 COAL ASIA HLDG CENTURY PEAK 2.47 2.5 2.55 2.55 2.47 2.47 176000 436100 DIZON MINES 7.35 7.45 7.45 7.45 7.36 7.45 1200 8922 FERRONICKEL 1.25 1.26 1.32 1.32 1.24 1.26 22439000 28751250 -12551540 GEOGRACE 0.239 0.246 0.239 0.247 0.239 0.239 390000 93730 -2420 LEPANTO A 0.15 0.152 0.159 0.159 0.148 0.15 35000000 5310550 LEPANTO B 0.149 0.155 0.156 0.156 0.149 0.149 2560000 388970 MANILA MINING A 0.0098 0.01 0.011 0.011 0.0092 0.0098 116000000 1197500 0.01 0.011 0.01 0.011 0.01 0.01 18100000 190000 MANILA MINING B MARCVENTURES 0.94 0.95 0.95 0.97 0.94 0.95 2464000 2338980 -19000 2.53 2.54 2.56 2.58 2.52 2.53 460000 1165200 -18060 NIHAO 3.6 3.62 3.72 3.72 3.52 3.62 9613000 34664260 3930540 NICKEL ASIA OMICO CORP 0.35 0.355 0.355 0.355 0.355 0.355 90000 31950 ORNTL PENINSULA 0.64 0.65 0.64 0.64 0.62 0.64 2135000 1336220 10240 PX MINING 5.05 5.06 5.43 5.43 5 5.05 6137700 31298888 353053 SEMIRARA MINING 11.96 11.98 12 12.06 11.84 11.96 2798900 33517928 -5904398 UNITED PARAGON 0.0052 0.0054 0.0058 0.0059 0.0052 0.0052 88000000 473300 6.17 6.29 6.51 6.52 6.15 6.29 502000 3152600 ACE ENEXOR ORNTL PETROL A 0.0097 0.0099 0.0098 0.0099 0.0096 0.0099 47000000 457600 ORNTL PETROL B 0.0097 0.0099 0.0099 0.0099 0.0099 0.0099 2000000 19800 PHILODRILL 0.0089 0.0093 0.0099 0.0099 0.0087 0.009 61000000 564500 PXP ENERGY 10.26 10.28 10.8 11.3 9.9 10.28 34257200 360659082 -879244

PREFFERED AC PREF B1 515 519.5 515 515 515 515 110 56650 AC PREF B2R 518 520 515 518 515 518 4190 2164490 CPG PREF A 101.2 102.7 101.1 102.7 101.1 102.7 600 60820 DD PREF 101 101.1 101.1 101.1 101.1 101.1 400 40440 FGEN PREF G 106.8 107 107 107 107 107 14100 1508700 508 510 508 508 508 508 90 45720 GLO PREF P GTCAP PREF A 1002 1005 1005 1005 1005 1005 1450 1457250 MWIDE PREF 101.5 101.6 101.6 101.6 101.6 101.6 13210 1342136 PNX PREF 3A 98 100.4 98.3 100.4 98 100.4 18010 1765134 PNX PREF 3B 101 102 101 101 100.2 101 47860 4824213 202000 PNX PREF 4 986 997 996 998 996 996 7470 7449765 -3992000 PCOR PREF 2B 1012 1040 1002 1040 1002 1040 120 124120 PCOR PREF 3A 1060 1065 1060 1060 1060 1060 300 318000 SMC PREF 2C 78.1 78.15 78.15 78.15 78.15 78.15 530 41419.5 SMC PREF 2E 75.7 76.7 75.65 76.65 75.65 75.65 1650 125322.5 77.5 77.9 77.9 77.9 77.5 77.5 39560 3065940 SMC PREF 2F SMC PREF 2G 76.25 76.5 76.5 76.5 76.5 76.5 840 64260 SMC PREF 2H 76.2 77.5 77.1 77.5 76.2 77.5 116220 8858756 SMC PREF 2I 76.35 78.8 78.6 78.6 78.6 78.6 63400 4983240

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 10.72 11.04 11.12 11.16 11.04 11.04 43400 480880 GMA HLDG PDR 4.73 5 4.95 4.95 4.95 4.95 3000 14850

WARRANTS LR WARRANT 0.79 0.8 0.82 0.91 0.8 0.8 965000 817390 -42400

SMALL & MEDIUM ENTERPRISES ALTUS PROP 10.76 10.78 11.3 11.68 10.78 10.78 1568800 17332884 741346 ITALPINAS 2.54 2.55 2.65 2.66 2.5 2.54 4657000 11980330 203640 KEPWEALTH 5.15 5.19 5.12 5.2 5.12 5.15 65000 334564 12288 MAKATI FINANCE 2.18 2.3 2.28 2.28 2.16 2.18 14000 31030 MERRYMART 3.14 3.15 3.38 3.38 3.13 3.15 74083000 239044070 -6140540

EXHANGE TRADE FUNDS

FIRST METRO ETF 92.5 92.65 90.85 92.5 90.85 92.5 9040 832633 129500

www.businessmirror.com.ph

Alternative to Edsa to open in December–San Miguel

S

By Lorenz S. Marasigan

@lorenzmarasigan

an Miguel Corp. (SMC) will open the whole 18-kilometer Skyway Stage 3 in December and will be offering motorists free access to the expressway for an entire month, its chief honcho said on Tuesday.

Ramon S. Ang, the company’s president and COO, said his group is confident it will be able to open the expressway to the public by December, despite the rainy sea-

son that has hampered finishing works such as laying and curing of asphalt.

“While we’re still doing a few finishing works, we want the public to

be able to use Skyway 3 already and benefit from the convenience and ease of travel that it will bring. We have all waited long for this project, so this is the best way we can welcome everyone, by making Skyway 3 free for one month,” he said.

The project was officially deemed completed this month. It took the company 6 years to finish the whole alignment due to issues pertaining to right-of-way and major changes to its design and alignment.

Skyway Stage 3 will connect the South Luzon Expressway (Slex) to the North Luzon Expressway (Nlex), and will serve as an alternative to Edsa. It has 8 access points, namely: Buendia, Plaza Dilao, Nagtahan, Au-

rora Blvd., Quezon Ave., Sgt. Rivera, Balintawak, and Nlex.

“With Skyway 3, we will improve the daily commutes and lives of so many Filipinos. We will lessen their time spent in traffic on the road, we can increase both their productivity and time spent with their families,” Ang said.

He added that this will help spur economic activity and aid the economic recovery of the country.

“Apart from this, the transportation of goods from north and south Luzon will also be so much easier, faster, and more efficient. This will be a big boost to our economy and support growth throughout the regions,” Ang said.

Firms urged to maximize cloud’s benefits

B

usinesses must leverage the benefits of the cloud in order to survive and even thrive in the pandemic, ranking officials of multicloud digital innovations startup Apper Digital Inc. said on Tuesday.

Diwa del Mundo, the company’s chief principal architect and cofounder, said digital transformation strategies should be implemented through cloud platforms, which allow businesses the flexibility and agility to scale and adapt to the evolving demands of the time.

“Businesses must really pivot to the digital arena, as it is a critical moment due to the current global crisis.

Today, digital transactions continue to grow at a rapid pace, as everyone adapts into the new normal. Cloud platforms provide businesses with greater agility, and access to cutting edge technology, which are two aspects required to pivot into the digital realm,” he said.

The cloud, he said, allows businesses—from big corporations to small enterprises—to adopt new technologies at lower costs that will help them weather through the Covid-19 pandemic and even expand their operations during such trying times, when the whole country is in a technical recession.

Apper, for instance, he said offers various cloud services that can help businesses in their digital transformation strategies. He cited Engage, the company’s brand focused on cloud consulting, as an example.

Engage, del Mundo said, allows businesses to “tap into Apper’s expertise on the cloud to cut the learning curve in their decision-making, which allows them to focus more on their operations, and innovate seamlessly.”

“Our team of digital natives is ready to support the needs of our partners. We want to help businesses leverage the cloud to ensure business continuity and continuous growth amid the national health crisis,” Del Mundo said.

Apper allows businesses to digitally transform without the need for in-house cloud architecture and implementation, initiatives that require certain certifications from global cloud providers.

Currently, Apper has the most number of comprehensive cloud certifications in the country at 24 from its partners: Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform.

Apper Co-founder and Director of Marketing Patrick Zulueta said with Apper’s expertise on the cloud, businesses have the ability to expand without spending too much on capital.

“Our goal is to bridge the knowledge gap for digital innovations. We at Apper provide businesses with various cloud-based solutions to allow businesses to focus on their core operations, while we take care of their cloud and technology requirements,” Zulueta said.

So far, the startup has helped big brands such as telco Globe Telecom Inc. and online cosmetics marketplace BeautyMnl in their cloud-based needs.

“The digital age is here and now, and it is accelerating at an unprecedented pace. Through the cloud, businesses can reach more customers beyond their domain and provide them with services at a faster, much more efficient way,” Zulueta said.

Del Mundo noted that it is high time for businesses to adopt cloud

Cathay to cut 6,000 jobs and close Dragon brand

C

athay Pacific Airways Ltd. will cut 6,000 jobs and close its Cathay Dragon brand, the South China Morning Post reported, as part of a strategic review to combat the deep damage caused by the coronavirus pandemic.

The Hong Kong-based airline is expected to officially announce the plan after the market close on Wednesday, the newspaper said. It initially planned about 8,000 layoffs globally, but after government intervention reduced that to 18 percent of its total workforce, including some 5,000 jobs in Hong Kong, according to the report.

The company, which posted a HK$9.9 billion ($1.3 billion) loss in the first half, has for months been working on the review that management presented to the board on Monday. Cathay said in September it wouldn’t survive unless it adapted its airlines for the “new travel market.” A Cathay representative didn’t immediately respond to requests for comment Tuesday.

Cathay’s passenger traffic slumped as travel

restrictions escalated and people refrained from flying, with numbers as low as 500 a day in April and May. On October 19, the company said it expected to operate at about 10 percent of pre-pandemic capacity for the rest of the year and well below a quarter in the first half of 2021. For September, passenger numbers were down 98.1 percent from a year earlier.

Cathay carried out a HK$39 billion recapitalization plan that was completed in August and left the Hong Kong government with a 6.08-percent stake in the company and two observer seats on its board.

In another effort to cushion the blow from the loss of passengers, the airline has been renegotiating aircraft deliveries from Airbus SE and Boeing Co. Cathay already introduced an unpaid leave program for staff earlier in the year as monthly losses climbed to as much as HK$3 billion, and trimmed salaries and closed crew bases overseas. Chairman Patrick Healy said in August that those cost control measures wouldn’t be enough. Bloomberg News

technologies, especially since the demand has shifted to digital.

“Apper is paving the way for businesses to adapt into the new normal. We believe that it is

mutual funds

high time for businesses in the Philippines to implement digital transformation strategies that are powered by the cloud,” Del Mundo said. Lorenz S. Marasigan

October 20, 2020

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 196.96 -22.64% -12.27% -4.71% -21.79% ATRAM Alpha Opportunity Fund, Inc. -a 1.0913 -27.41% -12.42% -2.81% -21.03% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.6738 -31.63% -16.27% -6.78% -27.31% Climbs Share Capital Equity Investment Fund Corp. -a 0.6795 -28.55% -12.4% n.a. -24.33% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.6765 -21.94% n.a. n.a. -20.35% First Metro Save and Learn Equity Fund,Inc. -a 4.2348 -22.02% -10.54% -4.8% -20.52% First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.661 -24.1% -11.97% n.a.

-22.56% MBG Equity Investment Fund, Inc. -a 85.92 -25.06% n.a. n.a. -16.76% PAMI Equity Index Fund, Inc. -a 39.6462 -23.96% -10.85% -3.59% -22.69% Philam Strategic Growth Fund, Inc. -a 424.1 -21.64% -10.29% -3.86% -20.4% Philequity Alpha One Fund, Inc. -a,d,5 0.9191 n.a. n.a. n.a. -10.78% Philequity Dividend Yield Fund, Inc. -a 1.009 -22.96% -10.42% -3.31% -21.59% Philequity Fund, Inc. -a 29.5849 -23.28% -10.11% -2.96% -21.93% Philequity MSCI Philippine Index Fund, Inc. -a 0.7799 -24.83% n.a. n.a.

-23.4% Philequity PSE Index Fund Inc. -a 4.0499 -23.59% -10.42% -2.88% -22.47% Philippine Stock Index Fund Corp. -a 677.15 -23.48% -10.35% -2.99% -22.34% Soldivo Strategic Growth Fund, Inc. -a 0.616 -31.54% -13.9% -6.81% -27.65% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.1009 -27.62% -12.02% -4.51% -26.33% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.7757 -23.69% -10.62% -3.08% -22.49% United Fund, Inc. -a 2.8404 -23.7% -9.46% -2.62% -22.25% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 90.8528 -23.43% -10.08% -2.24% -22.32% Primarily invested in foreign currency securities ATRAM AsiaPlus Equity Fund, Inc. -b $1.0775 11.35% -0.42% 3.25% 4.77% 21.06% 8.63% n.a.

13.75% Sun Life Prosperity World Voyager Fund, Inc. -a $1.5683 Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.5554 -2.96% -5.76% -2.71% -0.47% ATRAM Philippine Balanced Fund, Inc. -a 2.0511 -9.56% -5.74% -1.37% -5.96% First Metro Save and Learn Balanced Fund Inc. -a 2.3982 -9.76% -4.52% -2.76% -8.87% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.1819 -22.53% n.a. n.a.

-20.39% NCM Mutual Fund of the Phils., Inc. -a 1.8404 -6.33% -2.42% 0.28% -6.18% PAMI Horizon Fund, Inc. -a 3.4649 -8.78% -4.12% -0.94% -8.56% Philam Fund, Inc. -a 15.4977 -8.93% -4.2% -1.01% -8.63% -5.18% -1.09% -9.7% Solidaritas Fund, Inc. -a 1.9163 -10.85% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.2552 -16.33% -6.48% -2.3% -15.74% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.9372 -8.22% n.a. n.a.

-7.73% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.832 -17.6% n.a. n.a.

-16.5% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.8091 -19.64% n.a. n.a. -18.54% Sun Life Prosperity Dynamic Fund, Inc. -a 0.7965 -19.24% -7.64% -3.25% -18.29% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.03921 2.08% 2.83% 2.09% 2.64% PAMI Asia Balanced Fund, Inc. -b $1.0622 7.12% 2.94% 4.96% 0.72% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.265 13.42% 6.21% 6.34% 9.06% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.1806 6.66% 3.25% n.a.

4.6% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 368.76 3.86% 3.08% 2.64% 3.02% ATRAM Corporate Bond Fund, Inc. -a 1.9528 1.72% 0.93% 0.27% 2.67% Cocolife Fixed Income Fund, Inc. -a 3.2046 3.64% 4.72% 4.94% 2.78% Ekklesia Mutual Fund Inc. -a 2.2933 3.72% 2.67% 2.2% 3.14% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4478 4.61% 3.33% 2.11% 3.76% 7.25% Philam Bond Fund, Inc. -a 4.6331 4.13% 2.72% 5.95% Philam Managed Income Fund, Inc. -a,6 1.3124 5.56% 4.38% 2.47% 4.43% Philequity Peso Bond Fund, Inc. -a 3.9605 5.74% 4.3% 2.31% 4.55% Soldivo Bond Fund, Inc. -a 1.0379 8.91% 3.59% 2.1% 7.63% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1824 4.82% 4.62% 2.93% 3.47% 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 $480.95 3.19% 2.63% 2.78% 2.69% ALFM Euro Bond Fund, Inc. -a Є217.75 -1.05% 0.75% 1.2% -0.93% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.251 4.01% 3.35% 2.65% 3.63% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0265 2.71% 1.96% 1.58% 2.71% PAMI Global Bond Fund, Inc -b $1.0933 -0.38% 0.37% 0.19% -0.03% Philam Dollar Bond Fund, Inc. -a $2.5222 4.67% 3.96% 3.38% 4.94% Philequity Dollar Income Fund Inc. -a $0.061866 2.66% 2.49% 2.19% 2.6% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.2102 1.16% 2.1% 2.4% 1.1% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 129.29 3.46% 3.31% 2.53% 2.75% First Metro Save and Learn Money Market Fund, Inc. -a 1.0459 2.03% n.a. n.a.

1.91% Sun Life Prosperity Money Market Fund, Inc. -a 1.292 2.78% 3.02% 2.62% 2.13% Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0503 1.59% n.a. n.a.

1.16% Feeder Funds Primarily invested in Peso securities Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d,7 1.0438 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

Wednesday, October 21, 2020 B3

Validating online account tests banks–report

P

By Tyrone Jasper C. Piad

@Tyronepiad

hilippine banks should incorporate a seamless identity-authentication system on their digital application process to maintain a strong online client base, according to a report by a California-based data analytics company.

In its “Identity in Digital Banking” Survey, Fair, Isaac and Co. (Fico) revealed that financial institutions are facing challenges when it comes to validating the identity of digital banking customers.

“You can see from the survey that many Philippine banks still have issues with manual processing that slows down the process, introducing friction into digital applications,” said Subhashish Bose, FICO’s lead for fraud, security and compliance in the Asia-Pacific region.

According to the survey, half of the

respondents chose the following as pain points for identity verification: high level of manual processes to validate customer identities; consistent collection of supporting data and/or documents; and, the need for physical validation of identity.

In addition, 40 percent said there were concerns over the “time taken to verify identity” and the “cost of third-party verification services.”

Bose said that a third of the country’s banks are still requiring customers to visit a physical branch to open a personal

PHL, Thai banks seal deal to boost financial inclusion

S

ecurity Bank Corp. is expecting the newly-sealed strategic partnership with a Thai bank to boost its financial inclusion initiatives amid the coronavirus pandemic.

In a statement on Tuesday, the listed bank announced it finalized the partnership deal with Bank of Ayudhya, which is commonly known as Krungsri.

This, after the Philippine Competition Commission approved Krungsri’s acquisition of a 50-percent stake in SB Finance Co. Inc. (SBF), Security Bank’s consumer finance subsidiary.

The listed bank inked a deal with the Thai bank last year involving the sale of SBF stake.

Security Bank’s shares climbed by 1.17 percent, or P1.10, to settle at P95.10 apiece amid the 1.55-percent uptick for the benchmark index on Tuesday.

The partnership is aimed at making customer-centric digital lending experience available to clients and small business owners.

Security Bank President and CEO Sanjiv Vohra welcomed the agreement, noting this came at a “very opportune time.”

“This strategic partnership with Bank of Ayudhya will help rebuild consumer confidence and enhance financial inclusion at this time of the Covid-19 pandemic,” he said. “We are confi-

dent that by leveraging on Krungsri’s strength in the ASEAN retail finance market and in consumer risk management, we can contribute meaningfully to the economic recovery of the Philippines.”

The deal is also seen resulting in SBF growing its loan portfolio and loan products being offered to clients. Both the Security Bank’s strength in unsecured personal loan segment and Bank of Ayudhya’s expertise in the Asean retail finance market are expected to aid the consumer finance product offering and service of SBF. ING Bank N.V. was tapped as the financial advisor of this transaction.

Security Bank saw its first half earnings climb by 14 percent to P5.7 billion from P5 billion last year for the same period on the back of higher net interest income and trading gains.

The bank said its total revenues surged by 68 percent to P25.9 billion while total net interest income rose by 34 percent to P15.8 billion in the first six months.

The bank said it earmarked P11-billion worth of buffer for potential credit losses, which is markedly higher than P639 million last year.

Gross nonperforming loan ratio stood at 1.58 percent while NPL coverage ratio was at 174 percent. Tyrone Jasper C. Piad

Blueprint for a Filipino infra bank

O

ne of the speakers durmass transit systems in Metro ing the recent FinanManila,” he lamented. cial Executives InstiAs envisioned by Yuseco, tute of the Philippines’s (Finex) the proposed PITBank will be Week 2020 Annual Conference the vehicle for the implemenwas Australian banker Chris tation of his BOT projects. He Box, senior investment officer claimed there is enough reof the Asian Infrastructure Insidual capital to reopen the vestment Bank (AIIB).

Unitrust Development Bank Joseph Araneta Gamboa Headquartered in Beijing, (UDB), a thrift bank that his the multilateral financial ingroup previously controlled, stitution started operation in and transform it into PITBank.

2016 and now has 103 member-countries, includThe UDB was initially placed under receivering the Philippines. ship by the Bangko Sentral ng Pilipinas (BSP) in Box said the mandate of the AIIB is to invest 2002, and subsequently under liquidation by the in sustainable infrastructure and other productive Philippine Deposit Insurance Corp. (PDIC). But acsectors aimed at improving social and economic cording to Yuseco, then PDIC presidents Michael outcomes in Asia. His technical session dwelt on A. Osmeña and Valentin A. Araneta had already the current state of digital infrastructure and crossstarted discussions with his group to explore the border connectivity in emerging Asian markets. reopening of the UDB prior to their untimely deCoincidentally after the conference, I met a mise one after the other.

Filipino entrepreneur who plans to establish the Amid ongoing litigation in the courts that has Philippine Infrastructure and Transportation Bank gone on for almost two decades, Yuseco is hoping (PITBank). Francis Yuseco Jr. is the CEO of Philtrak that the BSP Monetary Board will reinstate UDB’s Inc. and the Philippine Trackway Consortium that trust banking, foreign currency deposit unit, and includes a Swiss-based private equity group and branch banking licenses. He sees an urgent need an international bank. for an infra-focused bank that will support the In 2018, Philtrak entered into a strategic alliance development of a national logistics backbone to with the Deparment of Science and Technology efficiently transport people, agricultural products, to convert the decommissioned Panay Railways and other types of cargo. into a “digital green trackway” patented and copy“Without this backbone, the countryside will righted by Yuseco. Thereafter he submitted to the never progress. Our farmers and fisher[men] will National Economic and Development Authority an always be poor and marginalized. Our cities will reunsolicited proposal for the Panay trackway projmain congested with informal settlers that spawn ect to be underwritten by the consortium under the proliferation of drugs, crime, health and sanitathe build-operate-transfer (BOT) scheme. He also tion problems,” he told me, emphasizing that his proposed another BOT project to the Department proposed projects can be done without the need of Transportation known as the “Philippine Rapid for sovereign guarantees and taxpayer subsidies.

Trackway System” along the Edsa corridor.

Such affordable, common-sense solutions Yuseco believes the country should not be dewould empower the citizenry and ensure food pendent forever on imported technologies that are security as the Philippines grapples with the panobtained through loans at predatory interest rates. demic-induced crisis in the coming years.

“These dollar- and yen-denominated debt will bury future generations of Filipinos in perpetuity Joseph Gamboa is the co-chairman of the Finex Week 2020 while millions of taxpayers from Mindanao, Visayas, Annual Conference, chairman of the Finex Business Columns Suband other parts of Luzon shell out approximately committee, and director of Noble Asia Industrial Corp. The views P21 billion per year to subsidize only a few hunexpressed herein do not necessarily reflect the opinion of these dred thousand commuters using these imported institutions and the BusinessMirror.

Finex free enterprise

bank account. “[Lenders] will need to shift toward identity verification that is seamlessly integrated into the digital application process and can be rapidly confirmed or risk losing business,” the Fico official warned.

In a previous consumer study, FICO discovered that 45 percent to 67 percent of Filipinos are expecting to complete all aspects of the account opening online or through their phones. Only 41 percent of the respondents said they would accomplish the necessary offline actions if the whole process is not completed in-session. Meanwhile, 13 percent said they would seek other banks instead while 5 percent would stop the process of

opening an account.

Filipinos set the benchmark for online banking experience not only among the lenders but to other digital businesses as well, according to Bose. Customers are expecting the same kind of instant gratification given by firms like Uber, Netflix and Amazon, he explained.

Meanwhile, Fico flagged several local banks for not putting up separate fraud and authentication decisions. This, the company said, could affect user experience.

“They are less concerned with user experience and therefore will ask a customer to authenticate again for a particular action, which they consider high risk, even if they

have already been identified in the same session,” Bose explained.

In a June report, Fico noted that 76 percent of Filipinos are open to enroll a financial account via digital platforms amid the increasing demand for online banking.

Forty percent of respondents were opening online financial accounts for everyday transactions, 38 percent for credit cards and 33 percent for personal loans.

Bose said the country’s consumers have become digital natives. He explained that 26 percent of Filipinos prefer to open a bank account via smartphones. This percentage is higher compared to 18 percent in the United States and 25 percent in the United Kingdom.

B4

Show BusinessMirror

Wednesday, October 21, 2020 • Editor: Gerard S. Ramos

www.businessmirror.com.ph

Today’s Horoscope

By Eugenia Last

z

CELEBRITIES BORN ON THIS DAY: Blanca Suarez, 32; Glen Powell, 32; Matt Dallas, 38; Judge Judy Sheindlin, 78.

Happy Birthday: Handle with care. Ease into whatever changes you want to pursue this year. Plan your actions with precision, intelligence and guidelines to ensure you make decisions that bring high returns.

There is a shift taking place, and you want to be on the right side of the fault line as situations occur and developments unfold. Hedge your bets. Your numbers are 7, 13, 18, 26, 33, 41, 45.

MANIPULATIVE

NOW that the sexy actress is single again, she was reportedly eyeing a reconciliation with her ex, an actor who is dating another actress. The sexy actress is said to have made a play for the actor but he diplomatically warded off any advances that she made. What she did next was very in character. The actor started getting messages from anonymous numbers saying that his girlfriend has been flirting with some of her co-stars (which is true but it’s none of the sexy actress’s business). The actor believes it was his ex who sent the messages because when he dated her after being with an actress-singer, he actually caught her with some SIM cards. At the time, he was getting anonymous messages dissing the actress-singer. The sexy actress probably didn’t realize that the actor, being her ex, knows her inside out. The actor politely texted the actress to stop texting him and she did.

a

ARIES (March 21-April 19): Don’t take a risk.

Acting in haste will lead to a loss. Anger will not help you maintain stability. Bide your time, and do your best to get along with everyone until you have a clear-cut plan in place. HH

NICOLE KIDMAN

Golden Globes group gives c $5.1 million in grants

GEMINI (May 21-June 20): Someone will take advantage of your enthusiasm if you are too eager to please. If you want to burn energy, do something that will result in a healthier physique. Don’t try to buy someone’s attention or love. HHH

SHE JUST LEFT

THE actress was supposed to star in a project that was created specially for her. At the last moment, she backed out because she wanted to travel. The production team was dismayed because many of them were looking forward to working again after months of being idle. They have no replacement in mind so the project is shelved for now. The actress is also an industrial partner in a business venture, which has now been sidelined because she is traveling. She was supposed to have promoted the business venture heavily but that didn’t happen as she became busy.

What she has done is promote sporadically.

BEING GRATEFUL

THE actor is now famous and doesn’t need a boost to get projects and endorsements but rumors linking him to a network executive persist. The latter is supposedly instrumental in helping get choice projects for the actor. While this may have been true when the actor was a newbie, it doesn’t apply to the present situation. The actor is famous enough to get projects on his own merit. What is true is that he and the network executive were close when he was a newcomer and he allowed the latter certain liberties but they were never in a relationship. They never went beyond being touchy with each other. The actor was just being kind to the executive. Also, he was grateful for all the help extended by the executive.

SHE DOESN’T CHOOSE HER WORDS

MANY are wondering why the celebrity continues to get good projects even when she is obnoxious and always offensive even on national TV. It’s because her family member is a moneymaker for the network and it is their style to be a package deal. The deal doesn’t just extend to her but their other relatives. At least the other relatives are just peacefully doing their jobs as they are happy to have projects at this time.

The celebrity is so entitled that she can choose to be tactless. She recently made a misogynistic remark to a minor and was not reprimanded for it despite there being an outcry about the issue.

b

TAURUS (April 20-May 20): What are you waiting for? Look, see and do before the window of opportunity closes. A change will lift your spirits and encourage you to use your skills proficiently. A partnership looks promising and will improve your chance of a better future. HHHHH

L

By Jonathan Landrum Jr. The Associated Press

OS ANGELES—Some of entertainment’s biggest names from Nicole Kidman to John David Washington shared encouraging words for aspiring young creators whose organizations were collectively granted millions by the Hollywood Foreign Press Association.

More than $5.1 million in funds were given to over 70 nonprofit organizations during the “HFPA Philanthropy: Empowering the Next Generation” virtual event on Tuesday. The event, formerly known as the Grants Banquet, celebrated some of the organizations with aspiring artists, filmmakers and storytellers.

“Self-expression is one of the most important ways we can connect and grow as human beings, particularly for young people,” said Washington, the star of Tenet. “It is an instrumental part of how we view ourselves as we learn to navigate the world. For those in communities that have suffered from historic lack of representation, this is even more critical.”

Mary J. Blige, Millie Bobby Brown, Billie Eilish, Anna Kendrick, Method Man and others were among the entertainers who appeared to discuss the charities that benefit from HFPA grants. The organization is known for putting on the Golden Globes.

Each celebrity presenter spoke for a couple minutes during the hour-long ceremony, which was hosted by James Corden. The ceremony also included a performance by Jennifer Hudson, who sang her soulful “Burden Down.”

Billy Porter’s advice to young creators was “honor your craft.” Meanwhile, Lin-Manuel Miranda suggested that aspiring filmmakers should “create

what you think is missing.”

Kidman acknowledged the importance of the HFPA program and organizations’ efforts, saying “the next generation of talent in our industry are important now more than ever before.”

The program will showcase recent work in film, dance, music and spoken word by students of supported schools. “The faces and creations we see showcased to you remind us that movies and arts will not only continue to help us survive, but will also offer comfort, hope and inspiration to a world that is striving to become more just, peaceful and inclusive,” said Meher Tatna, board chairman of the HFPA. Salma Hayek paid homage to the Las Fotos Project, a nonprofit organization that inspires teenage girls through photography. “Growing up in Mexico, I have fond memories of not only finding my own creative voice, but also being inspired by my parents who stressed the importance of philanthropy,” Hayek said.

“What a pleasure to highlight these young Latinas who channel their creativity through the lens of the camera and become agents of change.”

The HFPA gave a social justice grant to the Urban Peace Institute. The donation of $300,000 was given to the organization for its diligence in the field of community safety and systemic reform to end violence and mass incarceration.

Tracee Ellis Ross presented the grant to UPI founder and civil rights leader Connie Rice, who called it “a profound and deep honor.”

“The driving vision behind the Urban Peace Institute...is safety,” Rice said, a mission she called “foundational for human rights.”

“We take gladiator cops and transform them into guardians,” she said. “We create police who are invested in the community.” n

Gardenia mounts ‘Laging Kasama’ virtual concert THE popular bread company Gardenia Philippines is throwing a free online concert, billed Laging Kasama, on October 24, 8 pm, via Facebook Live. The virtual music gathering is meant to bring fun and entertainment to everyone with some of the best acts in the country.

The concert will feature popular artists including Kim Molina and Jerald Napoles who have made their mark on stage and television with their work in Rak of Aegis, Jowable, and Ang Pangarap Kong Holdap; rap artist Gloc-9, former Sugarfree frontman Ebe Dancel, and electronic-folk singer and songwriter Keiko

Necesario. Sharing delight is what Gardenia has been doing and delivering to homes. For more than two decades now, the brand’s products have been a staple in Filipino homes with its bread and bakery products.

The company is also known for various philanthropic activities and corporate social responsibility programs especially in challenging times.

Besides the great music, the event—which is open for everyone to join and enjoy—Gardenia will also be raffling off special packs to its viewers.

More information is available at www.facebook.com/ gardeniaph.

d

CANCER (June 21-July 22): Use your imagination, and turn your dream into a reality.

Concentrate on getting ahead by using your skills or the services you enjoy doing most. Don’t neglect a meaningful relationship. A kind gesture will eliminate a complaint. Romance is favored. HHH

e

LEO (July 23-Aug. 22): Uncertainty will prevail. Don’t jump from one thing to another. Finish what you start, and live up to your promises. Use your energy wisely, and you will encourage others to follow your lead instead of being drawn into someone’s plans. HHHHH

f

VIRGO (Aug. 23-Sept. 22): Set your sights on what you want. It’s time for a change. Live life your way. Considering a move, picking up a new skill or license to practice something you enjoy, or spending more time with someone you love is encouraged. HHHHH

g

LIBRA (Sept. 23-Oct. 22): Refuse to let demanding people interfere with your productivity. Make a to-do list that begins with what’s most important to you. Resentment will surface if you allow someone to take advantage of you. HH

h

SCORPIO (Oct. 23-Nov. 21): A change of heart will push you in an exciting direction.

Listen, learn, research and address possibilities that can play out in your favor. An unusual turn of events will take place if you reconnect with someone from your past. HHHH

i

SAGITTARIUS (Nov. 22-Dec. 21): A change to how you deal with money matters will influence your future. Someone will try to talk you into something that isn’t in your best interest. Take care of pending problems yourself to avoid mistakes and misrepresentation. HHH

j

CAPRICORN (Dec. 22-Jan. 19): Work with the people who share your goals, and it will be easier to reach your objective. An unusual lifestyle change will pique your interest. Romance is in the stars, and shared expenses will help you achieve a higher standard of living. HHH

k

AQUARIUS (Jan. 20-Feb. 18): Put your energy into personal gain. Look over documents, and update what’s outdated.

Keep up with the times and trends that will help you avoid a loss or missing out on a deal that could save you money. HHH

l

PISCES (Feb. 19-March 20): A change of plans should include people you have worked with in the past. There are deals to be made and financial gains that will help you raise your game and reach your goal. HHHH Birthday Baby: You are ambitious, active and enthusiastic.

You are energetic and unpredictable.

‘inner transformation’ by ed sessa The Universal Crossword/Edited by David Steinberg

ACROSS 1 Used a stopwatch 6 PlayStations and such 11 Football six-pointers: Abbr.

14 Have a loan from 15 “Farewell, mon ami” 16 Demings in the House 17 State seal text 18 Cocoon Oscar winner (unscramble letters 3 to 5) 20 Noted Spanish surrealist (3 to 5) 22 Haggard of country 23 Dating profile blurb 24 Space invaders, briefly 25 “Here, I don’t want this” 26 Prayer ending 28 Maker of many arcade classics 31 Pave the ___ 32 Protected place to moor 34 No, in Russian 36 Guy who has transformed...or any of the starred answers, based on their indicated letters?

40 Resources that may contain copper 41 Strip (of)

4 A round of drinks may go on one 4 47 Lead-in to “physics” 49 Blows away 50 2004 film set in 2035 53 Belt maker’s tool 55 Sound from a merino 56 Validation 57 Jurassic Park”star (2 to 4) 60 Gomer Pyle portrayer (3 to 5) 62 Say “I win, you lose,” say 64 Park in NYC, e.g.

65 Overcharge by a lot 66 All together 67 “Roses are ___...”

68 Trade shows 69 Carrying cargo DOWN 1 Thumb of folklore 2 WWII flag-raising site 3 Period of social change named for a hashtag 4 Jazz great James 5 Lorna ___ 6 One taking pleasure in pain 7 Skunk’s defense

8 Boy, in Barcelona 9 “For” vote 10 Highest, on a diploma 11 Squad that films a show 12 Bushy bloomer 13 Raining hard?

19 Cartoon shriek 21 Biblical peak 23 Scrooge’s exclamation 25 In a bind?

27 “Blindspot” network 29 Deep anxiety 30 Dark or light bread 33 Surprised cry 35 Texter’s “More than I care to know!”

37 Console modeled in a 2020 Lego set 38 When They See Us director DuVernay 39 Invigorating force?

42 Maritime shipping channel 43 LGA baggage screeners 44 Change collector at a bar 45 Opposite of depart 46 Grew rapidly 48 Any of 11 pharaohs

51 ___ Appetit 52 18 or 21, say 54 Permitted by law 57 Miso bowlful 58 Jason’s vessel 59 Ingrid’s Casablanca role 61 Check recipient?

63 What half the letters in “twenty” spell Solution to yesterday’s puzzle:

Image BusinessMirror

www.businessmirror.com.ph

Editor: Gerard S. Ramos

• Wednesday, October 21, 2020

B5

Work-from-home Burnout is real

FOR the first time in modern times, the world has completely abandoned the rigidity of an office setup and fully embraced the flexibility of working from home (WFH) for everyone’s health and safety. This new norm also means that you’re living, working and playing in the same place, which can have additional impact on your mental health and affect your productivity and overall well-being.

A psychiatrist from the Makati Medical Center (MakatiMed, www.makatimed.net.ph), a top hospital in the Philippines, says the uncertainties of the Covid-19 global pandemic and the extended quarantine that limited your social interactions have indeed amplified your fears, anxieties, frustrations and other negative emotions. And they’re all piled up on top of your day-to-day work stress and pressure, potentially making you less productive, unmotivated and burnt out.

MakatiMed’s Psychiatry Section Chief Lovie Hope Go-Chu, MD, warns that work burnout may manifest in different ways. “Some may experience anxiety, insomnia and irritability. Others may feel physical symptoms like headache, fatigue, and gastric discomfort. There are also those who might become clinically depressed, or increase their substance use like alcohol, nicotine, caffeine, or other drugs,” she says.

To avoid getting run over by WFH burnout and help you build mental resilience in these crucial times, you need to establish a good work-life balance and practice self-care, GoChu explains. Here are some ways you can do that: n PRIORITIZE WHAT NEEDS TO BE DONE. Zoom is a great communication platform while working from home, but it can also be draining as they force our brains to search for nonverbal cues and also solely focus on spoken words, leaving us with less energy for other tasks at work. This is why Go-Chu recommends choosing which tasks to prioritize, particularly when virtual meetings take up the bulk of your day.

“It is not realistic to be 100 percent productive all the time.

If you’re having a hard time at work, don’t beat yourself up about it. Tomorrow is another day. If you need help with workrelated tasks, ask for it from your colleagues or supervisors.

If you need help in nonwork-related issues, ask for it from family and friends,” she adds. n STEP AWAY FROM WORK. There’s nothing wrong with taking a breather if you’re just feeling downright tired, GoChu reminds. “Step away for a bit, do some deep breathing exercises, play a quick game on your phone, then go back to work,” she says.

“You can also try to move around, do some stretching exercises, go out for some fresh air or if this is not possible, go to a window to get some sunlight. Give yourself a break.”

Even though you’re working from home, it would be helpful if you follow your regular working hours.

Also, have a social media day-off. You may opt to lessen your exposure to stressful news by going offline and doing other activities that will cheer you up, such as reading a good book or watching your favorite movie. n STAY CONNECTED WITH COLLEAGUES AND FRIENDS. While it is true that nothing beats face-to-face interactions, maintaining social connections, though virtually, can help lessen the sense of isolation from working from home. GoChu suggests taking time to ask your colleagues how they are doing before or after your meetings.

“You can also organize online social gatherings at work or with friends, you can exercise together, or generally just unwind together,” she adds. n LOOK AFTER YOURSELF. Go-Chu says that taking care of your mental health while working from home also includes taking care of your physical health. This can be done by eating fruits and vegetables and other healthy foods, exercising at least 30 minutes a day at least four times a week, and getting seven to nine hours of sleep each night.

“Maintain a regular routine. Eat on time. Sleep on time.

Expose yourself to sunlight. Get regular exercise, preferably at the same time every day. Socialize at home—eat together, watch a movie together, play board games. Learn a new language, learn a new skill. Get started on mindfulness and meditation. Pray, if you are religious,” she says.

If stress and anxiety are severely interfering with your work and relationships, you should seriously consider getting professional help. “If things get so bad that there are thoughts of death or even suicide, then seek help at the soonest time. It is considered an emergency,” according to Go-Chu.

Help needed: volunteers I

WAS fixing a bulletin board when somebody asked me what I was doing. I told him the bulletin board needed some decorations so the kids in the Sunday school would stop to read and parents would be drawn to the announcements.

He then asked me how much I was paid to decorate the board. I was taken aback but I told him I was a volunteer and I enjoyed doing it. He stared at me incredulously and told me that where he went, somebody is paid to do that. I told him it was part of what I signed up for and I was happy to do it for free.

One of the ways I de-stressed even back when I was in college was to help in our local community church. I guess it was my Catholic upbringing and the yearly outreach programs we went to which made me realize that helping others helped me feel better about myself. When I transferred to Manila for my studies, that same volunteerism pushed me to become a Sunday school teacher and later to help in other organizations. Helping others and other organizations has helped me enhance my skills, knowledge, attitude to do not only my work, but how I relate to others, as well.

Volunteering has helped me discover more about myself and how I interact with people. Joining and training to be a Sunday school teacher and teaching kids three to 12 years old helped me decide to pursue becoming a college and high school teacher. I would not have had that self-realization that I was good at teaching if not for the time spent singing and laughing with those kids.

It also gave me a sense of purpose. It was the first

time I was handling kids of different backgrounds and personalities but it gave me a safe environment where I could try different things just so they would listen to me. Kids are the worst critics. If they do not like you, they will have no hesitations saying it to your face. But I have also had several kids who came up to me and thanked me or gave me a gift just because they wanted to. Those learnings now help me when I facilitate group discussions with people of different personalities. I guess Robert Fulghum was right in his book All I Really Need to Know I Learned in Kindergarten.

Being a volunteer also relieved my anxiety, stress, and even my anger. I wanted to join as a teacher primarily because I liked interacting with kids and as a training for me when I had my own kids.

My purpose for joining was something close to my heart so it became easier for me to participate in the activities and training workshops. The kids and the people I worked with helped me take my mind off things I could not control, and instead find fulfillment in doing what I love.

Volunteering also helps you upskill yourself.

When I graduated from college, I joined a group which facilitated workshops on fire safety and evacuation. I signed up and we were sent to Batangas to be trained in facilitating and conducting focus group discussions and workshops. I was one of the youngest volunteers and I belonged to a group which saw it fit to volunteer their youngest member to demonstrate how to facilitate. One of the best comments I received was when somebody said that I did the facilitation smoothly and I was not easily rattled even if they had a lot of questions and comments. A bonus treat for the volunteers was a free lesson in scuba diving, which I would not have had the opportunity to do on my own.

You also enrich your experience with other’s experiences when you volunteer. Volunteers come in all shapes, sizes and different life experiences. You get to meet people from all walks of life, but you all share the same passion. It also makes you realize that just because somebody is different does not mean they are wrong. By exposing yourself to different personalities, it also becomes easier for you to handle

different personalities at work, in your community, or even in your own family.

A significant benefit of volunteering is the way your work entrenches you to the group you join and the community you serve. As you get to meet new people, you will also develop friendships with the people you work with and the people in the community. Like our neighbor veterinarian who did not charge us for professional fees when we consulted her on our rescue dog. She said that we were already helping them out by taking in the stray dog. Even in future consultations, she always waived her professional fees and continues to provide free consultation for stray dogs or cats we bring to her clinic.

Volunteering keeps you fit, especially for groups requiring you to do physical activity. One of the activities I volunteered in was the Pasig river clean up. We only cleaned a portion of the river by pulling garbage and putting them in sacks. We also threw bokashi balls into the water to clean the polluted water and hopefully encourage marine life to thrive. It was tiring and time-consuming, but it was also a good way to exercise while having fun.

With all these benefits, how do you find a volunteer opportunity? Do a self-inventory of what you are good at and what you are passionate about.

This will help narrow down which organizations you would like to join for volunteer work. Since this is volunteer work, make sure you only allot available time in your schedule for it. Remember, it is volunteer work so it should only take the time you are willing to put aside. Of course, you can go as a full-time volunteer where you raise your own funds for being in the organization, but if not, make sure you clear expectations with the organizers.

Altruistic pursuits help you discover that there are so many things money cannot buy. People significantly value volunteering that they have even coined a term for it—volunesia, a moment when you forget that you are volunteering to help change lives, because it’s changing yours. So, when you feel down or just plain bored, why not volunteer? It just might change your life. n

We all need to have a Happy Garden ORGANIC green salad with edible flowers from Sonya’s Garden in Tagaytay...crispy mushrooms and mushroom sauces from Joyce Mushroom Kitchen...pure bee honey from Marshal’s Farm that can also be used as a face cream...handcrafted Lumos soy candles...fresh herbs to spice up your meals. Cavite’s Happy Garden, held recently at SM City Dasmariñas, SM City Bacoor and SM City Molino, was a delightful treasure trove of local produce, plants and wellness products.

This one-stop shop presented healthier and more natural options from local farmers and small entrepreneurs in Cavite and nearby towns in support of the microbusinesses. The exhibit showcased a variety of crops, herbal and medicinal plants, and different organic byproducts. It also featured plants in light of the growing plantito and plantita community in the region.

This is not surprising as Cavite, which is situated at the entrance of

Manila Bay, is a largely agricultural province, characterized by rolling hinterlands, coastal and alluvial plains, and forest lands.

Cavite’s Happy Garden featured healthy food and wellness options inspired by the beauty and magical experience of Sonya’s Garden in Tagaytay, including fruit jams, Spanish specialties like Tendon Callos in Olive Oil, and its Botanicals range of organic skin and hair care products.

Joyce Mushroom Kitchen’s booth had its famous white oyster mushrooms as well as its Mushroom Bagoong and Chili Sauce; while Hive’s and Marshal’s Farm had some of the best raw organic honey.

If you’re turning to a plantito or a plantita who wants to start a mini garden in your own home, Cavite’s Happy Garden bloomed with wide variety of plants and herbs available in the exhibit. Adorable and minimalist pots, hangers, and plants racks delighted the garden enthusiasts.

❶

❷

❶ CUTE girl flower pots and plants

❷ HANDCRAFTED scented Lumos soy candles will give you a relaxing vibe as it helps eliminates indoor air pollution

❸ REFINE

massage oils in Lemongrass, Citronella, Peppermint, Lavender, Eucalyptus and Green Tea scents

❹

❸

❹ BRING home

the Sonya’s Garden experience with its Botanicals range of organic skin and hair care products

B6 Wednesday, October 21, 2020

Funds from RCEF, ACEF and SIDA provide muchneeded credit assistance to farmers, fisherfolks

Subic’s Inflatable Island floats back with a glow-up starting November 6

G

ET ready to float, splash and play as Inflatable Island, Asia’s biggest floating playground, re-opens with new attractions this upcoming November 6, 2020.

Inflatable Island gives you a waitworthy glow-up with the newest attractions, offering guests more than a place to play. You can now enjoy a mix of cuteness and magnificence with “Purple and Pink Bali Lounge.”

Relax with a Balinese vibe and get a drink in the comfort of purple and pink seats and umbrellas, while getting swooned by the Gram-worthy view of the sunset.

If you are dreaming of a pink paradise, you can also get lost in the beauty and lushness of the newly- opened “Pink Jungle.” Lie down in the shade of pink palm trees while quenching your thirst with a pink drink. With these new attractions, we can truly say that this a “pink beach realness.”

Get ready to be WOWed by the world’s biggest inflatable Unicorn—“Unicornzilla”

(except that it is actually cuter than Godzilla). With a 5-storey height! Besides the humongous “Unicornzilla,” you can play around with other unicorns in the “Unicorn Island.” Explore and find different kinds of this sea- floating adorable mythical creatures while enjoying this attraction as a kid-at-heart. Jump and swim around freely while maintaining a safe social-distance with your peers and your soon-to-be-friends.

Meanwhile, you can swing and sway all-your-might while you release your inner Tarzan (or Jane) with the “Tarzan Swing.” Instead of swinging with the vines and falling into a ravine, enjoy swinging over our inflatable island then proceed to jump around. You can also get the thrill of splashing into the cool and calming water with this attraction, which you can with “Human Launcher.”

Tourists and guests can now enjoy and visit Inflatable Island starting November 6, 2020. We are open every Friday, Saturday, and Sundays at 7:30 in the morning until 6:00 in the afternoon.

Advance booking is recommended but we still welcome walk-ins. For bookings, you can visit our Facebook page Inflatable Island PH or website www.inflatableisland.com and save P100!

Guests should also note that the playground is operating currently at a maximum of half capacity, therefore a firstbook-first-serve system is in action. Based on Inter-agency Task Force COVID-19 guidelines, only ages between 15 and 65 will be allowed to enter. Pregnant women, and people with pre-existing medical conditions. They are rather advised to remain in the comfort of their houses and wait for the right to enjoy the amenities. All guests are also required to fill up a health declaration and contact tracing form upon their arrival in the playground. Guests are also required to wear face masks and face shields, except when eating or playing on the inflatables.

We are so excited to meet familiar and new faces! Have a blast and float freely again in this inflatable haven.

UFC celebrates 50th anniversary with inspirational short film competition

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O celebrate its 50th year as part of every Filipino’s essential home cooking experience, UFC is hosting its first-ever UFC Reel Life: Nagsasama-samang Sarap Short Film Competition. The event will serve to shine a light on the prodigious talents of local filmmakers in creating inspiring and meaningful stories that Filipinos can relate to.

Through the years, generations of Filipinos have shown their resiliency and strength in the face of tremendous challenges. With this short film competition, we hope to provide a platform for stories that highlight the same positivity and hope that UFC has provided for the last 50 years.

All entries must creatively depict the enduring optimism and positivity

of Filipinos from all ages in times of difficulty. These should also portray the integral role of UFC products in empowering Filipinos to create nagsasama-samang sarap moments every day. Thus, all submitted videos should use at least one UFC product as an organic part of the narrative.

The festival is open to all filmmakers in the Philippines. Entries must have a maximum length of five (5) minutes, including the opening and closing credits. All videos submitted should be recorded in horizontal format, and edited in not less than 720 HD format.

Using 1080 HD, however, is highly recommended.

Submissions will be screened by a panel of judges, which will determine the finalists and winners through a

deliberation. Thirty finalists will be chosen based on the following criteria: Thematic Storytelling (40%), Creativity and Originality (40%), and Technical Execution (20%). The results will be final and irrevocable.

The 30 finalists will automatically receive a gift pack from UFC. Likewise, they will be eligible for the following prizes: 1st Prize (P100,000); 2nd Prize (P50,000); 3rd Prize (P20,000); Best Actor (P5,000); Best Actress (P5,000); Best Cinematography (P5,000); Best Screenplay (P5,000); Best Editing (P5,000); Best Director (P15,000); and People’s Choice Award (P15,000).

All entries must be emailed to ufcreellife@gmail.com and must include your name, title of the film, contact number, names of cast and crew, and a photo of the director. For larger files, you may use wetransfer. com to create a shareable link that you can include in your email.

No film entry shall be an imitation or plagiarized version of any copyrighted work. UFCine Presents: Nagsasama-samang Sarap Short Film Competition and its organizers will not be responsible for any copyright infringement committed by the participants.

The deadline for submission is on November 30, 2020. The 30 finalists will be announced on December 3, 2020, and the winners will be awarded on December 14, 2020.

The organizers reserve the right to post all entries on their various social media accounts, namely Sarap UFC, Sarap Pinoy, NutriAsia, and its agency, Insight 360 Consultancy Services, Inc.

A

CCESS to cheap or subsidized credit is among the top requirements of Filipino farmers and fisherfolks in order to be more profitable and competitive.

Thus, it has been a priority consideration for Senator Cynthia Villar in her legislations.

Three of the major ones provide over PhP2.1 billion loanable funds every year.

These are Republic Act (RA) No. 11203 or the Rice Competitiveness Enhancement Fund (RCEF) enacted into law last year (2019), R.A. No. 10848 or the Agricultural Competitiveness Enhancement Fund (ACEF) passed in 2016, and R.A. No. 10659 or the Sugarcane Industry Development Act (SIDA) passed in 2015.

The chairperson of the Senate Committee on Agriculture and Food expressed satisfaction that the bills she authored are providing much-need credit assistance on top of free inbred seeds, machineries/equipment, scholarships, livelihood assistance, training among others to farmers, fisherfolks as well as small cooperatives.

In a recent report by Land Bank of the Philippines, which have been designated in the laws to manage the funds, as of August 2020, outstanding loans to the agriculture sector reached PhP224.66 bilion. This amount includes P20.86B in loans provided to cooperatives and farmers association under the ACEF and the Expanded Rice Credit Assistance under the Rice Competitiveness Enhancement Fund (ERCA-RCEF) and the Socialized Credit Program under the Sugarcane Industry Development Act (SCP-SIDA).

The RCEF also allocated PhP1 billion in credit to boost farmers’ productivity. ACEF

earmarks PhP800 million or more depending on collections. The SCP-SIDA is funded by 15 percent or about PhP300 million of the annual PhP2-billion fund allocated for the development of the country’s sugar industry.

“We are thankful to LandBank for doing its job in boosting the agricultural productivity in the country. We hope that they will be even more proactive in making the available funds more accessible to the intended beneficiaries.

Previously, there were some delays on their part. We should avoid that especially during the pandemic when funds are urgently needed,” cited Villar.

The SIDA law provided for socialized credit through Land Bank, for acquisition of inputs, farm machineries, and implements necessary for the continuous production of sugarcane.

The bank manages the socialized credit facility under the Farm Support Program and the Farm Mechanization Program.

Under ACEF law, 80 percent of the funds are in the form of credit with reasonable interest which shall not exceed PhP5 million per project loan, for the acquisition and establishment of agri-based production and post-production, processing machineries, equipment and facilities to achieve modern agricultural practices to be extended to Filipino farmers and fisherfolks, associations, cooperatives, and MSMEs Under the RCEF law, ten percent (10%) of which or PhP1 billion shall be made available in the form of cheap credit facility with minimal interest rates (2%) and minimum collateral requirements to rice farmers and cooperatives to be implemented by the Land Bank and the Development Bank of the Philippines.

DRRH strengthens hotel’s reputation, reinforces resilience consciousness amid the crisis

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HIS COVID-19 pandemic is an unprecedented event that has led to massive unemployment and economic downturns all over the world. The hotel sector, which is highly dependent on tourists and travelers, has been severely affected. Now that restrictions are slowly being lifted and some semblance of normalcy is beginning to come back, what should hotel owners and management do in order to win back guests while also preparing for the next global disaster? What can hotels do to become more disaster resilient?

A group of graduate students of the Executive Master in Disaster Risk and Crisis Management (AIM), studying disaster risks and crisis management, is taking on the challenge of driving resilience consciousness among hotels and hotel goers. Their thesis project — the Disaster Resilience Rating for Hotels (DRRH), is specifically designed to enable the accommodations industry to bounce back better after every disaster.

According to the leader of the group, Randell Kitt Botero, “In today’s volatile, uncertain, complex, and ambiguous world, resilience has become a buzz word. In the broader interpretation of the word, it means the ability bounce back after a shock.

The group’s thesis project is anchored on the Resilience Programming Framework (RPF) developed by Resilient.PH. The framework integrates already existing principles Into the very DNA of the organization thus reframing traditional approaches on the need to effectively and sustainably bounce back better.

The DRRH capitalizes on the basic need of hotels to promote and market itself to prospective guests. Following the framework, the rating looks into a hotel’s policies, programs, tools, systems, and trainings that will allow it to prevent, mitigate, prepare for, and respond to disasters.

Through the DRRH, these elements of operations that are not usually known to the public are evaluated and packaged such that potential guests are made aware of the hotels ability to ensure their safety and well-being before, during and after any disaster or crises. The DRRH

thus strengthens the hotel’s reputation while reinforcing resilience consciousness among its stakeholders, most especially the hotel going public.

“We have seen how some hotels have been used as temporary quarantine or isolation facilities to help manage the spread of the pandemic. This is a testament to these hotels’ agility and disaster response capabilities. That is to say, these hotels have built in resources and protocols that allow them to function or continue operations in spite of the contagion.” Dennis Plaza, the group’s security expert shared.

“With natural and man-made hazards that constantly surround us as well as the increasing frequency and severity of disasters, hotels and other similar establishments will be more closely scrutinized by disaster and resilience conscious consumers. Today, it is no longer just about impressive facilities, state-of-the-art amenities, service excellence and high quality dining options. Level of preparedness, protocols for response, availability of contingency plans and resources — all these will factor in an individual’s choice of accommodation.” added Joel Gabino, a member of the group from the Philippine Ari Force.

The standards of disaster resilience that forms the evaluation criteria for the DRRH was co-created by the group together with the Hotel and Restaurant Association of the Philippines (HRAP). As a prime mover of the hotel industry in the Philippines, the association collated and reviewed the local and international standards and best practices that went into the rating.

HRAP President Eugene Yap said, “This project comes at an opportune time when all stakeholders are being called upon to support government programs in attaining disaster resilience. An industry based disaster resilience standards will focus on the unique hotel requirements while adapting towards the “new normal” caused by the Covid-19 pandemic. The initiatives will be provided by these standards will surely mitigate the loss of properties and loss of lives as well as providing the industry with the tools of prevention, preparedness, response, rehabilitation and recovery.”

SLG Opportunity Tracker Fund provides effective riskmanagement tool to help Filipinos pursue opportunities

W

ITH the unexpected onslaught of a worldwide pandemic, the importance of preparing for a financially secured future has never been more emphasized than now.

In encouraging people to keep focused on their financial journey, Sun Life Grepa Financial, Inc. (Sun Life Grepa), a major life insurance company in the Philippines, is introducing a new fund option for Filipinos who are ready to experience potentially higher returns from equity investment but are unsure if they can withstand the increased risk that goes with it.

This new fund called SLG Opportunity Tracker Fund is a peso-denominated variable universal life (VUL) fund option of the company’s Sun Grepa Power Builder peso products which provide guaranteed life insurance coverage.

As a balanced fund, the SLG Opportunity Tracker Fund provides a middle ground between equity and fixed income asset classes. However, what differentiates it from other balanced funds in the market is that it utilizes an indexing strategy by tracking the performance of the Philippine Stock Exchange Index (PSEi) and the portfolio duration of the Bloomberg Phil Sovereign Bond Index AI (BPHILR). Fund management is also completely

systematic, because it follows a rules-based asset allocation approach that aims to manage risk and return.

Moreover, the Fund is managed by Sun Life Grepa’s team of professional fund managers, who will ensure that the Fund will provide optimum returns consisting of current income and capital growth through investment in a mix of fixed-income and equity instruments.

“What we offer is an effective risk-management tool that will help Filipinos pursue opportunities even in times of market uncertainty, just like what we are experiencing now. Whether you’re a young professional eager to build your wealth, or an experienced investor who are looking for options to diversify your portfolio, you can indeed benefit from this Fund,” said Sun Life Grepa President Richard S. Lim. “The SLG Opportunity Tracker Fund allows you to experience potentially higher returns from equities along with the stability of a fixed income asset while managing volatility and risk through its systematic fund allocation approach and indexing strategy,” Lim concludes.

Learn more about the SLG Opportunity Tracker Fund and how it can help build a financially secured future for you by talking to a financial advisor or by visiting www. sunlifegrepa.com.ph.

BusinessMirror

Editor: Tet Andolong

Wednesday, October 21, 2020 B7

Avida celebrates 30th year with purpose-driven collaborations

By Rizal Raoul S. Reyes @brownindio

W

HEN Avida Land recently celebrated its 30th anniversary, the Ayala Land Inc. subsidiary embarked on purpose-driven collaborations with local livelihood brands.

Avida partnered with social enterprise Rags2Riches whose artisans developed an exclusive line of merchandise as giveaways for clients purchasing an Avida home.

Moreover the move was in line with Ayala Corp.s crusade to uplift Filipinos’ lives. In other words, Avida has chosen to “celebrate life,” as its very name denotes, for a cause.

To jump-start in celebrating the milestone, Avida partnered with social enterprises Rags2Riches and Messy Bessy that made their mark by empowering dignified local artisans and at-risk youth, respectively.

Prior to the collaboration with Rags2Riches, Avida partnered with Homegrown Life + Style, a collection of eco-ethical artisanal crafts highlighting the rich Filipino culture. Avida has also partnered with Messy Bessy and its at-risk youth beneficiaries in the past, having tapped the brand for

all-natural home products which served as welcome gifts to its homeowners.

For its 30-year feat, Avida once again teamed up with Rags2Riches and their community artisans for an exclusive line of merchandise called the Safe & Sound Care Set. The carefully curated items include a face mask with filters and a hand sanitizer, packaged in a personalized pouch.

Furthermore, multipurpose organizers were also crafted especially for Avida, made of natural materials and indigenous textiles.

“Each set is intentionally designed to enrich the homes that they will be part of while empowering the people who made them,” said Reese Fernandez-Ruiz,

D.M. Wenceslao and Associates Inc. acquires property in Makati City

M

akati, Philippines— D.M. Wenceslao Group (PSE:DMW), through its residential development arm, A seana Resident ia l Hold ings Corp. (ARHC), acquired a 1,600sq-m building in Legazpi Village, Makati City. Legazpi Village, a walkable neighborhood in the Makati Central Business District, known as haven for young professionals and families with its offering of new retail concepts, restaurants, and relaxing retreats of parks and open spaces.

The company stated that it plans to build an upscale resi-

dential condominium in the area. “ This has been a challenging year for the real-estate sector with the impact of the pandemic.

However, we remain optimistic in the market fundamentals and the prime location of the neighborhood. We believe that this property allows the company to expand and diversify our investment portfolio and development pipeline. W hile Aseana City remains our f lagship project, we will continue to seek opportunities in prime locations even in this current environment, said DMW CEO, Mr. Buds Wenceslao in a statement.

BEPJV engages Cushman & Wakefield for 60-hectare township project

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HE Bonifacio East Project Joint Venture (BEPJV), composed of Pr imelu x Holdings, the Bases Conversion & Development Authority (BCDA), and the National Housing Authority (NHA), is working with Cushman & Wakefield (C&W) Philippines in marketing their 60-hectare project in Taguig City.

Located south of McKinley Hill, Bonifacio East was master-planned by renowned urban designer Skidmore, Owings & Merril (SOM), and will be home to over 3.3 million square meters of projects including offices, condominiums, retail spaces and accommodations.

The project features green buildings and public spaces, and transit-oriented development.

Owing to its proximity to the Ninoy Aquino International Air-

port, as well as to other key business districts, Bonifacio East is envisioned to be the next growth center in Metro Manila.

The BEPJV was approved by the Philippine Competition Commission in February 2019. The JV agreement includes leasehold rights for residential projects of 99 years, and 50 years for nonresidential projects, renewable for another 25 years.

The project is expected to be completed within the next nine years.

C&W has recently been named the top advisor and consultant in the world, its third consecutive win in the Euromoney Real Estate Survey 2020. C&W Philippines also got the top spot in the country, dominating in the areas of agency sales/letting, valuation, and research.

president and founding partner of Rags2Riches. “Partnering with a company like Avida, especially during this challenging time, is encouraging and inspiring but on top of that, it is creating an actual positive impact on the lives of our community artisans,” Fernandez said in a press statement.

To further enhance the impact that would benefit a bigger number of stakeholders, Avida again formed a partnership with Messy Bessy in support of its mission to assure 30 scholars a college education through the 30 Years, 30 Scholars campaign. With each special set of organic and non-toxic home cleaning essentials handed to every new Avida homeowner, comes new hope for 30 at-risk

Proceeds from Messy Bessy’s special set of organic and non-toxic home cleaning merchandise will go toward Avida’s campaign.

youth who have chosen to go back to school.

“Our goal is for all 30 of our scholars to finish the program armed with the first college degree in their family lifting the entire family out of poverty permanently,” K rie Reyes-Lopez, founder and CEO of Messy Bessy said. “Beyond the 30 scholars, Avida’s support will also spread our advocacy to their community who we know share in our aspirations for a healthier planet and a better future for everyone. Avida’s openness and generosity to support a small company like ours is truly inspiring us to continue our work providing greener, safer homes for more Filipino families, and brighter opportunities for our

marginalized youth.”

Avida said the shared partnerships with Rags2Riches and Messy Bessy reflects the company’s thrusts, sustainability, as it expands its footprint nationwide.

Rags2Riches and Messy Bessy are active promoters of sustainability not only with the materials that they use, but with their relationship with the communities that they support Avida said these tie-ups are one way of saying thank you to its supporters throughout its threedecade run.

“Celebrating life with gratitude and hope is more meaningful when we extend this hope to more Filipinos,” said Tess Tatco, Avida Land marketing head. “For us at Avida,

there is no better way to express our immense gratitude for 30 eventful years in the industry than by partnering with local life and livelihood businesses driven by causes that are likewise close to our heart.”

Complementing its 30th anniversary efforts, Avida launched a series of informative webcasts aimed at empowering Filipinos to live their aspirations. Last October 17, industry expert Rex Mendoza of Rampver Financials gave a talk on how to build your dream house in these changing times.

Meanwhile, Avida will launch its Avida 360 Designer Showroom on October 24 that will feature new design process for the new normal living in collaboration with Gussy Design.

Home

Hisense refrigerator, your partner in the kitchen

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HESE days, the goal of ever y hou sehold is to stick to a budget when it comes to shopping for their daily meals. Due to the community quarantine, the best way to do your shopping is to either do your shopping once a week, twice a month or even once a month if possible to reduce the chances of being exposed to the virus.

While you may want to buy the best ingredients for your family meals, it may not always be possible with logistical challenges brought about by the quarantine.

Here are some tips on how to make your quality recipes more affordable: 1. At the start of the week, plan and think what you will cook so that you will be able to draw up a list of things that you will buy.

2. If you shop at membership supermarkets, you can do a lot with the roast chicken that they sell. If you have any leftovers, the meat can be used to make casseroles, shredded chic ken sandwiches and chicken salad, among others. The bones can be used to make chicken stock.

3. Cook less meat and use suitable substitutes like eggs and beans. If you plan to make tacos, use three fourths ground beef and one fourth beans. This saves of meant and is a good source of fiber.

4. Learn to love eggs. Eggs are cheap and can be bought in bulk.

They are easy to cook and your meal will be complete just by adding vegetables, cold cuts or even left over roasted potatoes.

5. If you really cannot do away with meat, buy them in big batches.

Divide them into portions before storing them in the freezer. That

way, you will only need to thaw the portion that you will cook.

6. You can save a lot of money if you make your own sauces, dressings and seasonings.

7. Store your greens in the right way so that they will last longer.

Now that you have done shopping, it is now the time for you to store the things you have bought into your refrigerator. The brand that can keep your meat and other perishable items fresh for longer periods of time is Hisense. Hisense is recognized as a world leading provider of f lat panel TVs, household appliances and mobile communications.

At Hisense, emphasis is placed on innovation and quality and it has a global research and development network of over 3,000 engineers. Hisense refrigerators

are very cost efficient and reasonably priced. The brand also offers an extensive product line, from personal ref to high-end side by side model.

Hisense’s mission is to deliver an enhanced customer experience that exceeds expectations with ever y product they sell.

From Hisense’s c ut t ing- edge tec hnolog y, super ior per for mance, elegant and sophisticated design, enduring reliability to the most trusted retail partners in the industry, nothing is ever compromised. Innovation truly meets value.

Hisense is truly your partner in the kitchen because a Hisense refrigerator can extend the life of your ingredients without sacrificing its quality. It can store stock that you can use for your next party

and meals that you will eat in the next couple of days.

What is good about Hisense refrigerator units is that they can be purchased through online channels like Lazada and Shopee.

This means that you can buy your new refrigerator in the comfort of your home, without having to expose yourself to the risk of getting Covid-19.

So what are you waiting for?

Get hold of a Hisense refrigerator so that you can be sure that your grocery items will be stored longer without having to compromise its quality. Hisense is available at leading appliance stores nationwide, and online via Hisense Official Flagship stores at Lazada (https://www.lazada.com.ph/shop/ hisense) and Shopee (https://shopee.ph/hisense_philippines).

Sports BusinessMirror

B8 Wednesday, October 21, 2020

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UST from a seven-month break may have played a factor to most players in the Philippine Basketball Association’s 45th season restart, but definitely not to TNT Tropang Giga gunner RR Pogoy.

The 6-foot-2 guard showed up with guns ablaze inside the Clark bubble, erupting for a career-best and a consistent performance in steering unbeaten TNT on top in the opening week of the Philippine Cup. Pogoy shot the lights out of the Smart 5G-powered Angeles University Foundation Sports and Cultural Center with a new career-high 45 points he spiked with 10 three pointers in TNT’s 100-95 win against Alaska in the opener.

He was steady with 11 points, nine rebounds and two steals as the Tropang Giga cruised past Terrafirma, 112-101, before bearing a sprain ankle injury in a 15-point, four-rebound job in a convincing 107-88 convincing victory against reigning champion San Miguel Beer.

The numbers propelled the 28-year-old guard from Minglanilla, Cebu, to become the first PBA Press Corps (PBAPC) bubble Player of the Week for the period October 11 to 18. Pogoy beat teammate Ray Parks Jr. and Phoenix Super LPG stalwart Matthew Wright for the weekly citation given by

POGOY’S A BLAST FOR TNT IN CLARK members of the media covering the PBA beat.

Rain or Shine guard Adrian Wong, meanwhile, emerged as the first recipient of the PBAPC Rookie of the Week for being the first freshman to be named Best Player of the Game with 15 points, two rebounds and two assists in the team’s gutsy 70-68 win over Northport.

Like TNT, the Elasto Painters, featuring four rookies, got off to a 3-0 start in the opening week.

“I didn’t expect my game to be like this, but during the lockdown, I tried my best to be in shape. And I’m happy my effort is paying off,”said Pogoy, the sharp-shooting Gilas Pilipinas sniper, who normed 23. 7 points on 44-percent threepoint average, 7.0 rebounds, 1.3 assists and 2.0

steals per game.

But as big as his numbers were during the opening week, Pogoy put premium on TNT’s sizzling 3-0 start as the most important stat so far for him.

“But I’m happier with the team’s performance. But me and my teammates know there’s nothing to celebrate at this point, it’s a long way to go,” he added.

Barangay Ginebra San Miguel, meanwhile, guns for a share of the lead with TNT Tropang Giga when the Gin Kings goes up against the Phoenix Super LPG Fuel Masters in the match set at 6:45 p.m. at the Angeles University Foundation gym with talks of Calvin Abueva getting back in

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

RR POGOY is named Best Player of the Week in the unique Philippine Cup restart.

P

ERHAPS there is no country more fitting for Eduard “Landslide” Folayang to jumpstart his journey back to the One lightweight world title than Singapore.

After all, the Lion City has been good to him and his mixed martial arts career.

So when he takes on Antonio “The Spartan” Caruso in one of the featured undercards at One: Inside the Martrix on October 30 at the Singapore Indoor Stadium, Folayang is confident he will replicate the previous magic that he had in the country.

“It always starts in Singapore,” Folayang told the online Philippine Sportswriters Association (PSA) Forum on Tuesday. “Getting the belt back is very important for me, Team Lakay and the country for the third time.”

A quick look at the former world champion’s résumé and one will understand his fondness of that country.

It was in Singapore where he started to make a name in the international arena, going unbeaten en route to headlining the first One event in 2011.

In the same venue in 2016, he pulled off the biggest win of his career, a third-round technical knockout over highly touted Shinya “Tobikan Judan” Aoki to win the lightweight world title for the first time.

Currently, he’s 6-1 won-lost in Singapore and his head coach, Mark Sangiao, is confident he will improve his record after this event.

“We’re claiming this! We’re claiming Eduard to be the lightweight champion again. I believe in him, and for as long as the fire is still there I believe he can still do it,” said Sangiao, who joined Folayang in the session presented by San Miguel Beer, Go For Gold, Milo, Amelie Hotel Manila, Braska Restaurant and Philippine Amusement and Gaming Corp. and powered by Smart with Upstream Media as the official webcast partner.

There’s no better time for Folayang to make a comeback because they have been active since the start of the lockdown in March.

uniform hovering over the bubble.

The Gin Kings, presently tied with Rain or Shine in second place with a 2-0 record, are hoping to sustain their streak behind the consistent Stanley Pringle and the huge improvement of big man Prince Caperal.

“We have a very tough Phoenix team coming up. That’s our focus right now,” said Ginebra Coach Tim Cone.

Phoenix are currently 2-1 won-lost.

Northport (0-3) faces Northern Luzon Expressway (0-3) in a battle of winless team in the first game at 4 p.m.

3x3 President’s Cup first leg gets going at Calamba bubble

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HE Chooks-to-Go Pilipinas 3x3 President’s Cup unfolds on Wednesday with 12 teams competing under strict health and safety protocols at the Inspire Sports Academy in Calamba, Laguna.

League commissioner Eric Altamirano said organizers left no stone unturned to make sure that the bubble meets all government guidelines in staging a sports event.

Action begins at 1 p.m. with teams playing a maximum of five games for the leg. Three more legs are scheduled in the days leading to the grand finals on October 30.

“We will finish the entire conference in one

bubble, including all five legs in nine days. So far, so good,” Altamirano told Tuesday’s online edition of the Philippine Sportswriters Association Forum.

A juicy prize of P1 million courtesy of Chooks-to-Go President Ronald Mascariñas awaits the champion in the country’s newest professional league.

Altamirano told the forum presented by San Miguel Corp., Go For Gold, Milo, Amelie Hotel Manila, Braska Restaurant and Philippine Amusements and Gaming Corp. and powered

by Smart that games will be aired live on BEAM Channel 31.

The competing teams are Bacolod–Masters

Folayang going back to Singapore to begin comeback

Sardines, Bicol Paxful SMDC, Butuan City-Uling Roasters, Nueva Ecija Rice Vanguards, Palayan City Capitals, Pagadian City-Rocky Sports, Pasig-Sta. Lucia Realtors, Petra Cement-Roxas City Rockies, Big Boss Cement-Porac MSC Green Gorillas, Sarangani Marlins, Family’s Brand Sardines-Zamboanga City and Zamboanga Peninsula Valientes MLV. Nueva Ecija playing-coach Jai Reyes also graced the forum, which has Upstream Media as webcast partner. He noted the high level of physicality in the games during Monday’s preseason, and pointed to Zamboanga and Bacolod as the teams to beat.

COMMISSIONER Eric Altamirano says everyone in the new professional league is given a clean bill of health.

PACQUIAO STRESSES NEED FOR BOXING BODY

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By Josef Ramos

EN. Emmanuel “Manny” Pacquiao pressed for the passing into law of Senate Bill No. 193 and 805 that would create the Philippine Boxing Commission and Combat Sports Commission amid opposition from the Games and Amusements Board (GAB).

“We’re in the middle of the pandemic and we’ll use this time to prepare,” Pacquiao, 41, told the online committee hearing from his home in General Santos City. “We want to institutionalize the Philippine Boxing Commission and Combat Sports Commission with a clear mandate.”

Pacquiao said he is speaking from experience as he stressed the need for both commissions.

“We’re talking about the lives of many boxers, and there are many boxers who died or got injured, so it is time to have a specialized function to focus on boxing and combat sports,” he said.

Pacquiao said this marks the first time for Filipino boxers and professional fighters to have a separate government agency to focus on their needs—but at the same time asked the GAB for understanding.

“I ask for understanding and apology to the people who are against this bill, but that’s how we boxers feel,” he said. “We really need an

institution which would focus only on boxing and combat sports and not other sports.”

“So at this point, the Philippine Boxing Commission and Combat Sports Commission is necessary to focus on the most difficult sports in the world,” he said. “That’s what we need and we’re hoping for your understanding.”

GAB Chairman Abraham Kahlil “Baham” Mitra and boxing commissioner Mar Masanguid expressed their opposition to the bills and suggested to the hearing that the budget intended for the commissions be incorporated instead to the agency’s annual budget.

The bills are seeking a P150 million from General Appropriations Act upon its implementation. The figures are P30 million more than the GAB’s P120 million annual appropriation.

Mitra and Masanguid said the GAB’s budget covers 13 sports with professional athletes and the allocation for boxing is pegged at P40 million.

“They are pushing for a creation of a boxing and contact sports division during a pandemic that has a bigger budget than the [existing] GAB which has tried its best to push for reforms and adopt to the current [pandemic] situation,” Mitra told BusinessMirror.

“It’s simply untimely specially now when we should be right-sizing and conserving all

Coach’s challenge in PBA necessary AL MENDOZA | alsol47@yahoo.com

THAT’S ALL WHAT is wrong is wrong. What is right is right.

It was wrong for referee Sherwin Pineda to call a foul on Paolo Taha of Northport.

It was right for Philippine Basketball Association (PBA) Commissioner Willie Marcial to suspend Pineda for the boo-boo.

With 1.3 seconds left, Rey Nambatac of Rain or Shine fell after missing a drive for the hoop.

Pineda whistled Taha off as having caused Nambatac’s fall.

TV replays would clearly show Nambatac fell on his own. More of a flop, actually.

Although Taha’s arms were raised up high, he was just standing beside Nambatac—as rod-straight as a soldier standing in a flag ceremony.

Nambatac nailed his charities, breaking a 68-all tie and giving the Elasto Painters a referee-aided 70-68 victory that sent

Northport whining against the wailing wall.

Batang Pier Coach Pido Jarencio was seen on TV still inconsolably fuming after the game, almost refusing to leave the Angeles University Foundation gym near Clark Freeport.

The most he could do was throw dagger looks at Pineda on his way to the locker room, with his assistants close by to restrain him in case he went berserk.

“The refs are not supposed to decide the game,” Jarencio said.

“It’s just an ugly win for us,” said Rain or Shine Coach Caloy Garcia.

So ugly, indeed, that Marcial, in consultation with his deputy, the technical committee chief Eric Castro, sacked Pineda.

It was an ugly decision as it pained Marcial to suspend Pineda, who he considers “one of the league’s leading referees.”

When was the last time a referee in the

resources to fight the virus,” he added.

Committee on Sports Chairman Senator Christopher Lawrence “Bong” Go expressed support to the passing of the bill, which includes alternative livelihood programs for retired or injured boxers and combatants— plus social pension and health-care benefits.

Several boxing managers and promoters— including Liza Elorde, Universal Reality Combat Championship founder Alvin Aguilar— attended the hearing.

SEN. Emmanuel “Manny” Pacquiao is speaking from his experience as a professional boxer.

country’s No. 1 basketball tournament got canned?

It’s been an unwritten rule that referees getting disciplined need not be publicized.

Just right. It saves them from public shaming.

Referees are just human like you and me so that it goes without saying that they make mistakes, too.

It’s a good thing that Pineda’s blunder did not happen in a championship. Imagine the repercussions it could have generated.

Still, my heart goes to Pineda. The stigma will not die down that easily, especially so that he was being sent home. Just imagine the health protocols he had to go through to get to the PBA bubble. Not easy.

But this would not have happened if the PBA adopted the NBA rule of a coach’s challenge. Meaning, a coach can challenge a referee’s whistle when he deems it wrong.

Right then and there, the wrong call on Taha would have been corrected.

Right then and there, the ugliness of things would have been averted.

Will it, Willie. For the good of the league?

THAT’S IT San Miguel Beer, already smarting from the season-long absence of injured June Mar Fajardo, has also lost playmaker Terrence Romeo. Romeo dislocated his shoulder after an accidental collision with TNT’s Ryan Reyes last week.