BusinessMirror October 22, 2020

More POGO workers seen to exit Subic VADREAMS | DREAMSTIME.COM

By Henry Empeño

THE BROADER LOOK »A4-A5

SUFFER NOT THE CHILDREN: STAKEHOLDERS WEIGH IN ON CHALLENGES, HOPES IN HELPING THE VULNERABLE

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UBIC BAY FREEPORT—As online gaming operations catering to the Chinese market suffer from the Covid-19 pandemic and regulatory issues in the country, the Subic Bay Metropolitan Authority (SBMA) said it expects a further decline in the number of Chinese nationals working in the Philippine Offshore Gaming Operation (POGO) industry here.

SBMA Chairman and Administrator Wilma T. Eisma said Chinese workers employed by POGO companies in Subic number less than 500 today, compared to more than 1,500 just four months ago.

“This is because the POGO operators cannot do business after the declaration

of the Luzon-wide enhanced community quarantine last March, and thus were losing money,” Eisma said on Tuesday.

She said that one of the four POGO companies in Subic, which she identified as the Great Empire Gaming and Amusement Corp., had sent home all its Chinese workers after losing P106 million in revenue since the pandemic.

“As the Covid-19 pandemic continues to affect POGO establishments, we can expect more Chinese workers here to be repatriated,” Eisma added.

The SBMA chief revealed this situation in Subic after Senators Richard Gordon and Nancy Binay raised the alarm during the recent Department of Tourism (DOT) budget hearing over the large number of retirees from mainland China

who had availed themselves of the Special Resident Retiree’s Visa (SRRV).

Gordon, in particular, noted that the youngest Chinese “retiree” in the country was just 35 years old and described the entry in the country of 27,678 Chinese retirees as “dangerous” to national security.

Eisma, however, said the situation in Subic “is nothing to be alarmed about, because the number of Chinese POGO workers is trending downwards, not upwards.”

Figures from the SBMA Business Group showed that about 85 percent of the Chinese workers hired by POGO companies in Subic have been retrenched since March when the Covid-19 pandemic hit the global economy hard.

See “POGO,” A2

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PLAN PITCHED TO AVERT A ‘K-SHAPED RECOVERY’ www.businessmirror.com.ph

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Thursday, October 22, 2020 Vol. 16 No. 14

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

PHOTOS from the local National Disaster Risk Reduction and Management Council office in Quezon show residents in waist-deep waters as heavy rains brought by Severe Tropical Storm Pepito, coinciding with high tide and La Niña, caused widespread flooding in the province. Story on A2. PHOTOS COURTESY OF MARK TIMBAL, NDRRMC

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By Jovee Marie N. Dela Cruz

LEADER of the House of Representatives on Wednesday pushed for a set of economic policies to prevent what he calls a “K-shaped recovery” following the impact of the Covid-19 pandemic.

In an aide memoire to the new leadership of the lower chamber, House Committee on Ways and

Means Chairman Joey Sarte Salceda introduced a “New Deal for the New Economy” strategy.

According to Salceda, this strategy will prevent “K-shaped recovery,” where the educated middle class and above recover, while the underskilled and underemployed suffer a decline in their socioeconomic status.

According to Salceda, once the Covid-19 pandemic ends, unless aggressive intermediate responses are made, the country will still see underemployment in the 25 percent level, and unemployment at 8 percent by the end of 2021.

“Without bold policymaking by the House, we expose ourselves to the dangers of a K-shaped re-

covery, where the educated middle class and above reap the benefits of the country’s sheer demographic competitiveness, while the poor and working classes are unable to find jobs that meet their skill sets, and are thus unable to accumulate their fair share of the national wealth. This, of course, has serious implications on health, social order, and industrial peace, and socioeconomic and political stability,” said Salceda, who is also the chairman of the House’s economic stimulus and recovery cluster for the Defeat Covid-19 Committee.

Continued on A2

Senate moves to tighten Amla amid risks T HE Senate is on track to frontload passage of remedial legislation providing for a stronger Anti-Money Laundering Act (Amla) to beef up the financial sector’s defense amid the Corona Virus (Covid) contagion.

This, as Sen. Grace Poe on Wednesday assured that the Senate Committee on Banks and Financial Institutions will “act with dispatch on the amendments to the AntiMoney Laundering Act while en-

suring thorough and transparent deliberation.”

Poe, who chairs the committee, gave the assurance soon after Malacañang certified the urgency of passing the bill reinforcing Amla, allowing its approval on second and third reading in one sitting.

“It is imperative to have the means in law to better combat money laundering, terrorist financing and other related threats

PESO EXCHANGE RATES n US 48.5780

to the integrity of the financial system,” said Poe. She is confident that “a healthy financial system will have the capacity to absorb the impact of events such as the Covid-19 pandemic that heavily disrupted economic activities and displaced thousands of workers from their source of living.”

In a statement, Poe added that deliberations on pending bills to amend Amla will proceed with ur-

gency, “but without foregoing meticulousness and transparency to guarantee that the new version of the law will balance the interests of all concerned sectors.”

Poe had earlier filed Senate Bill 1412 seeking to further strengthen the Amla embodied in Republic Act 9160.

Among others, the remedial legislation provides for: inclusion of real-estate developers and brokers

DOT EYES CHANGES IN SPECIAL RETIREE VISA POLICY FOR ALIENS

By Ma. Stella F. Arnaldo Special to the BusinessMirror

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HE Department of Tourism (DOT) is looking to amend the policy of granting Special Resident Retiree’s Visas (SRRV) to foreign nationals, specifically on the minimum age requirement, which is currently at 35 years old.

“I have directed GM Bienvenido Chy of the PRA [Philippine Retirement Authority] to review and change this long-standing policy. We will move for its immediate repeal,” said Tourism Secretary Bernadette Romulo Puyat in an interview with the BusinessMirror.

This developed as lawmakers on Monday expressed alarm over the rising number of young Chinese retirees in the Philippines, during the DOT’s budget hearing. The PRA, a governmentowned and -controlled corporation which promotes the country as an ideal retirement destination, is under the DOT, and is chaired by Romulo Puyat.

“Even before our good senators had raised the matter, we’ve been asking to PRA to validate their data on the number of foreign retirees in the country, and monitor where they are,” she added.

“And prior to Covid, we had urged the PRA to beef up its promotions to other countries with large aging populations like Japan, Spain, Italy and the United States, which has numerous retiring Filipino-Americans,” Romulo Puyat stressed.

See “Retiree,” A2

See “Amla,” A2

n JAPAN 0.4607 n UK 62.8939 n HK 6.2681 n CHINA 7.2754 n SINGAPORE 35.8139 n AUSTRALIA 34.2329 n EU 57.4435 n SAUDI ARABIA 12.9527

Source: BSP (October 21, 2020)

News BusinessMirror

A2 Thursday, October 22, 2020

www.businessmirror.com.ph

Data must justify interest rate cap on loans, says BSP A

By Tyrone Jasper C. Piad

N industry-wide study is needed to determine the ceiling of interest rates charged by nonbank financial institutions, such as mobile lending platforms, on borrowings, the Bangko Sentral ng Pilipinas (BSP) said.

BSP Financial Inclusion Group OIC Rochelle D. Tomas, in a webinar hosted by Home Credit Philippines on Wednesday, said the Central Bank is doing an extensive study before capping the interest rates on different credit products.

“It [capping interest rates] will need to undergo a very, very close coordination with the industry,” she said. “As you know, the cap on interest rates on credit cards was consulted with the credit card industry very extensively.”

Amla… M

Tomas said the decision should be backed by “good” and “robust” data to make sure that the interest rate cap is justified.

To recall, the BSP recently capped the credit card charges at 24 percent annually effective November 3.

Tomas said that the BSP has “the authority to review and determine whether an interest rate for a credit card product is reasonable.”

After conducting a study, the BSP concluded that the average credit card rate in the Philippines is 47 percent, which is higher than the 15 percent to 27 percent in the Association of Southeast Asian Nations (Asean) region.

“That alone gave us an impetus to review the reasonableness of credit card interest rates,” she explained.

Home Credit Chief Marketing Officer Sheila Paul, meanwhile,

‘PEPITO’ TRIGGERS FLOODS IN MUCH OF LUZON

Continued from A1

as covered persons; inclusion of tax crimes and violation of the Strategic Trade Management Act which indirectly includes proliferation of weapons of mass destruction as predicate offenses to money laundering; enhancement of the investigative powers of the Anti-Money Laundering Council (AMLC); authorization of the AMLC to implement “targeted financial sanctions” on proliferation financing; prohibition on the issuance of injunctive relief against freeze orders and forfeiture proceedings; and, authorization of the AMLC to preserve, manage or dispose of assets subject of asset preservation order and judgment forfeiture.

Moreover, it recalled that the AMLC had earlier warned that if the Philippines fails to pass the amendments and demonstrate effective implementation, the country will be at risk of being “greylisted.”

In the senator’s billl, “greylisting” of the Philippines would mean that: (a) the European Union will impose “enhanced due diligence” (EDD) on Filipino nationals and businesses; (b) EDD will entail additional cost and paperwork; (c) there will be higher interest rates/ processing fees; (d) there will be higher cost of remittance for OFWs; (e) the Philippines will incur a “reputational risk” that would result in reduced investor and lender confidence; (f) there could be a decline in the GDP growth of the Philippines; and (g) there would be a setback in the Philippines’s efforts to achieve an “A” credit rating before 2022; among others.

Such consequences of being “greylisted” by the Financial Action Task Force (FATF), Poe added, “would surely have a negative impact not just on our OFWs, Filipino nationals and businesses abroad, but also on our country’s economy.”

Poe pointed out that “we need to up our defenses against the evolving threats of financial crimes,” stressing that “a stronger Amla will help ensure that perpetrators shall have nowhere to hide.”

Butch Fernandez

ORE than 5,000 families were evacuated as Tropical Storm “Pepito” brought moderate to heavy rains in areas in Southern Tagalog and in Central and Northern Luzon, triggering flooding in some of the affected areas.

National Disaster Risk Reduction and Management Council spokesman Mark Timbal said, however, that despite reports of flooding, they have yet to receive any report of casualty from disaster officials in the areas battered by the storm.

Based on preliminary NDRRMC data, Pepito forced the evacuation of 171 families in Cagayan, 168 families in Isabela, three families in Quirino and another 335 individuals in Aurora.

Another 4,790 families were also

evacuated in Southern Tagalog, based on the initial report that NDRRMC also got from disaster teams in the region.

The storm, which made landfall on Tuesday night in Casiguran, Aurora, triggered floods in Pampanga and Quezon.

According to Timbal, 19 barangays in the town of Masantol and another barangay in the town of Macabebe were flooded.

Timbal said that the Maharlika Highway at Barangay Canda in Lopez, Quezon, a key highway leading to the Bicol region from Metro Manila, remained impassable due to flood waters.

The NDRRMC is collating additional reports from the areas affected by Pepito.

Rene Acosta

said that the lending company is open to adjusting its business model should the BSP put the said loan rate cap.

“I think we will work with it. I think we’ve proven to be resilient,” she said.

Digitalization

MEANWHILE, Home Credit and Credit Information Corp. (CIC) stressed the need for a digital shift to extend greater access of credit to the consumers amid the pandemic.

“On top of allowing our customers to get started on their Home Credit loan applications and check their account status right there in the app, we also developed safer, contactless payment options for our customers,” Paul added.

Amid the pandemic, the Home Credit official said that there has been an increase in loans for purchases of

laptops, appliances and bikes.

Paul said the mobile lending app has over 2.2 million monthly active users.

CIC OIC President Aileen L. Amor-Bautista, meanwhile, said the credit registry has been improving the access to individual credit reports and credit scores as loan applications increase amid the pandemic.

“Due to increased borrowing caused by Covid-19, we decided to digitize our services, where individual borrowers get to access their own credit information using their mobile devices through one of our accredited credit bureaus, CIBI with its CIBIApp,” she said. “With this app, identity verification is done online to help secure the process, especially since travel is restricted and everyone is advised to do social distancing.”

More funds sought for housing for ISFs

However, in a statement, the DHSUD said lawmakers have expressed support for raising its 2021 budget. Senators Tolentino, Cynthia Villar, Nancy Binay and Christopher Lawrence Go all supported a higher budget for the housing department.

Tolentino recommended that all budgetary allocations spread out in several different departments be transferred and incorporated into DHSUD, a move which he described as “administratively logical.”

Villar said the increased budget is needed by NHA, one of DHSUD’s key shelter agencies, to boost programs with regard to establishing relocation sites for informal settlers in the National Capital Region. Binay, meanwhile, lamented that

while DHSUD was already a department, given the low budget given to the agency, it is still treated as a council.

Further, Go said raising DHSUD’s financial assistance to socialized housing programs and increasing the number of pre-developed or transformed slum communities and urban centers is paramount at this time.

DHSUD Secretary Eduardo del Rosario had stated that such a low budget allocation will definitely have an adverse impact on the department’s operations for 2021.

He said DHSUD will also require additional funding to accommodate an expected rise in terms of hiring employees, establishing one-stop processing centers for housing concerns and boost the department’s anti-Covid-19 response.

“The Philippine economy’s largely consumption-based structure has suffered severely under the strain of depressed consumer confidence. We have also seen the weaknesses of our services-based labor force, comprised primarily of either low-skilled work, or managerial and lower-order entrepreneurial activities,” he said.

“We are in an evolve-or-die situation. We have to be quick and nimble as we adapt to the new economy,” Salceda added.

In other words, he said Covid-19 was a stress test, and the Philippines needs to be futureproofed.

“This representation thus believes that the edifice of the nationstate will have to be buttressed by four pillars: solid fiscal standing to finance modern governance, a dynamic and resilient real economy,

with pro-people and pro-countryside policies,” he said.

After Covid-19, the lawmaker said there is no turning back to the old economic order, saying the country and the rest of the world will adopt new processes to account for restrictions in mobility, and by emphasizing the most critical needs of the new economy, while sidelining conventional manners of doing business.

“Covid-19 has pushed thenemerging trends towards the front and center of economic activity.

Unless this transition can be handled properly, we can expect to see damaging consequences to unskilled labor, to lower-order jobs, to lower-value-added in global trade, and to brick-and-mortar industries such as conventional retail,” he added.

Continued from A8

PLAN PITCHED TO AVERT A ‘K-SHAPED RECOVERY’ Continued from A1

“We can see that now. Midlevel professionals get to work from home. Service sector workers, especially in retail and janitorial services, were terminated. As we go digital, these sectors will probably rebound more slowly if at all,” Salceda added.

Under the New Deal for the New Economy, comprehensive reforms will be made in the areas of sustainable energy; infrastructure for inclusive development; countryside investments; fiscal standing or the road to “A” Credit Rating; modern national governance, which includes fighting red tape; green economy to build a climateresilient economy; modern, efficient and dynamic agriculture; local governance modernization; reliable health-care system; comprehensive education reform; financial sector modernization; and digital economy competitiveness.

“We will resume session on November 16. That will be the first full session of Speaker [Lord Allan] Velasco. We will strive to pass all of these within 100 days,” Salceda added.

He said there are at least 56 bills in the aide memoire, say-

ing this will likely expand, as “the Speaker wants a House that studies and works 24/7, as we did during the budget hearings.”

Evolve or die

“THE new House leadership faces the daunting task of confronting a once-in-a-generation crisis, where the curative economic and financial tools have yet to be invented or tried,” he said.

“Covid-19 has also accelerated the shift towards a new global economic order, where information and communications technology are the most highly prized commodity and channel, and where low-skilled, strictly-onsite work is nearing obsolescence,” he added.

According to Salceda, Covid-19 has also emphasized the need for a highly diversified, highly adaptable industrial base.

Tieza’s Boracay drainage project delayed anew Continued from A8

The island was reopened to tourists from the Western Visayas on June 16, and to more guests, even from general community quarantine areas on October 1. (See, “‘Tourists in Boracay must wear mask, but not while swimming,’” in the BusinessMirror, October 1, 2020.) Data from the Malay Municipal Tourism Office showed 244 tourists arrived on the island from October 1 to 6, majority of whom were from Aklan (129), the National Capital Region (83), and Iloilo City (18).

TPB has also funded the pilot-test of antigen exams among Baguio City visitors, with an allocation of P1.8 million, as well as Baguio’s first-ever Visitor Information and Travel Assistance (Visita) management system that will allow for real-time tracking and contact tracing among tourists from Region 1.

Romulo Puyat said the remaining projects of the TPB for the year 2020 will focus on improving tourism destinations in terms of readiness with

health and safety protocols, intended to increase confidence of local travelers.

“All of these efforts by the DOT, our attached agencies, together with our partners in the public and private sector, support the President’s directive to boost the country’s domestic tourism. We are hopeful that, by reviving tourism with health and safety measures in place, the tourism industry will make it through the pandemic and be a strong catalyst for economic growth in the new normal,” she stressed.

New target completion dates

MEANWHILE, Paragas underscored, “Despite the adjustment of target completion dates, Tieza remains committed in expediting the completion of Boracay projects within three years from the original seven years,” adding that, “Pumping Station 2 and 3 are now operational, thereby addressing the flooding in the said areas.”

Packages 1 and 2 of Phase II (contractor BSP & Co.) were supposed to have been completed

on March 25, 2019. Under the new timeline, said packages, which include Pumping Station 1, are scheduled for completion on November 30, 2020.

The previous target of completion for these packages was not met due to: “a) unworkable days due to heavy rains and storms during the month of August 2018, which is 22 calendar days; and b) time lost delay of acquiring the area along towards Boracay Island Water Corp., which is 8 calendar days,” Paragas explained.

For packages 1A, 3, 4, and 5 (MAC Builders), the delay in completion was due to Covid-19 work suspension “from March 17 to September 1, 2020; and an existing request for assistance in securing temporary access/use of the property of Boracay Tubi System Inc. until the completion of Pumping Station 2,” he added.

Tieza’s new target completion date for these packages is December 2021, from April 2020. The project includes the construction of Pumping Station 4, sea outfall pipeline, upgrade of the main road drainage, interior drainage, among others.

Retiree…

Continued from A1

During DOT’s budget hearing, lawmakers learned that of the 70,520 foreign retirees in the Philippines, the bulk at 27,678 were mainland Chinese; followed by South Koreans at 14,144; Indians 6,120; Taiwanese 4,851; Japanese 4,016; Americans 3,704; Chinese from Hong Kong 1,870; British 1,595; Germans 792; Australians 752; and other nationalities 4,498.

(See, “Gordon raises alarm on rising number of Chinese retirees in the PHL,” in the BusinessMirror, October 19, 2020.)

The PRA, a creation of the Marcos administration in 1985 under Executive Order 1037 (Philippine Retirement Park System), was transferred to the Board of Investments by the Macapagal-Arroyo administration in 2001 (EO 26), then to the DOT under Republic Act 9353 (Tourism Act of 2009), authored by Sen. Richard Gordon.

In 1993 the government amended the implementing rules and regulations of EO 1037, which reduced the minimum age requirements of foreigners applying for SRRVs from 40 to 35.

For her part, Sen. Nancy Binay also urged the PRA to review its existing policies to lessen the probability of foreign nationals exploiting the SRRV to stay in the Philippines.

She said the PRA should tighten its vetting process for foreign retirees after finding out the minimum age requirement for SRRV applicants is 35 years old. She also noted that for a foreigner to retire in the country, “they can either deposit US$50,000 in a bank, or buy a condo unit worth P2.5 million.”

Binay was alarmed that Chinese nationals who are 35 years old, fall in the bracket of the so-called “soldier’s age,” thus raising a national security issue—an issue flagged

by Gordon in the Senate hearing.

Foreigners, Binay said, could also exploit the minimum age requirement for SRRV applicants to work in the country illegally.

“We know that at 35 years old, their bodies are still strong. And we have an issue about our own citizens getting displaced in jobs, due to the entry of Chinese nationals in our country,” she said in Filipino, adding that these retirees “could actually be working in Philippine offshore gaming operations or could be working in Divisoria. So we should study this [SRRV policy] because they could be using it to circumvent the law since they are not allowed to work here.”

POGO… Continued from A1

The first casualty here was Great Empire Gaming and Amusement Corp., which ceased operations in June and retrenched all its 374 personnel, including 368 Chinese nationals and six Filipinos.

The company used to pay the SBMA an annual share of P533,700 on top of its monthly sublease fee of P84,000. However, the firm closed after reportedly losing P106 million in revenue since March.

The remaining three POGO companies likewise reported cutbacks in employment: The Teleempire Inc., which occupies an office building and two living quarters in this Freeport, reported a total of 409 Chinese workers in July, but SBMA said this has gone down to 242 as of September 28.

Meanwhile, Northfolk Information Technologies Inc., which provides backroom services to a POGO operator in Olongapo City, had 225 Chinese employees in July, but has whittled down the number to 100 as of September 28.

Ekxinum Inc., which used to occupy four buildings at the Cubi area here, has now left three buildings vacant and reduced its Chinese worker complement from 231 active visa holders, with 169 on process in July, to 42 active visa holders, with 14 on process as of September 28.

The three POGO firms maintain a total of 170 Filipino workers as of September 28, SBMA records indicated.

Eisma said the POGO operators in Subic are not expected to resume operations anytime soon, as even some online gaming operators in Manila that cater to the Chinese market have recently exited the Philippines.

News BusinessMirror

A3

Editor: Vittorio V. Vitug • Thursday, October 22, 2020

Judge slaps contempt raps vs 5 PDEA agents for illegal arrest of drug suspects

By Joel R. San Juan

@jrsanjuan1573

A

TRIAL court judge in Central Visayas has called on her fellow judges to protect the people’s right to liberty against erring law enforcers involved in the war on drugs.

This after Regional Trial Court of Negros Oriental Branch 34 Presiding Judge Amelia Lourdes Mendoza turn the tables on five Philippine Drug Enforcement Agency (PDEA) operatives who were found to have lied about a drug buy-bust operation last June.

As a result, Judge Mendoza ordered the dismissal of the drug charges they filed against five individuals based on fabricated evidence and false statements.

She also ordered the immediate release of the accused from detention identified as Richard Torres, Shinette Sarabia, Gwendell Ozoa and Gabriel Aranas.

On the other hand, the bail bond posted by accused Katrina Tish Dabao amounting to P200,000 was ordered to be released to her bondsperson.

Judge Mendoza also initiated indirect contempt proceedings against PDEA agents Nelson Muchuelas, May Ann Carmelo, Jose Anthony Juanites, Cheryl Mae Villaver and Realyn Pinpin, barangay official Sehila Mae Catada and media representative Juditho Fabillar.

Judge Mendoza said they should face indirect contempt proceedings “for misleading the court, for making untruthful statements in the affidavits, and for directly impeding and degrading the administration of justice.”

In line with this, the court directed them to show cause, in writing, why they should not be punished for contempt within a period of 10 days upon the receipt of the court’s order which was issued last October 9.

The indirect contempt proceedings were set for hearing on November 13, 2020.

The trial court is also pushing for the conduct of an investigation by the Department of Justice (DOJ) and the City Prosecutor’s Office of the Dumaguete City to determine criminal liabilities of the arresting officers and the team leader involved in the buy-bust operation.

Likewise, the court also furnished PDEA Director General Wilkins Villanueva of its order for the purpose of conducting an immediate investigation into the administrative liabilities of the arresting officers and those who took part of the supposed buy-bust ops.

“This court shall not shirk from this immense responsibility of protecting not only the individual rights of the accused in these cases but more importantly, in ensuring that individual liberties are never sacrificed on account of expediency and efficacy of the war on drugs,” Judge Mendoza said in his 15-page order.

“The courts must step in and take the cudgels for individual liberties, and in no other situation is this duty more critical and necessary when the supposed protectors of law and order become perpetrators themselves,” she said.

The court’s order stemmed from the motion to quash and to suppress evidence filed by the accused to seek the dismissal of the drug charges filed against them on the ground that the court has no jurisdiction over them due to the illegality of their arrests.

The accused claimed that their arresting officers lied about the circumstances of their arrest to make it appear that the drug buybust operation was legitimately done.

Contrary to the allegations of the arresting officers that they were all arrested at the house of Torres, the accused said they were picked up

by PDEA agents at different times and places before they were brought to Torres’s house.

In support of their motion, the accused submitted several video footages taken from Dumaguete City government Command Center that operates CCTV cameras in different parts of the city.

Video footages showed accused Torres, Dabao, Ozoa and Aranas were “picked up” one after the other near a traveler’s lodge and were “forced to go inside” a blue car.

The same blue car was used in picking up Sarabia in front of a restaurant as seen in the CCTV. It was later verified that the blue car was registered to the PDEA. The accused were all brought to Torres’s house where the PDEA claimed they were all arrested.

Sugar output rises 131.89 percent but demand remains ‘anemic’

By Jasper Emmanuel Y. Arcalas @jearcalas

L

OCAL sugar production is off to an excellent start as favorable weather conditions allowed planters to harvest more canes resulting in more than doubling of yield in the first month of the crop year 2020-2021.

Latest Sugar Regulatory Administration (SRA) data showed that raw sugar output as of October 4 expanded by 131.89 percent to 41,248 metric tons from 17,788 MT recorded in the same period of last year.

SRA data also showed that total sugarcane milled during the reference period more than doubled to 571,842 MT from 250,650 MT. Sugar yield was estimated at 1.59 50-kilogram bags per MT of sugarcane versus last year’s 1.56 LKg/TC, based on SRA data.

Government officials and industry players attributed the increase to better planting conditions that allowed planters to harvest more crops.

“It’s the hard work of the sugar planters plus good weather. Hopefully the moderate La Niña will not affect the productivity of sugar,” Agriculture Secretary William D. Dar told the BusinessMirror via SMS. SRA Board Member Emilio Bernardino L. Yulo, who represents the planters’ sector, said the initial production has a “very strong” start coupled by stable prices that is favorable to both producers and consumers.

Yulo, however, cautioned that it is too early to tell if the trend will continue with the threat of La Niña and an uncertain market situation.

Yulo noted that total market demand remains lackluster as consumption from traditional markets like restaurants remain anemic amid the Covid-19 pandemic.

Nonetheless, Yulo said they remain optimistic that the upcoming Yuletide season ­beginning

December 1—would drive sugar demand as Filipinos crave for bibingka, kakanin and other Christmas-related foods.

For his part, SRA board member Roland B. Beltran, who represents the millers’ sector, said they observed demand is slowly increasing as the economy further opens up.

Raw sugar demand as of October 4 rose by 64.11 percent to 119,644 MT from last year’s 72,918 MT, while demand for refined sugar grew 36.58 percent to 91,374.65 MT, SRA data showed.

Beltran added that the initial price reactions showed that sugar policy for the current crop year is on track.

The SRA allocated 93 percent of the total raw sugar output this crop year, which started last September 1 and ends on August 31 next year, for the domestic market, while the remaining 7 percent for export to the US market.

The country’s raw sugar production in the current crop year may increase by 2.3 percent to 2.2 million metric tons (MMT) but a La Niña could dent output, according to a Global Agricultural Information Network (GAIN) report.

The GAIN report, prepared by the US Department of Agriculture-Foreign Agricultural Service in Manila, projected that local sugar production would increase for two consecutive MYs. However, the Philippine Atmospheric, Geophysical and Astronomical Services Administration’s (Pagasa) recent warning of a likely La Niña “could moderately lower the production outlook,” according to the report.

“Raw sugar production in MY 2020/21 could be affected by a likely La Niña weather pattern, as the local weather bureau Pagasa issued an alert for Visayas and Mindanao during the last quarter of 2020. If realized, the likely impact would be a moderate decline in production,” it said.

TheBroa

Business

A4 Thursday, October 22, 2020 • www.businessmirror.com.ph

Suffer not the children: on challenges, hopes in A

BY Claudeth Mocon-Ciriaco & Jasper Emmanuel Y. Arcalas @jearcalas

BANGING sound from the front door jolted her midmorning musing, driblets of black coffee dropping from the white porcelain cup she held.

In three wide strides Helen reached the door and f lung it open; only to see her 11-year old child banging the steel lever on their gate.

“I want to go out, mom! Please let me go out,” the child pleaded.

The 41 -year old mother could only rush to give her child with autism a hug.

It was the 13th day of a lockdown on Metro Manila.

According to The Independent Living Learning Centre founder Abelardo Apollo I. David Jr. the imposition of community quarantines has added to the burden in the therapy of children like Helen’s. David noted that the quarantines effectively disallowed children aged 0-years old to 20-yearsold from going out.

“If before they [children with autism] are used to big spaces, now their movement is limited inside the house and they can’t even express themselves,” David said, adding this situation would sometime lead to their “meltdown.”

Sensing trouble

David, who has a degree in occupational therapy from the University of the Philippines-Manila, said inone of the online news briefings organized by the Department of Health (DOH), that children with disabilities “don’t have the chance to avail the services that they need like physical therapy, speech therapy and occupational therapy.”

He added: “A child with cerebral palsy requires physical therapy session. A child with autism is probably confused now [about] what is going on and needs specialized equipment to self-regulate so that he will not end up hurting himself. He or she has to undergo occupational therapy. A child who finds it difficult for him or her to eat needs speech therapy not only for his or her safety but for his or her quality of life.”

According to Juan Carlos C. Saquin, a UK-certified play therapist, the biggest loser to the lockdown is the children, especially children with special needs.

In an interview for the BusinessMirror BM Broader Look podcast, Saquin said children were displaced from their “jobs.”

“Like adults, children also perform certain ‘jobs’: they have to go to school; they have to play; they need to be immersed in different kinds of sensory experiences; and, they need to mingle with each other,” said Saquin, who also runs the 3-year-old private school Angel Beats Development Center. “That all disappeared in a snap.”

Using gadgets

HOWEVER, the lockdown measures to contain the spread of Covid-19 also cut the ability of parents to sustain therapy for their child with special needs.

Helen told the BusinessMirror it became very difficult for her and her husband physically and financially. She runs an eatery while her husband is an office employee.

Helen said that since her business stopped operating, she has had to rely on the income of her husband for, aside from her child with autism, she has two more to attend to.

Her child with special needs skipped therapy session for financial reasons. Helen said it has been very difficult to pacify her child since then.

“He was running inside the house, shouting and banging his body on the wall. He was really difficult to control. He will shout; he will force our gate to open as he wanted to go out,” she said.

To calm him down, she gave him her cellphone as he enjoys playing games.

“But I know it is not good for him the longer he holds that gadget,” Helen said.

Indeed, Saquin said gadgets somehow play a part in developmental delays.

“Most children have anxieties and the pandemic and the lockdown have amplified these anxieties,” he explained. “I’m not blaming gadgets per se but these are not helping at all in the long run.”

Private, public

EDUCATION Secretary Leonor Magtolis-Briones admitted that addressing the needs of children with disabilities and children with special needs is very challenging amid the pandemic. “ Ver y cha l leng ing because even before Covid it is already challenging, especially for children with special needs, because right now, the schools with children with special needs are run by private schools,” Briones told the BusinessMirror. “They are very expensive. That is why we are saying that we want to expand their reach.”

Briones added that they are also asking for the support of local government units (LGUs).

“You have to be able to afford a trained teacher who is trained differently; and not the usual number of classes of 25 [students] or 30 [students] because classes would have to be very small so you can pay attention to the child and his or her need,” the chief of the Department of Education (DepEd) said.

According to Briones, LGUs “are the ones looking into that [and] we hope that the public sector would play a bigger role because we don’t want to have equity challenges.”

Briones said that aside from what the DepEd calls learners w ith disabilities (LW Ds), the government agency is also dealing with children who are victims or at risk of child abuse and bullying, children in conf lictaff licted areas, disaster-prone areas, gifted children and other learners who are at risk of learning discontinuity because of socioeconomic factors, aside from the lockdown measures.

Poorer poor

INDEED, a study by the United Nations Children’s Fund (Unicef) and Save the Children Federation Inc. revealed that the number of children living in multidimensional poverty increased by 15 percent to 150 million since the Covid-19 pandemic hit earlier this year.

According to the study released in September, the number of children living in deprivation in lowincome and middle-income countries, has soared to approximately 1.2 billion during the pandemic.

The multidimensional poverty analysis uses data on access to education, healthcare, housing, nutrition, sanitation and water from more than 70 countries.

It highlights that around 45 percent of children were severely deprived of at least one of these critical needs in the countries analyzed before the pandemic.

“Covid-19 and the lockdown measures imposed to prevent its spread have pushed millions of children deeper into poverty,” Unicef Executive Director Henrietta Fore said in the report.

Fore said that families on the cusp of escaping poverty have been pulled back in, while others are experiencing “levels of deprivation they have never seen before.”

“Most concerning, we are closer to the beginning of this crisis than its end,” she said.

Although the analysis as it is already paints a dire picture, Unicef warns the situation will likely worsen in the months to come.

Over and above

THE report also noted that child poverty is much more than a monetary value.

Although measures of monetary poverty such as household income are important, they provide only a partial view of the plight of children living in poverty.

To understand the full extent of child poverty, the Unicef and Save the Children emphasized that all potential deprivations must be analyzed directly. This also points to the need to implement multi-sectoral policies addressing health, education, nutrition, water and sanitation and housing deprivations to end multidimensional poverty.

Social protection, inclusive fiscal policies, investments in social services, and employment and labor market interventions to support families are critical to lifting children out of poverty and preventing further devastation, the

organizations said.

These measures also include the following: expanding access to quality health care; providing the tools and technology needed for children to continue their education remotely; and, investing in family-friendly policies such as paid leave and child care.

“This pandemic has already caused the biggest global education emergency in history, and the increase in poverty will make it very hard for the most vulnerable children and their families to make up for the loss,” Save the Children CEO Inger Ashing said in the report.

Rapid expansion

THE report also noted that not only are more children experiencing poverty than before, the poorest children are getting poorer as well.

Some children may suffer one or more deprivations and others experience none at all. Therefore, the average number of deprivations suffered per child can be used to assess how poor children are, the report said.

It noted that before the pandemic, the average number of severe deprivations per child was around 0.7. It is now estimated to have increased by 15 percent to

around 0.85 percent.

“Children who lose out on education are more likely to be forced into child labor or early marriage and be trapped in a cycle of poverty for years to come,” Ashing added.

“We cannot afford to let a whole generation of children become victims of this pandemic.”

She added that national governments and the international community “must step up to soften the blow.”

Fore added that “governments must prioritize the most marginalized children and their families through rapid expansion of social protection systems including cash transfers and child benefits, remote learning opportunities, healthcare services and school feeding.”

Making these “critical investments now,” she said, “can help countries to prepare for future shocks.”

Teenage pregnancy

SAVE the Children Philippines CEO Alberto T. Muyot said the prolonged community quarantine, school closures and decline in household income also exacerbate the lingering problem on teenage pregnancy in the country.

“Early pregnancy robs teenage girls of their childhood and deprives them of their right to

survival, education and a future,” Muyot, who is also a lawyer, said.

“Children, especially girls, remain at the sideline of the global Covid-19 response; yet, they face the worst impact of the pandemic that threatens their lives and destroys their future.”

Prior to the pandemic, teenage pregnancy in the Philippines had already affected 5.9 percent of girls aged 15 to 19 years old.

This is the second-highest rate in Southeast Asia after Laos (6.33 percent), according to the 2019 Save the Children End of Childhood report. It estimated that 300,000 girls will either give birth or have already done so.

Top cause

TEEN pregnancy has been tagged as a “national social emergency” by former National Economic and Development Authority (Neda) Secretary Ernesto M. Pernia, citing about 1.2 million adolescents having children yearly, some of them as young as 10 years old.

Save t he C h i ld ren Ph i l ip pi ne s He a lt h a nd Nut r it ion Advisor Amado Parawan said early preg nanc y remains the top cause of deaths among girls aged 15-19 as their bodies are not yet prepared for pregnancy and childbirth.

aderLook

sMirror

Editor: Dennis D. Estopace • Thursday, October 22, 2020

A5

: Stakeholders weigh in n helping the vulnerable

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remain vigilant on whatever danger that could lead to sickness or any tragedy, especially with the children, Health Undersecretary Maria Rosario S. Vergeire said in Tagalog during an online news briefing.

Almost 50 percent of childhood injuries occur at home, with about 89 percent of those injuries being unintentional, according to data from the DOH. DOH Children’s Health and Development Division Chief Dr. Anthony P. Calibo said parents can prevent injuries by limiting their child’s access to potentially harmful objects or areas. It is also important for parents to keep a watchful eye as they play and move around to avoid potential injuries, according to Calibo.

He explained that in the event of an emergency, parents may contact their barangay health officials who can safely escort them to the nearest emergency room. Parents with access to a private vehicle are encouraged to call the emergency room ahead of time so the medical staff can properly receive them, Calibo added.

Emergency rooms across the country have been modified with separate patient pathways for Covid-suspected patients and non-Covid-suspected patients, he explained.

Some children, especially infants, may not be able to use a face mask properly and may have difficulty breathing, Calibo said.

He proposes that parents use a breastfeeding or nursing cover as an alternative.

The pediatrician also advises parents to be extra mindful and make sure they are sanitized constantly.

“Adolescents are still considered children. We cannot allow children to have children,” Parawan said. “Aside from being very dangerous, teenage mothers will be deprived [of a chance] to enjoy their childhood. Preventing early pregnancy among adolescents is protecting children’s rights.”

Save the Children Philippines also raised concern that girls are more likely to miss out on education once they are taken out of school as they face sexual exploitation and/or expected to take on the responsibility of taking care of their families.

Explaining lockdowns

DR. Salvador Benjamin D. Vista, who heads the Department of Psychiatry at the Asian Hospital and Medical Center, recognizes that children and children with special needs are vulnerable populations heightened by the pandemic.

“And the needs of these vulnerable populations really have become more complicated,” said Vista, who is also an associate professor of the UP College of Medicine.

He said that parents should pay attention to their children with special needs, especially during this pandemic.

“You need now to form another definition of what their needs are now. What is happening now?

You have to observe because from those observations, you can move on to making conclusions,” added Vista. “You can move on to making assumptions and you have to change your belief system.”

The process of adapting is also difficult for parents, according to Saquin, who had to close his school beginning March 15 up to May 31.

“The children can’t grasp why they have to wear a mask while parents don’t know how to teach their children about the virus,” he told the BusinessMirror.

Saquin said after calling parents of their students, he was told the children became “makulit” (importunate) by 70 percent.

“Parents need to understand that ‘kakulitan’ is a cry for attention,” he explained.

Avoid underestimation

VISTA added that the pre-pandemic belief system that parents applied in dealing with a special child “must now change.”

“It must take on a different picture. I’m sorry to say but it should be [parents] who should make observations and make those changes and transform beliefs,” he stressed.

“Pay attention: What does he or she need now? How do they react? How are they every day?

Write that down,” Vista said. “And if you see them not behaving in a way like they did when Covid-19 was not here, then you have to figure it out.”

He emphasized that the virus “won’t go away soon.”

Vista added: “The only thing we need is to change these beliefs.

Make conclusions regarding the new needs and move forward by changing your beliefs and changing [how] you deal with these problems.”

According to Saquin, parents need to “ma x im i ze love a nd manage stress.”

“They should be the frontliner for their child or children,” he told the BusinessMirror noting that parents should view the pandemic as a calamity and avoid underestimating what children feels.

“It’s difficult for both parent and child because they’re confined in their homes,” Saquin explained.

“So there’s higher demand for work behavior, concentration, attention span, frustration management and impulse control.”

Constant alertness

HEALTH officials added that parents should be more vigilant during these times.

Even if we are inside the four corners of our house, we should

Handling issues

BRIONES offers an assurance that these children “are not left behind.” She pointed to the DepEd’s recently-crafted Basic Education Learning Continuity Plan as proof of this pledge.

Likewise, there is also the DepEd Order (DO) 21 or the “Policy Guidelines on the Adoption of the K-to-12 Transition Curriculum Framework for Learners with Disabilities (LWDs).” These articulate the principles, features and standards that will establish common understanding on the transition of LWDs in all public and private schools nationwide, Briones has said.

“This DepEd Order is anchored on the principles of inclusivity and equity, which considers the LWDs’ individual interests, abilities, capacities, strengths and special needs,” the order read. It said the policy puts further emphasis on what the field implementers can offer to LWDs in terms of their life pathway, in consonance with another DepEd Order (also numbered 21, or the Policy Guidelines on the K-to-12 Basic Education Program), which was issued last year.

According to the DO issued this year, these pathways “include, but [are] not limited to, higher education, entrepreneurship, employment, middle level skills development, or functional life path.”

DepEd data reveals that about

Recommendations of Save the Children n Have access to strong, resilient and equitable health and nutrition systems that continue to deliver routine services n Have access to learning while out of school, and are able to return to school when it is safe to do so n Have access to inclusive and resilient social protection schemes n Ensure children are protected from violence and have access to child protection services, including gender-based violence and mental health services n Ensure children are listened to and involved in decision-making processes, as enshrined under the United Nations Convention on the Rights of the Child

72,787 LWDs have enrolled for school year 2020 to 2021. Of the number, 2,645 are in private institutions, the DepEd said.

Educators’ training

DepEd Region III, to note, vows continuous learning for learning for children with special needs as it held training for Special Education (Sped) teachers in Central Luzon.

In a statement, the DepEd Region 3 office said some 255 teachers in Central Luzon participated in online sessions to help build the capacity of Sped teachers to handle learners with special education needs (LSENs).

“The online training aims to capacitate Sped teachers to effectively select and use learning tools that are beneficial to LSENs in finding and processing information, constructing knowledge, collaborating with peers, expressing understanding and evaluating learning effects in concrete ways; adapt learning materials to the needs of LSENs; and, provide appropriate online support for LSENs to contribute to their inclusive online experiences,” the DepEd Region III statement said.

“The training held was so timely and very relevant in our so-called ‘new normal’ situation,” the statement quoted Lea Orseno, a Sped teacher for 18 years. “The training gave us new learning and clarifications on some issues.”

As of June 22, there are already 4,388 Sped students who have enrolled in public schools offering Special Education in Region III.

Remaining hopeful

IT is also in Central Luzon that Saquin plans to transfer his school as overhead costs have weighed heavily on their operations.

He said he didn’t lay off his teachers when lockdown measures were imposed; even driving them personally from Tarlac to Caloocan, where Angel Beats began three years ago, after partially re-opening in June.

“Our employees give us a sense of pride so I didn’t want to cut them off; we just had to find other sources of income just to survive,” Saquin said.

But it was more difficult for Saquin after reading reports on social media about how children with special needs were unable to cope with the lockdown and restrictions on mobility.

Hence, he called up parents of their students and offered online coaching. Saquin also used the time to study e-learning platforms and created his own version for the school’s students.

From 160, he now has only about 60 students. But Saquin is not complaining.

“There’s always hope, especially in children.”

Stepping up

AS the “new normal ” unfolds, David said that parents should step up by taking the role of teachers and therapists.

“The role of the parents is very important. We should learn to accept it and take it to our heart that, during this time, we are the facilitator in our house,” he said.

“Even if that is blended, online or face -to-face learning, we should be there for them. Let us take this opportunity to support our children. Get to know them better.

We should help their teachers and therapists as well.”

He also encouraged parents and caregivers to create activities for their child.

“Involve them in household chores. This is very important for children with autism,” David said.

He said some therapy centers give advice over the phone.

David also pointed to a basic education learning continuity plan, which was proposed by SPEd teachers, therapists and disability groups.

He shared that the plan strongly recommends maintaining a small class size and to minimize the physical contact between teachers and children with disabilities or special needs. The parent or caregiver will be allowed to enter the classroom to personally teach their child while a teacher will just act like a “shadow.”

“To parents, this situation [of a lockdown and a pandemic] will teach us how to be more patient, creative,” David said. “We can do this; together, we can do this.”

A6 Thursday, October 22, 2020 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Nightmare scenario

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ambodia banned online gambling in December 2019. The following month, the country’s Immigration Department said “there were 447,676 Chinese nationals who left the Kingdom, including those who held long-term visas.” The decision to terminate online gambling came after Cambodian Prime Minister Hun Sen linked their operations to money laundering and other crimes.

Where have all these Chinese gone?

In February, a whistleblower said about 90 percent of Bureau of Immigration personnel are involved in the so-called “pastillas” scheme, which allows paid special treatment to Chinese nationals entering the country.

The Philippines is a logical destination of the 447,676 Chinese nationals that left Cambodia considering the number of Chinese-run Philippine Offshore Gaming Operators in the country, with an estimated 200 that are reportedly operating without a permit. Officially, about 70,000 Chinese nationals are reportedly working in Manila-based Pogos. But the number could be higher considering reports that hundreds more are operating underground.

In February, the BIR disclosed during a Senate labor committee hearing that all foreign-based Pogos are not paying their franchise tax. It said that majority of the 60 licensed Pogos failed to pay the government an estimated total of P50 billion in withholding income and franchise taxes in 2019.

Senator Richard Gordon, in a privilege speech on March 3, said that the moral fabric of the Philippine society is “being damaged” through corruption, prostitution, and damage to property brought about by the influx of Chinese Pogo workers in the country.

Now comes the news that there are a total of 27,678 Chinese retirees in the Philippines, many of them in their 30s and 40s, alarming senators who said it may have implications on the country’s national security. At the budget hearing of the Department of Tourism and its attached agencies, Sen. Gordon noted that before World War II, there were Japanese sleeper agents in the Philippines who posed as construction workers. “This is now a national security issue,” he said. Philippine Retirement Authority General Manager Bienvenido Chy explained that foreigners aged 35 years old and above are eligible for the special resident retirees visa.

In a speech during the opening of the 75th session of the United Nations General Assembly on September 22, President Duterte affirmed the Philippines’s arbitral victory against China over their South China Sea dispute, which was issued by the Permanent Court of Arbitration in The Hague. “The award is now part of international law, beyond compromise and beyond the reach of passing governments to dilute, diminish, or abandon,” Duterte said in the speech, which followed an address by Chinese President Xi Jinping. “We firmly reject attempts to undermine it.”

The tribunal gave a verdict saying that China has no legal basis or historic claim on the Nine-dash line. China rejected the ruling, despite stating that all nations should “respect international laws.” Since the award was handed down in 2016, China has refused to recognize it, saying it was “nothing more than a piece of waste paper and cannot be enforced.”

Here’s the sixty-four-dollar question: What if the Philippine government decides to “walk the talk” after Duterte affirmed before the UN the arbitral award that junked China’s claims to Philippine waters?

Will China retaliate by ordering all Chinese Pogo workers and “retirees” in the Philippines to occupy, for example, Kalayaan municipality, which is part of the Spratly Islands and drive away the island’s 200 or so Filipino residents?

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Dr. Carl E. Balita

Entrepreneurs’ Footprints

T

here are many reasons why the business sector should be concerned about Philippine education. These reasons justify why the sector should ask government to create a Congressional Education Commission similar to that action taken by Congress in 1990.

The 1987 Constitution states that it shall “give priority to education” among others and “promote total human liberation and development.”

With this comes other constitutional provisions to make integrated system of education relevant, free public basic education, and compulsory for all school age children. Article XIV mandates that “The State shall protect and promote the right of all citizens to quality education at all levels and shall take appropriate steps to make such education accessible to all.” It provides that “the State shall assign the highest budgetary priority to education.”

From the proposed 2021 national budget of P4.506 trillion, the education sector gets the highest allocation at P754.4 billion (16.74 percent of the total budget) which is 8.8 percent higher than the P650.2 billion allocation for 2020. This budget covers the Department of Education (DepEd), the Commission on Higher Education, the Technical Education and Skills Development Authority, and the state universities and colleges. The DepEd gets P606.6 billion,

which is 9.54 percent higher than its 2020 budget. CHED gets P50.9 billion. Tesda gets P13.7 billion, with P6.554 billion for the tier one, and P7.151 billion for the tier two. Tesda requested P20.042 billion for the tier two. Director General Isidro Lapeña made an appeal.

The P47.12 billion is set aside for the Universal Access to Quality Tertiary Education and another P27.99 billion will serve as education assistance and subsidies for students.

Other programs with allocated funding in the education sector include the DepEd’s computerization program, the school-based feeding program, and the Alternative Learning System.

But the vast budgetary resource poured upon Philippine education is not the main reason why the business sector should be more assertive to meddle in the affairs of Philippine educational system. History will break down these reasons.

The education that was

In 1990 the Congressional Commission on Education was created by the

Connect the dots

Jennifer A. Ng Vittorio V. Vitug

Senior Editors

Creative Director Chief Photographer

Why business sector should push for EdCom 4.0

John Mangun

OUTSIDE THE BOX

C

onsidering the fact that I write four pieces published every week, I am starting to worry what might be my subject matter six months from now. I think I was able to pound out about three columns during the last “pandemic”—the first “SARS’ in 2003. As I wrote recently, Covid has been a blessing in disguise for politicians and pundits.

In October 2019 the title here was “PHL economy: Pushing Forward.” I quoted an in-depth study of the economy from the Oxford Business Group. “With strong economic growth, an expanding population, and an increasingly sophisticated internal market, the Philippines is one of Asia-Pacific’s brightest investment opportunities.” File that under “things happen.”

Also last year, at this time I wrote that “we are witnessing a near-global situation of a breakdown of trust in government.” As they say, that escalat-

ed quickly. Now, few people trust their government except, apparently, in the Philippines.

My column on September 26, 2019 was 2020: Be Prepared For Anything.

“The period of Political Chaos began in October 2015. The period of Economic Chaos will begin in January 2020. The economic chaos is just beginning. Do not be surprised by the bizarre economic news that will soon fill the headlines.”

We have been programmed to believe that we are constantly walking

Joint Resolution of the 8th Congress on June 17, 1990. This was driven by the decline and deterioration of education for 65 years since the Monroe Survey of 1928. The findings that were most significant to business and industry include the manpower mismatch and irrelevance of education.

The EdCom made recommendations that led to major education reforms including the tri-focalization of education—having three separate agencies in charge of the basic and special education, the technical vocational education and training, and the higher and graduate education.

The teachers have been professionalized through the Board of Professional Teachers under the Board Licensure Examination for Professional Teachers of the Professional Regulation Commission.

The Enhanced Basic Education Act gave birth to the K-12 in 2013, with 1.3 million senior High School graduates in 2018. Before 2013, the Philippines was the last country in Asia with 10-year basic education.

Thirty years after the EdCom, the relevance and quality of education remains in question.

Are we producing quality graduates?

In 2018, the Organization for Economic Cooperation and Development conducted the Program for International Student Assessment (PISA) to some 600,000 15-yearold students in secondary schools from 79 countries representing some 32 million people of the same age.

Students in the Philippines scored lower in reading, mathematics and science than those in most of the countries and economies that par-

blindly into the future. Governments have always wanted the people to think of “government” like a parent that the child must rely on to safely cross the street. That is why the powers-that-be always try to keep vital information to themselves. But that is no longer possible in the age of easily accessible information.

For example: The disputes in the South China Sea are about oil and protecting the livelihoods of “poor” local fishermen. While fossil fuel is important, it is equally about fresh fish.

China is not only the world’s biggest seafood exporter, the population accounts for more than 30 percent of all global fish consumption. China’s 15,000 strong sea-going fishing fleet accounts for more than 50 percent of all squid caught in international waters. Part of that fleet travels 17,000 kilometers to fish the waters of South America. The government must financially subsidize that fish catch to be anywhere near economically viable.

Now we read (New York Times): “China’s campaig n to encourage mealtime thrift has been a cheerful affair, with soldiers, factory workers and schoolchildren shown polishing their plates clean of food.” Any chance that the Chinese government knows

ticipated. The country’s average score in reading was 340 score points for an OECD average of 487. In mathematics, students in the Philippines scored 353 for an OECD average of 489. And in science, students in the Philippines scored 357 points for an OECD average of 489. Over 80 percent of students in the Philippines did not reach a minimum level of proficiency in reading. Out of the 79 countries, the Philippines ranked 78th in reading and 77th in science and mathematics.

It is noteworthy that the expenditure per student in the Philippines was the lowest among all PISA—participating countries/economies— and 90 percent lower than the OECD average.

These PISA takers are, at the time of this writing, entering legal age of 18 and soon will join the work force.

The PISA may not be sufficient basis to judge the products of the basic education but it is surely a conclusive information that could strengthen or weaken our claim of a world-class education.

Are the graduates employable?

Data from the Philippine Statistics Authority say that of the 5.3 percent unemployment rate in October 2018, 24 percent of these were college graduates, 16 percent were college undergraduates, and 27.5 percent have completed junior high school.

There is a slow school-to-work transition. High School graduates take three years to find first job and four years to have permanent wage job.

For college graduates, it takes a year to find a job and two years to have a permanent job.

See “Balita,” A7

the nation is potentially facing a food shortage?

I said on June 3, “Get prepared for the largest PSEi rally in history.” But two weeks ago: “How will you know when to buy? Watch the volume. Until then, take a nap like the PSE is doing.” It now appears the local stock market is slowly waking up.

There are three factors to look for in selecting individual issues. Certain companies will greatly benefit from the economy “reopening.” Jollibee share price is up 56 percent from its May low. Others will go much higher as the government scrambles for new sources of revenue. The Mining Index is up 75 percent from its low closing in March.

A select few are now providing products and services particularly geared to consumers in the time of the pandemic and beyond.

You do not need a crystal ball to see what tomorrow may bring. You just have to be aware of what is going on today.

Just connect the dots.

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

Opinion BusinessMirror

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PHL needs to avert energy crisis

Familiar but ever challenging

As oneself

Msgr. Sabino A. Vengco Jr.

Alálaong Bagá

Val A. Villanueva

Businesswise

W

hile the entire Philippines is on edge to contain the spread of Covid-19, there are other equally pressing concerns that could derail the country’s efforts to rise from economic stagnation.

One of these problems is the possible lack of power to support economic development. One doesn’t need to be an expert to understand that electricity powers industries which in turn stimulate growth in every sector of the economy that will contribute muchneeded cash to the national coffers.

I dread the repeat of the day in the early ’90s when the whole country literally and figuratively sweated from rotating brownouts caused by the shortsightedness of government agencies tasked to ensure stable power supply.

Now comes Energy Secretary Alfonso Cusi warning us that we may not have sufficient electricity requirements in the near future. Experts predict that reserves from the Malampaya gas field will only last up to 2027.

Others believe that the scenario could happen much earlier than expected.

While reserves from the Malampaya gas field will last until 2027, they won’t be enough to fuel future energy requirements.

Cusi said that Malampaya lacks the gas supply that is crucial in providing future natural gas requirements “particularly with the plan to expand application of LNG [liquefied natural gas] in the industrial, commercial, residential, and transport sectors.”

In the recent 9th Liquefied Natural Gas Producer Consumer Conference, he announced that the Department of Energy (DOE) “is aggressively pushing for LNG investments to ensure the country’s energy security [given the] expected depletion of the Malampaya Gas field in the next few years, as well as realize its aspiration of making the Philippines an LNG hub in Southeast Asia.”

Cusi pointed out “the recent urgent need to attract more investments in the downstream LNG industry in the country.” The DOE has issued a notice to proceed (NTP) to two new LNG terminal project players, US-based Excelerate Energy LP., and Batangas Clean Energy Inc. First Gen Corp.

But one of the early foreign companies to venture in the field, Australiabased Energy World Corporation’s (EWC) LNG Pagbilao project is 99 percent complete and its operations until now have been stymied by government red tape. Efforts to piggy-back on existing transmission lines had faced a formidable roadblock, and the government has been unwilling to lend a hand to EWC, which has already invested millions in the project and created thousands of direct employment, with many more benefitting, considering its multiplier effects. In fact, the LNG Pagbilao Project is “locked and loaded” to provide sufficient energy, if only the government allows it to temporarily connect its facilities to existing grids while it builds its own.

Despite lulls in construction because of the pandemic, EWC continues to build its own grid, according to former Quezon governor Eduardo Rodriguez. “Work continues, and the company is close to solving the rightof-way problems which earlier beset its construction works,” Rodriguez said.

What is mind-boggling is how the government can wave an SOS flag to new LNG investors to come in, even as it drags its feet on giving the go-signal to the LNG Pagbilao Project that is already prepared, ready and able to

Balita. . .

continued from A6

It was pointed out that for the past decade and more, the full potential of the academia-industry partnership is far from being utilized due to basic attitudinal differences and driven interests of the stakeholders, making partnership problematic. Job-skills

provide power to the country.

Cusi himself acknowledged that LNG remains the best option to ensure the country’s future energy requirements will be sufficiently met. Consider these: Luzon would initially require 3.5 metric tons yearly of LNG to fully cover its existing 3,200 megawatts of gas-fired power plants. Malampaya’s $4.5-billion deep water gas-to-power project in offshore Palawan fuels more than 30 percent of the Luzon grid’s energy requirements.

Even Sen. Sherwin Gatchalian, chairman of the Senate committee on energy, is deeply worried over the impending exhaustion of the Malampaya natural gas, recognizing that it is the second-biggest source of electric power in Luzon.

“We’re racing against time. If we fail to act now, we could be experiencing anew a debilitating rotational brownout by 2024 once our power supply from the Malampaya gas field is depleted,” Gatchalian said. He noted that the absence of additional fuel supplies would jeopardize energy security and might lead to possible rotational brownouts.

Gatchalian filed Senate Bill 1819 to provide a national energy policy and framework for the development and regulation of the Philippine midstream natural gas industry.

Citing how insufficient power debilitated the country in the 1990s, he said that LNG terminal projects should be in place before the anticipated depletion of gas from Malampaya by 2024.

“The proposed Midstream Natural Gas Industry Development Act,” Gatchalian reported, “will encourage private capital and foster an open and fair competitive market, while at the same time [ensuring] safe, reliable and environmentally responsible operation of LNG terminals.” He added that the proposed legal framework for the midstream natural gas industry would likewise ensure consumer protection as it would mandate a transparent and competitive pricing of services.

EWC’s LNG Hub Terminal is the first of its kind in the Philippines. It can process 3 million tons of LNG per annum, which is sufficient to generate up to 3,000 MW of gas-fired power plants. Its second tank, which is currently being constructed, can supply up to 6,000 MW of power. The project costs over $750 million of direct investment in the Philippines, and has created over 800 direct jobs during the construction period. The project signifies that the country will now be able to gain access to clean and affordable fuel for power generation, and further develop its gas infrastructure. EWC can commission the first 200-MW unit of its gas-fired power station in six months after the drawdown of funds from the company’s policy bank lenders—the Development Bank of the Philippines, LandBank of the Philippines and Asia United Bank—with 400 MW and 650 MW at three-month intervals thereafter.

Despite this dire energy scenario painted by both Cusi and Gatchalian, why is it that EWC’s LNG project is still getting the cold-shoulder treatment from the government? What gives?

For comments and suggestions, e-mail me at mvala.v@gmail.com

mismatch was also pointed out as one of the top 3 concerns of employers. A study by the Employers Confederation of the Philippines reports that the graduates are not job ready and that companies cope by conducting their own training.

The disruptors of the times

The Fourth Industrial Revolution has threatened the readiness of

Thursday, October 22, 2020 A7

T

he basic principle Jesus stood for in confrontation with his critics is the ground rule of Judaism and Christianity: the love of God and the love of neighbor (Matthew 22:34-40), an episode retold seven times in our Lectionary. This greatest and most familiar commandment of God needs to be recalled into actual practice if our faith is not to be a caricature.

With all one’s heart TO love God with all one’s heart and soul and mind (Deuteronomy 6:5) means a constant and complete attention to the beloved. It is a love that is inventive and generous and developmental, not limited to a set of predetermined duties or particular applications. It does not aspire to be eventually free of the beloved nor consider it acceptable to be no longer somehow obligated to the demands of the beloved. Hence specific items entered on a calendar like celebrations and anniversaries are only reminders and longed for opportunities, not debts or bills that must be paid.

As we saw last week, “giving to

God what is God’s” means God alone can demand from us, and is worthy of our total and absolute surrender, so that even our rendering to Caesar what is Caesar’s falls under the supreme law of God. Since God alone is God, we must love Him with our whole and undivided heart, excluding nothing of oneself from Him and reserving nothing of oneself for somebody else or for something else.

In effect we shall worship no other, rejecting any idolatry of money or fame or power. We allow no pretentious Caesar to manipulate us for the sake of national security or economic progress, to steal or murder or lie in violation of God’s law and in exchange for God’s love.

Created especially in God’s own image, humankind images and represents God in the world. So, the greatest commandment for humankind is the love whereby our love of God is authenticated by our love for one another as beloved creatures in God’s image and likeness. We are entrusted to each other, so that we can love God in each other. The love we bear God whom we do not see is judged by the manner we act toward other human beings whom we see and must appreciate as bearers of God’s love and image. Indeed, the love of God remains in us and is brought to perfection in us by the love we have for one another (1 John 4:12).

Nothing is better than the love testifying to the mystery of God and to His presence in our lives.

Doing anything contrary to our neighbor’s good can never correspond to God’s will and to the love we owe Him. It is the imperative of love to determine what must concretely be done at any given time.

A rule of thumb is to ask oneself what would one do or wish to be done for oneself under similar situation, or simply be guided by the golden rule that I would never do to anyone what I would not want anyone to do to me. There is still

some risk that we may be mistaken, for we are not always sure what may really be good for us here and now. That is why it is prudent to seek the advice of others more experienced, or to have recourse to such necessar y experience as contained in our traditional values and guidelines.

Alálaong bagá, it is senseless to separate the first commandment from the second, or vice versa. For the love of God is first in the order of precept, while the love of neighbor is first in the order of practice, inasmuch as we do not see God but our neighbor is immediately and perceptively with us in this life.

As God’s love for us became incarnate in His Son Jesus Christ who became our loving, saving brother in our midst, we must continue to find that love in the flesh, in our brothers and sisters with whom Jesus has identified Himself. Our love for one another verifies our belonging to Jesus and links us up with God’s eternal reign of love and communion. We ready ourselves to see God in the next by loving our neighbor now.

Join me in meditating on the Word of God every Sunday, from 5 to 6 a.m. on DWIZ 882, or by audio streaming on www.dwiz882.com.

CSOs in 93 countries cry: Debt justice now!

But outside the IMF-WB Conference, another and bigger gathering was taking place. Through a Global Week of Action for Debt Cancellation (GWADC), trade unions, farmer organizations, Church groups, civil society movements and other organized sectors of society around the world held daily protest actions, online and on the streets, against the failure of the twin international finance institutions (IFIs), G-20 governments and big private banks to address the debt crisis of the developing countries and the survival needs of humanity in Covid times.

Over 550 civil society and people’s organizations from 93 countries participated in the week of protest action (October 10 to 17) against the back-breaking debts.

They were united in the call for the cancellation of unjust and usurious debts, the use of resources freed from debt to cover the vital health and life needs of the people, and the establishment of a new people-centered global financial architecture under the UN system.

The GWADC was organized by the Asia-Pacific Movement on Debt and Development, Action Aid, Oxfam International, Jubileo Sur Americas, African Forum on Debt and Development, European Network on Debt and Development, Fight Inequality Alliance, and numerous national organizations representing millions from all regions of the world: Latin America, Africa, Europe, North America, Middle East and Asia-Pacific. The daily protest actions were capped on October 14 by a global concert-rally, held online for half a day, featuring singers, poets and testimonies of people from all walks of life against unjust debt. The GWADC was a demonstration of people’s unity and solidarity against the failure of the international

creditors led by the twin IFI sisters to find decisive solutions to the multi-sided crises facing humanity due to the twin pandemics: Covid and debt.

And yet, at the IMF-WB Joint Conference, officials were claiming that they were hard at work finding such solutions. The information bureaus of the twin sisters were busy releasing daily communication bulletins on the various “development initiatives” that the IMF and World Bank have lined up to ease the debt burden of developing countries, bolster their efforts to contain the Covid spread and manage the health-economic crises affecting their respective populations.

The IFI leaders also tried to project the image that they were listening to the CSOs’ pleas for debt justice. In fact, WB’s President Davil Malpass, in his remarks to the Development Committee of the Annual Conference, sounded like a radical activist. He said “we must consider debt stock reduction,” meaning the World Bank is pushing for measures that go beyond the cosmetic “debt relief” program. He declared: “Otherwise, there’s no light at the end of the debt tunnel for the people in the debtor countries.” He also cited the need for changes in the “global financial architecture” in order to solve financial inequities and stop the “net transfer of resources.”

Aha, “net transfer of resources”!

What does this mean?

The World Bank failed to elaborate what the transfer mean. However, net transfer of resources is indeed at the heart of the inequity in the present debt and financial architecture. By borrowing and accumulating debts, developing countries end up transferring more capital resources to the creditor governments

and the big global banks. The equation easily becomes negative for the borrowers because of the requirement of the creditors for the continuous servicing of principal and interest for debts that keep swelling or piling up due to debt rollovers, growing debt servicing burden, debt restructuring programs and the failure of the borrowing countries to meet growth targets under tough austerity program and questionable policy conditionalities imposed by the creditors.

The last, questionable policy conditionalities, include the neo-liberal structural adjustment policies which paralyze a debtor country’s capacity to shape its own economic program based on its existing level of development and development priorities. For example, a policy conditionality requiring a poor and underdeveloped borrower country to adopt a one-sided unilateral trade liberalization program can lead to an unequal trade arrangement pattern: exportation by the said borrowing country of cheap unprocessed raw materials and the importation of expensive finished products. This, in fact, is at the roots of the present debt crisis facing a number of African countries, whose earnings from commodity exports have been dwindling under the Covid pandemic.

The unjust debt situation is further compounded by what the GWADC organizers dubbed as the “illegitimate” character of a large portion of the debts incurred by developing countries. The “illegitimate” debts are those “lent irresponsibly and unfairly, driven by predatory lending, used to finance harmful projects and policies, failing to comply with legal and democratic requirements, saddled with onerous and unjust terms, incurred by private corporations but assumed by governments or incurred through public guarantees of private profits, wasted or stolen.”

To complete the debt picture, some of the global creditors who are hiding behind the protective mantle provided by the IFIs and the Paris Club are speculative hedge funds or private equity firms.

They can withdraw from a market in a herd-like fashion after profit-taking from speculative investments (stocks, currencies, land prices, futures markets), triggering in the process a capital outflow that can bring down economies of borrowing countries to their knees in a matter of weeks or months such as what happened during the 1997-1998 Asian financial crisis.

The Philippine debt history from the 1980s to 2010s is a classic illustra-

Philippine graduates in the language of rapid technological developments and fast-paced industry advancements. The key employment generators, namely construction, manufacturing, tourism and information technology are at high risk of being automated. Drastic changes are predicted to impact the overall business landscape. The International Labor Organization

predicted that 49 percent of Philippine industries are at high risk of automation over the next 20 years, with Business Process Outsourcing in the frontline.

While all sectors were talking about and bracing for the disruptive Industry 4.0, the Covid-19 pandemic came into the picture. And education is challenged both in its manner of adoption of technology

(adaptation to the new normal) and in its role in developing the competencies of its product for the world of work. The digital divide may widen the disparity that still exists in the achievement of the quality of education in the Philippines. And the educational system, the educational institutions, the teachers, the learners and even the families are set to high level of stress and

Dr. Rene E. Ofreneo

LABOREM EXERCENS

L

ast week saw a divided world on the issue of debt.

On October 12 to 18, the International Monetary Fund (IMF) and the World Bank (WB) gathered the world’s finance officials and central bankers in their annual Joint Conference, held online for the first time. The main agenda: how to address the world’s health and economic crises through new loans, new financing mechanisms and new programs to ease the debt servicing burden of borrowing countries.

tion of the dynamics of the net resource transfer. The country spent through the decades over $100 billion servicing the original $26 billion bequeathed by the Marcos Administration; yet, it still ended up with a bigger stock of debt that keeps growing up to the present. The decades of the 1980s to 2010s became “lost decades” for the nation in terms of growth because of a major stumbling block to development: the government’s subservience to the austerity program of the twin sisters, the one-sided trade and investment structural adjustment programs (which wiped out large segments of domestic manufacturing and agriculture), and the unreasonable “automatic debt servicing” arrangement (a Marcos-era law requiring government to automatically allocate funds for debt service, no matter how big is the share of the debt service in the national budget). The Philippines was also forced to pay for debts used to finance odious and unproductive projects such as the Bataan nuclear power plant, whose cost was originally priced at $500 million but ballooned to over $2 billion without generating a single watt of power. And yes, the Philippine economic landscape is littered with debt cases in support of questionable and expensive infra projects.

Now the big question: was the recently-concluded IMF-WB Annual Conference able to address the inequities in the global debt architecture cited by WB President Malpass?

Unfortunately, the results of the Conference, as summarized in the Communique of the Development Committee of the said Conference, indicate a big NO. The pro-people rhetorics of the leaders of the twin sisters do not match the debt programs that they are lining up on the ground. The overwhelming focus was on how to increase or enhance further the lending capacity of the two IFIs and how to ameliorate the debt burden of borrowing countries by extending the Debt Service Suspension Initiative up to the middle of next year. The DSSI, a project involving the G-20 countries, does not reduce the debt stock of developing countries. Nor does it insure the world from a possible systemic debt crisis similar (or even bigger) to the 2008-2010 global financial crisis.

Clearly, the IFIs and goverments of the world should take a historic pause and heed the call of the GWADC organizers: bolder solutions to the inequities in the global debt and financial architecture.

Yes, debt justice now!

anxiety, if not panic.

The business sector, being the major end-user of the products of education, should take the lead in calling and pushing for the Edcom 4.0 to enable a collective review and assessment of the Philippine Educational System. In this way, we may be able to move toward the envisioned future of transforming Philippine society through education.

A8 Thursday, October 22, 2020

2021 LGU collection target to be cut 68% to ₧102.01B T

By Bernadette D. Nicolas

@BNicolasBM

HE Bureau of Local Government Finance (BLGF) is looking at slashing the total collection target of local government units (LGUs) next year to P102.01 billion, a 68-percent decline from the P321.6-billion original target it set for the same period before the Covid-19 pandemic.

Should this be realized, BLGF Executive Director Niño Raymond B. Alvina said the 2021 target for next year would be a 47-percent drop from its revised final collection target for this year for LGUs at P193.04 billion.

This, as BLGF expects significantly lower proceeds across all revenue sources next year.

For real property tax and business tax, BLGF said they are looking at initial collection targets

that are 50 percent lower than their final targets this year. Moreover, collection targets for fees and charges, and receipts from economic enterprises are also expected to drop by 42 percent and 35 percent, respectively.

“We expect that the effect would be more pronounced next year as a result of the financial losses in 2020, on which local tax assessments will be based. And of course, the lower capacity to pay of

taxpayers due to job losses, lower production of goods and services, business closures, or retirements and the overall contraction of the economy,” Alvina said.

However, Alvina told BusinessMirror these are still “initial” targets and have yet to be finalized.

“Those 2021 targets have not yet been released, still part of our outlook/estimates and analysis.

The figures will be finalized in the next few days as we check on individual LGU variances, then we will release to the local treasurers,” he said.

As of the first half of this year, BLGF said actual local revenue collections amounted to P157.93 billion, equivalent to just 51 percent of the original full-year target at P307.08 billion.

Compared to the collection performance in the same period in 2019 at P162.24 billion, this was lower by 3 percent or P4.31 billion as all major local revenue sources suffered a year-on-year decline except for business tax which posted an increase of P6.05

billion or 8 percent.

Receipts from economic enterprises for the first semester this year suffered the biggest decline of 31 percent to P8.95 billion from P13.04 billion in the same period a year ago.

In its 2021 fiscal risks statement report, the Cabinet-level Development Budget Coordination Committee (DBCC) said the negative financial impact of Covid-19 pandemic to the national government will be felt further by LGUs in the medium term as the national tax allocation transfers from the national government to LGUs by FY 2023 will be based on FY 2020, where the decline in national government collections is expected.

W hile there will be an anticipated increase in the LGUs’ adjusted internal revenue allotment (IRA) due to the Supreme Court ruling on the Mandanas case, the DBCC said this will be “short-lived” and may continue in FY 2024 if collections for FY 2021 of the national government

do not significantly recover.

The Mandanas ruling said computations of the share of LGUs in the national taxes should include national internal revenue taxes and customs duties.

As a result, the DBCC said the new computation will result in an additional IR A requirement of around P234.4 billion in 2022 or 0.92 percent of GDP. Further, the DBCC said this will translate to a lower national government share and consequently lesser space to fund new and/or existing programs, activities, and projects.

To mitigate the impact of the SC ruling, the DBCC also earlier said the Executive is currently considering three measures, which include submitting a legislative proposal to Congress that lowers the LGU share from 40 percent to 30 percent of national taxes; declaring an “unmanageable fiscal deficit” to bring down the LGU share from 40 percent to 30 percent; and gradually devolving services to the LGUs.

PHL logs 1,509 new Covid cases; total at 362K

T

HE Covid-19 cases in the country surged to 362,243 after 1,509 newly confirmed infections were logged on Wednesday.

Of the confirmed cases, 43,990 (12.1 percent) are active cases, 311,506 (86.0 percent) have recovered and 6,747 (1.9 percent) have died.

There were 911 recoveries and 60 deaths recorded as of 4 p.m. of October 21.

The DOH said the top regions with cases in the recent two weeks were National Capital Region (NCR) with 320 or 24 percent, Region 4A (297 or 22 percent) and Region 6 (129 or 10 percent).

This brings the total number of recoveries to 311,506.

The DOH said that of the 42,191 active cases recorded on October 19, majority of the patients exhibited mild symptoms (35,041; 83.1 percent) while 1,501 patients are in critical condition (3.6 percent).

Meanwhile, the utilization of hospital beds for Covid-19 patients remained relatively stable in the past weeks.

DOH data showed that 41 percent or 9,037 beds are occupied out of 21,869 as of October 19.

For intensive critical unit (ICU) beds, 48 percent or 894 beds out of 1,879 are occupied; 35 percent or 2,298 out of 6,512 ward beds are currently being used; and 43 percent 5,845 isolation beds occupied out of 13,478.

“The number of confirmed severe and critical cases may not necessarily correspond to occupancy of ICU beds and mechanical ventilators as suspect and probable cases in severe or critical condition also utilize these resources,” the DOH said. Claudeth Mocon-Ciriaco

Workers clean up trash and water hyacinths washed ashore on Manila Bay’s “white-sand beach,” as Severe Tropical Storm Pepito battered Central Luzon with heavy rains. The Department of Environment and Natural Resources has come under pressure to revisit its controversial P400-million project in Manila Bay, with critics citing economic, health and legal implications. ROY DOMINGO

More funds sought for housing for ISFs

By Cai U. Ordinario @caiordinario

T

HE Department of Human Settlements and Urban Development (DHSUD) is seeking additional funds to build more houses for informal settler families (ISFs) and those in need of low-cost housing units given the importance of having one’s own shelter particularly during pandemics.

In a presentation at the Senate Finance Subcommittee hearing on Wednesday, DHSUD said it is requesting for an additional budget of P12.557 billion, nearly three times the budget proposed by the Department of Budget and Management (DBM).

The DBM had only recommended a budget of P3.68 billion for the housing sector. The amount represents just 5.17 percent of the P77billion budget that DHSUD was hoping to acquire for its projects and programs for next year.

“The DHSUD budget just represents 0.08 percent of the total national budget,” Senator Francis Tolentino stressed. “It has been stressed over and over again that the first line of defense against Covid-19 is really your house. How can you have a lockdown if you don’t have a house of your own?”

Tolentino said.

In a presentation, DHSUD Planning Service chief Mylene A. Rivera said the additional funds will be primarily used for resettlement assistance of NHA to local government units (LGUs) and indigenous peoples as well as the Community Mortgage Program (CMP) of the Social Housing Finance Corp. (SHFC).

Rivera said the LGU assistance for resettlement will amount to P5.947 billion while the CMP will cost P5 billion.

Around P1 billion of the additional funds will be used for the Marawi Reconstruction, Rehabilitation and Recovery Fund Program and some P200 million for the operationalization of DHSUD central and regional offices and establishment of Housing One-Stop Processing Centers (HOPCs).

The requested additional budget will also finance the P400 million worth public housing assistance of the DHSUD. This program provides emergency financial assistance for disaster affected families and land acquisition for resettlement/socialized housing and rental subsidy.

“The [proposed] budget of NHA can only finance two programs which is the resettlement of ISFs affected by the Supreme Court’s mandamus to clean up the Manila Bay area, as well as the emergency housing assistance program; all the other programs of NHA are unfunded. In the case of the SHFC, they have not received any budget for their CMP even in 2018 and 2019,” Rivera said.

Continued on A2

Tieza’s Boracay drainage project delayed anew

By Ma. Stella F. Arnaldo

@akosistellaBM Special to the BusinessMirror

B

OR ACAYNONS will have to wait a bit longer for the completion of their drainage system, a project by Tourism Infrastructure and Enterprise Zone Authority (Tieza).

But Tieza Chief Operating Officer Pocholo D. Paragas gave assurance the delay was not due to the

lack of travel taxes because of the current Covid-19 travel restrictions preventing the departure of tourists and Filipinos alike. He told the BusinessMirror, “There is zero impact because for Tieza, such projects are not part of the General Appropriations Act, and we defended the amount as not to be part of the contribution to the Covid effort as it is an essential part for the recovery efforts of tourism especially Boracay, which is of national interest.” It

would be recalled that the Department of Tourism (DOT) turned over P12 billion, mainly Tieza funds, to the Bayanihan 1 Covid-19 effort.

Phase I of the two-phase, fourstage drainage expansion project was completed in 2014 at a cost of P91.8 million. Phase II has a budget of P1 billion with a new target completion date of December 2021.

Free RT-PCR tests

A s t h i s d e v e l o p e d , D O T ’s

marketing arm, the Tourism Promotions Board (TPB), will be funding the RT-PCR testing of some 4,000 tourism workers in Boracay with the allocation of P8 million to the Aklan provincial government.

“By supporting RT-PCR testing among workers in Boracay, the DOT reiterates that safety is the unparalleled priority in reopening domestic tourism. We want to restore confidence among travelers and protect their health and well-

being as our tourism workers get their livelihood back,” said Tourism Secretary Bernadette Romulo Puyat in a news statement.

The Department of Trade and Industry recently clarified that RTPCR testing of tourism workers in Boracay was not mandatory. (See, “DTI’s Lopez: Boracay workers don’t need mandatory Covid-19 testing,” in the BusinessMirror, October 5, 2020.)

Continued on A2

Companies BusinessMirror

www.businessmirror.com.ph

Thursday, October 22, 2020

B1

PSALM debt shrinks despite pandemic

T

By Lenie Lectura

@llectura

he Power Sector Assets and Liabilities Management Corp. (PSALM) has trimmed its financial obligations to P393.3 billion in the January-to-June period from P422 billion at end-2019.

PSALM President and Chief Executive Officer Irene Joy Besido-Garcia said during the Senate budget hearing the other day that the state firm was able to reduce its debt by 68.3 percent amounting to P847.3 billion from the peak of P1.24 trillion in 2003.

“As of June 2020, it is now down to P393.3 billion. This consists of debts amounting to P261.2 billion and IPP [Independent Power Producer] lease obligations of P132.1 billion,” said Garcia.

PSALM said it had sufficient funds

to pay all its maturing obligations even those that fell due during the enhanced community quarantine (ECQ). It said its liquidity was mainly because of its efficient performance in 2019 and in the early months of 2020, and notwithstanding the deferment of substantial revenue collections during the ECQ as ordered by the Energy Regulatory Commission and the Department of Energy on Covid-19.

“In terms of actual collection, we have P624.862 billion in actual collection from the various assets that we

have privatized. For 2019, we collected P39.578 billion. In the first semester of the year, we collected P19.489 billion notwithstanding the pandemic,” added Garcia.

PSALM has been paying its maturing debts and IPP obligations, including interest and other charges, despite the ECQ and the deferment of revenue collections from power bills, certain IPPA payments and the Universal Charge.

The state firm is also experiencing financial setbacks caused by Covid-19 and the ECQ, but Garcia said PSALM

‘Focus on data security in cloud shift’

By Tyrone Jasper C. Piad @TyronePiad

E

xperts have urged local banks to prioritize data security when shifting to a cloud-based technology as they boost efforts to remain competitive.

Over 20 financial institutions have already incorporated cloudbased systems into their core banking solutions, the Bangko Sentral ng Pilipinas (BSP) said earlier.

“As banks transition to cloudbased technologies, it is paramount to ensure that both customers and banks data are protected and secured,” Bank of the Philippine Islands (BPI) Chief Digital Officer Noel Santiago told the BusinessMirror.

Rizal Commercial Banking Corp.

(RCBC) Chief Economist Michael L. Ricafort agreed, saying that banks

PLDT rolls out more fiber lines

By Lorenz S. Marasigan @lorenzmarasigan

A

s demand for home broadband continues to rise, PLDT Inc. said on Wednesday that it is rolling out “additional fiber lines” and is adding 500,000 new ports nationwide, as it seeks to support the need for Internet connectivity during the pandemic.

Alfredo S. Panlilio, the company’s chief revenue officer, said the initiative will run for three to six months.

This is part of the company’s P70-billion capital expenditures programmed for 2020.

“PLDT is rolling out more fiber, more ports in more parts of the Philippines than it has ever done before because we want to connect as many Filipino families as we possibly can to our fiber network. We have now put into place more install and repair teams so we can connect more Filipinos to the most extensive fiber infrastructure in the country,” he said.

Menardo G. Jimenez Jr., the company’s SVP for the home broadband business, noted that his group has already adapted to the work flow during the pandemic, and that the company is confident of completing the initiative despite limitations.

“PLDT’s network service teams have worked out how to operate under pandemic conditions and have been able to steadily ramp up their installation capacity,” he said.

should follow the best practices, along with the prescribed guidelines by the regulators.

Both banking experts said using cloud-based systems is beneficial for the banking industry and its clients, stressing it could drive growth for financial institutions.

Ricafort said cloud-based operations can further hike productivity, improve customer service and optimize work collaboration in a digital space.

Using cloud-based systems "entails further reduction operating costs with reduced use of hardware and physical space requirements, thereby also helping boost cost efficiency as well as overall profitability," Ricafort added.

At the same time, using such a system is seen boosting bank data, which the RCBC economist said is very important to make

well-informed decisions.

“Cloud-based systems and solutions will give banks an advantage in terms of rapid scalability, higher availability, and cost efficiency," the BPI official said. “This will enable banks to serve more clients with enhanced reliability and accessibility.”

The shift to cloud is parallel with the digitalization initiatives amid the Covid-19 pandemic lockdown and social distancing measures, Ricafort said.

In a joint study by International Data Corp. (IDC) Financial Insights and Huawei Technologies Co. Ltd., it was noted that the Philippine banks were among the financial institutions in the Asia-Pacific region that were using cloud as means of storage management.

The report said there were “some positive developments in markets

such as the Philippines and Korea but many [were] still held back by regulatory fear.”

IDC and Huawei said cloud is flexible storage because it allows data to be accessed digitally. It also serves a platform of services and tools which provides quick access to analytic tools and development tools, including artificial intelligence.

BSP Governor Benjamin E. Diokno, in a recent online event, encouraged thrift banks to leverage on technology such as the cloud to reduce their operational costs.

“In order to remain competitive and protect the business, thrift banks need to embrace these emerging trends to make use of available technology, to identify growth opportunities and to establish synergies with other players and industries in order to meet evolving customer demands,” he added.

FGEN asks 3 firms to submit bids for FSRU

F

GEN LNG Corp. (FGEN LNG), a wholly owned subsidiary of First Gen Corp. (First Gen), has formally issued a request to tender for a Floating Storage and Regasification Unit (FSRU) to 3 interested bidders.

It said Wednesday that it issued a Binding Invitation to Tender (BITT) to 3 preferred tenderers: BW Gas Limited, GasLog LNG Services Ltd., and Hoegh LNG Asia Pte Ltd. All 3 completed a non-binding pre-qualification process, following FGEN LNG’s receipt of a Permit to Construct, Expand, Rehabilitate and Modify (PCERM) from the Department of Energy (DOE).

“BW Gas Limited, GasLog LNG Services Ltd., and Hoegh LNG Asia Pte Ltd, are all very experienced players in the international LNG industry and we are delighted that they have expressed such keen interest in providing a suitable FSRU for the benefit of the Project and the Philippines.

We expect that it will be a difficult choice but the BITT process is designed to enable FGEN LNG to select the FSRU supplier and FSRU best suited to meet the needs of the project in order to deliver a safe, reliable and competitive supply of LNG

to our customers,” said Jonathan C. Russell, Executive Vice President and Chief Commercial Officer of First Gen. The BITT was issued to FGEN LNG’s Interim Offshore LNG Terminal (IOT) project that will allow FGEN LNG to accelerate its ability to introduce LNG to the Philippines as early as the third quarter of 2022, to serve the natural gas requirements of existing and future gas-fired power plants of third parties and FGEN LNG affiliates.

An FSRU is a Liquefied Natural Gas Carrier (LNGC) that is capable of storing LNG and which has an onboard regasification plant capable of returning LNG into a gaseous state and then supplying it directly into the gas network.

The IOT will be built at the First Gen Clean Energy Complex in Batangas City. It consists of construction works necessary to modify the existing jetty that will enable it to become a multi-purpose jetty and build an adjunct onshore gas receiving facility.

The company has tapped McConnell Dowell Philippines as the engineering, procurement and construction contractor for its IOT project.

Once FGEN LNG's preparations

for the commencement of construction of the IOT project are complete, including the design and implementation of enhanced work and safety protocols and procedures required to minimize the impact of Covid-19 on construction personnel and the local community, construction may begin within the last quarter of the year.

Earlier, First Gen signed and Tokyo Gas Co., Ltd. signed a Joint Cooperation Agreement (JCA) to jointly pursue the design, development, testing, commissioning, construction, ownership and operations and maintenance of the IOT project.

Under the JCA, Tokyo Gas will have a 20 percent participating interest in the IOT project and provide support in development, construction, operations and maintenance work to achieve a Final Investment Decision (FID).

Upon reaching FID under the JCA, the parties will enter into a Definitive Agreement in respect the IOT project.

The FGEN Batangas LNG Terminal was previously declared by the Energy Investment Coordinating Council through the DOE as an Energy Project of National Significance under Executive Order 30. Lenie Lectura

DMCI to turn over units in Oak Harbor Residences

D

MCI Homes Inc. on Wednesday said it has completed the first two buildings of Oak Harbor Residences, the first project of its premium brand in Asiaworld in Parañaque.

The first luxury waterfront property at the resplendent Bay City will begin accepting move-ins to the completed 16-story Lauderdale and 15-story Westport buildings starting this month through a sectional turnover process, the company said.

The turnover of the two buildings’ 262 units will start from the upper ground floor to the 6th floor and to be followed by units from the 7th floor to the Penthouse.

“For the turnover, DMCI Homes will strictly implement physical distancing and stringent health protocols to ensure everyone’s safety.

Payment via online facilities and digital chan-

nels is also encouraged to ensure a convenient and safe move-in experience for unit owners,” the company said.

Clients may also opt for a virtual turnover of their unit for their convenience and ease.

Construction of the third building, the 15-storey Aston building, the company said, continues.

The building has a total of 164 units and is up for turnover in December next year.

Launched in 2016, Oak Harbor Residences, is the first project developed by DMCI Homes Exclusive, the company's premium brand.

The property was a big seller immediately after it was put out in the market, mainly by Chinese buyers that prefer to have properties in the Manila Bay area. All units, with an introductory price between P9.9 million to P34 million, were immediately sold out, contributing to the

company a total of P6.7 billion in revenue in 2017.

At present, Oak Harbor Residences units are priced between P13 million to P50 million.

Many of its buyers were drawn by the combination of prime location and urban conveniences, as well as its offering of the Manila Bay view and cityscape, and amenities that include an audiovisual room, game area, fitness gym, and a swimming pool for each building.

Apart from an audio-visual room, Oak Harbor Residences also has big private spaces for family events, parties and gatherings.

Unit owners may choose to have intimate gatherings at the Altana Hall or throw a big party at the 554-square meters The Marella Deck, which the company said is the biggest enclosed Sky Lounge among DMCI Homes properties. VG Cabuag

will not default on any of its maturing obligations assumed from the National Power Corp.

“We will continue to work with the privatization of the remaining assets,” she said.

Among the state firm’s assets that have yet to be privatized include the Malaya thermal power plant, CBKHydroelectric Power Plant and Casecnan multi-purpose hydropower plant.

PSALM hopes to sell the Malaya plant this year and the two hydro power facilities by 2021 or 2022.

Airlines urged to refund fares for canceled flights

By Recto L. Mercene @rectomercene

T

he Philippine Travel Agencies Association (PTAA) is urging airlines to provide full refunds for canceled flights when the government-imposed travel restrictions took effect in March 2020.

The request for refund came in the wake of the resumption of international leisure travel and with travel agency operations now allowed to resume.

PTAA President Ritchie Tuaño said that based on the “Outlook Survey” conducted by the association in late September among its membertravel agencies, estimated pending refunds total P315.55 million.

With only close to half the members taking part, the amount due is expected to be on the high side, especially on domestic ticketing.

“Although we relatively have a good assessment on where we are in terms of the pending refunds, we will go through again with those who have not answered the survey to get the complete outlook,” Tuaño said.

He added: “We continue to ask for the public’s understanding on their refunds. Although travel agencies have been moved to Category III status, they remain cautious in resuming operations until such time there is reasonable demand for travel that will allow them to sufficiently cover overhead cost of their operations.

According to the survey, the top 5 airlines with pending refunds are Philippine Airlines, Cebu Pacific, AirAsia, Emirates, and All Nippon

Airways. There are 35 airlines with pending refunds.

“Considering that 3 of the top 5 airlines that have yet to provide refunds fly the domestic route, it gives us pause to evaluate the pending refunds further. We want our member travel agencies to have the financial capacity to resume their operations normally,” Tuaño said.

He said airline refunds from cancelled flights over the last seven months have been coming in trickles "but the PTAA will continue to pressure them so that travel agencies can return them to their respective clients."

The survey indicated that 74 percent of PTAA member travel agencies will only open when there is enough business to sustain operations and that 84 percent are laying the groundwork for contactless transactions.

Furthermore, 87 percent of the member travel agencies said they will again offer all their services, 71 percent believe they will benefit from the travel bubbles, and 85 percent will change their pricing strategy.

“We want our members to have the ability to immediately refund their clients whose flights were cancelled while at the same time have enough flexibility to slowly resume operations even as the country is still dealing with the pandemic,” Tuaño said.

Aside from the travel refunds, the PTAA has been working for its members to gain immediate access to the financial assistance and soft loans as provided in Bayanihan 2.

Bulgari to focus on local customers

B

ulgari is increasing its focus on sales to locals in the countries where it operates, particularly in China, as the pandemic wipes out the tourist market, Chief Executive Officer Jean-Christophe Babin said.

The LVMH-owned jeweler is seeing singledigit domestic sales growth in the western world and high double-digit growth in Asian countries, Babin said in an interview in Rome, ahead of the launch of limited series of Aluminium Tricolore watches on behalf of three Italian children’s hospitals. In addition to China, countries like Korea and Russia are also doing well, he said.

“Online shopping has been growing tripledigit in the last few months,” while tourism has collapsed by the same degree, the CEO said. “We can expect travel retail to remain sluggish in the quarters to come, therefore our very strong focus on local clients will be intensified.”

China is leading a rebound in luxury sales after largely eradicating the virus. With curbs on

international travel, wealthy Chinese consumers are seeking comfort from retail therapy at home.

Bulgari—the Roman brand synonymous with some of the extravagant pieces Elizabeth Taylor wore on the set of Cleopatra—will open five more shops in China in 2021.

Babin said he’s confident Bulgari can recover most of the sales lost due to Covid-19 in two years.

“We won’t see a return to 2019 levels next year, just because it will be hard to reabsorb a 100-percent loss in tourism,” he said. “Luxury is very dependent on traveling and impulse spending.”

Bulgari is sticking to a medium- to long-term plan to expand a line of luxury hotels, he said. The company will open one in Paris next year, one in Rome in a couple of years and its first United States hotel between 2023 and 2025. The goal is to have 15 to 20 hotels by 2030. “Covid will make luxury even more desirable,” Babin said. “When the crisis will be over, people will want to enjoy life more than ever.” Bloomberg News

B2

Thursday, October 22, 2020

Companies BusinessMirror

Rockwell, TGN Realty ink deal to develop land in Pampanga

L

By VG Cabuag @villygc & Elijah Felice E. Rosales @alyasjah

opez-led Rockwell Land Corp. on Wednesday said it signed a joint venture agreement with the Nepomuceno Group’s TGN Realty to develop a 3.6-hectare mixed-use property in Angeles City, Pampanga.

The said deal was forged after the two firms were able to secure the green light from the Philippine Competition Commission (PCC) on October 20.

In a statement late Tuesday, the PCC said it authorized the joint venture of Rockwell Land Corp., TGN Realty Corp., Nepwell Property Management Inc. and siblings Hilda Aurora N. Valdes, Patrick Adrian N. Valdes and Theresa Gracia N. Valdes.

According to the PCC, the transaction will not result in the substantial lessening of competition in real estate market in Pampanga or nationwide. As to why, it explained

the joint venture was formed for the sole purpose of developing the land in the province.

“We are excited to build a new Rockwell community in Pampanga through our joint venture with the family behind the successful Nepo Center,” Rockwell Land President Nestor Padilla said.

Rockwell said its project will have 3 residential towers complemented by a retail component which is poised to be the Power Plant Mall in Angeles, the first Rockwell mall outside Metro Manila.

It will be similarly designed to the Rockwell Center in Makati, such as

Tiny IPOs become new favorite in Turkey

S

hares of small Turkish companies are one of the hottest areas of global stocks this year, and nowhere is the frenzy more pronounced than in the market for initial public offerings (IPO).

Five of this year’s IPOs in Istanbul have risen at least 45 percent in their first five days of trading, and all remain above their offering prices. Technology consulting company ARD Grup Bilisim Teknolojileri AS has surged more than sevenfold since it went public at the end of January. The sixth new stock, Kontrolmatik Enerji Ve Muhendislik AS, attracted demand for 26 times the available shares last week.

Behind the enthusiasm lies the growing conviction among individual investors that their fortune lies in equities. Turkey’s retail buyers have been rushing into stocks amid lackluster returns in fixed-income products and savings accounts, a trend that accelerated during the pandemic-induced lockdown.

The Borsa Istanbul SME Index, a gauge of the smaller companies favored by momand-pop investors, is up 307 percent this year, compared with a 6.5-percent gain for the benchmark BIST 100 Index.

“This is the new hype,” said Huseyin Akyar, a 37-year-old salesman at a textile company. “I don’t care which company goes public, I don’t need to know any details. I will

be buying as much as I can, as long as the hype goes on.

I know it sounds a bit like a Ponzi scheme, but I don’t see an issue if I’m making money.”

Gedik Investment’s website collapsed as the firm took orders last week for the Kontrolmatik IPO. The brokerage’s Twitter account was the target of furious investors who were unable to purchase the new stock. The company, which provides technology services to power plants and electric transmission facilities, gained 9.9 percent in its first day of trading Tuesday and another 10 percent on Wednesday.

Given that the new offerings are small, with a limited number of shares issued, and demand is huge, investors don’t have much concern that the stocks will drop in initial trading. “It’s easy to jump onto the IPO wagon without being afraid,” said Sener Cavus, a 32-year-old investor who is in the retail business. “This has become a way of having fun with other investor friends, we race each other to buy stocks. It also feels a bit like gambling.”

When the market turns, that feeling of fun will quickly dissipate, according to Taner Ozarslan, founding partner at Istanbul-based financial adviser Sparta & Co. “All investors buying IPOs are earning well now, but they might lose one day,” he said, possibly when the market regulator allows bigger offerings. Bloomberg News

the the residential towers and the mall will be connected via an underground passageway for the community’s convenience.

The new Rockwell residential community is targeted to launch in the second half of next year. It will feature a central clubhouse.

Each tower will be 10 to 15 storeys with units ranging from onebedroom to three-bedrooms sized between 44 square meters and 142 square meters.

The residential towers are expected to bring revenue of P6.7 billion, Rockwell said.

The Nepomuceno Group is into education, utility services and real estate. Their 15-hectare flagship project, the Nepo Center in Angeles City’s central business district, features retail establishments Nepo Mall, Nepo Mart and NewPoint Mall as well as PEZA registered office towers eNtec1 and eNtec2.

Future development in the area can boast of improved accessibility with the completion of infrastructure including the expansion of the Clark International Airport and the North-South Commuter Railway that will connect Manila to Clark.

mutual funds

Rockwell said its consolidated net income in the January-to-June period fell 44 percent to P702 million from last year’s P1.26 billion.

Revenues for the period were down 40 percent to P4.14 billion from last year’s P6.93 billion, due to the quarantine restrictions imposed in Metro Manila and key cities in the Philippines where the company operates.

Residential development accounted for 80 percent of total revenues in 2020, slightly lower than last year’s 81 percent.

The company said the first half of 2019 figures were restated to reflect the impact of PFRS 15 mainly on cost of sales and interest expense and PFRS 16 on rent expense, depreciation and interest expense in order for the 2020 figures to be comparable.

For the second quarter alone, Rockwell registered a P32-million loss as against the previous year’s P538-million income.

Revenues for the period, meanwhile, reached P924 million, down by 73 percent from last year’s P3.44 billion, but mostly as a result of its interest income as other revenue streams were depressed.

October 21, 2020

www.businessmirror.com.ph

PSE STOCK QUOTATIONS

October 21, 2020

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

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

93.9 74 21.65 9.46 42.15 9.21 16.76 27 51.45 96 17.66 99.95 54.35 0.74 26.6 0.51 3.73 6.97 1.13 0.295 0.57 156.5 1875 1.01

93.95 75.8 21.7 9.49 42.4 9.98 17.4 27.1 51.95 101.5 17.68 100 55 0.8 27 0.58 3.89 7.9 1.17 0.31 0.6 157.9 1942 1.06

92 69 21.6 9.35 41.6 9.54 17.46 26.5 51.5 96 17.1 97 54.25 0.8 26.7 0.58 3.7 6.87 1.13 0.3 0.6 157.9 1945 1

94 75.8 21.75 9.5 42.5 9.92 17.5 27.7 52 96 17.8 100 55 0.8 27 0.58 4.08 7.9 1.17 0.3 0.6 157.9 1945 1.02

92 68.95 21.6 9.28 41.5 9.54 16.74 26.5 51 96 17.1 97 54.25 0.79 26.5 0.58 3.7 6.87 1.13 0.295 0.56 157.4 1945 1

93.95 75.8 21.65 9.49 42.15 9.92 16.74 27 52 96 17.66 100 54.35 0.79 27 0.58 3.89 7.9 1.17 0.3 0.6 157.8 1945 1.01

6623250 6758710 121300 614000 4327800 23600 3200 712000 9480 60 318400 2183450 19470 3000 18300 2000 265000 13300 11000 310000 169000 1460 10 431000

620513324 484036466 2632125 5778137 182242950 232152 55616 19222205 489043 5760 5631466 217054504.5 1057010.5 2380 487120 1160 1036960 91637 12590 92850 99240 230272 19450 433610

170326881 159881049 -1365910 -337001 5695760 933790 209545 -1803814 68481218.5 -571325.5 -47840 -67937 -

INDUSTRIAL AC ENERGY 3.62 3.63 3.59 3.65 3.51 3.63 22260000 79946610 ALSONS CONS 1.28 1.29 1.24 1.28 1.24 1.28 647000 821600 ABOITIZ POWER 26.55 26.6 26.25 26.65 26.25 26.55 1156100 30641195 0.197 0.198 0.2 0.203 0.196 0.198 2410000 480990 BASIC ENERGY 25.9 26.3 26.1 26.3 25.5 26.3 988300 25836505 FIRST GEN 60.1 61 60 61 59.95 61 135730 8197767.5 FIRST PHIL HLDG MERALCO 284.8 285 290 291 285 285 256050 73361536 MANILA WATER 14.46 14.48 14.08 14.46 14.08 14.46 1437500 20652186 3.15 3.16 3.06 3.2 3.06 3.16 3417000 10696190 PETRON 3.38 3.47 3.62 3.62 3.35 3.38 75000 261310 PETROENERGY 13.8 14 12.72 14 12.58 14 3797200 51126588 PHX PETROLEUM PILIPINAS SHELL 16.4 16.44 16.3 16.5 16.3 16.4 1730200 28379136 SPC POWER 10.9 10.96 11 11 10.86 10.96 328100 3583806 AGRINURTURE 7.66 7.68 7.5 7.75 7.5 7.68 187500 1420784 2.81 2.83 2.83 2.9 2.77 2.83 1964000 5563380 AXELUM 11.5 11.98 12.26 12.26 11.44 11.5 14600 168096 CNTRL AZUCARERA CENTURY FOOD 17.42 17.64 17.58 17.7 17.42 17.42 1690800 29640812 DEL MONTE 4.98 5.05 4.97 5.05 4.97 5 88000 440230 DNL INDUS 6.1 6.13 6.07 6.22 6.01 6.13 12327100 75490798 9.94 9.95 9.94 9.96 9.91 9.95 1686800 16782993 EMPERADOR 65 65.05 64.5 65.8 64.5 65.05 268280 17436692.5 SMC FOODANDBEV 0.63 0.64 0.63 0.64 0.63 0.64 462000 291410 ALLIANCE SELECT FRUITAS HLDG 1.22 1.23 1.2 1.24 1.2 1.22 15710000 19109460 GINEBRA 46.85 47 47.4 47.4 46.8 47 72700 3412365 169.9 170 170 175 165.1 170 3108770 529478765 JOLLIBEE 35.05 45 35.2 35.2 35.2 35.2 1000 35200 LIBERTY FLOUR MACAY HLDG 7.62 7.97 7.97 7.97 7.97 7.97 100 797 MAXS GROUP 5.65 5.7 5.7 6 5.52 5.7 2595800 14861345 MG HLDG 0.14 0.143 0.14 0.14 0.14 0.14 370000 51800 SHAKEYS PIZZA 6.36 6.4 6.2 6.55 6.19 6.4 5406800 34571357 1.21 1.23 1.21 1.23 1.19 1.23 2939000 3532370 ROXAS AND CO 4.63 4.93 4.93 4.95 4.93 4.93 322000 1587500 RFM CORP ROXAS HLDG 1.74 1.8 1.76 1.76 1.73 1.73 323000 559340 UNIV ROBINA 136.1 136.3 135 137.5 135 136.1 1367550 187154354 VITARICH 0.8 0.81 0.79 0.82 0.79 0.8 11293000 9079100 2.24 2.34 2.25 2.33 2.23 2.33 7000 15730 VICTORIAS CONCRETE A 51 51.5 51 51 51 51 1120 57120 CONCRETE B 51.2 53 53.95 53.95 53.95 53.95 40 2158 CEMEX HLDG 1.55 1.56 1.56 1.59 1.55 1.56 14693000 23006250 DAVINCI CAPITAL 4.44 4.6 4.42 4.44 4.42 4.44 13000 57540 14.38 14.5 14.4 14.5 14.14 14.5 899800 12860846 EAGLE CEMENT 7.79 7.8 7.6 7.8 7.52 7.8 475700 3644410 EEI CORP 5.6 5.64 5.62 5.73 5.55 5.63 1458400 8231930 HOLCIM MEGAWIDE 7.51 7.53 7.45 7.6 7.45 7.53 7387100 55612189 PHINMA 8.2 8.29 8.4 8.4 8.1 8.12 31600 256722 TKC METALS 0.71 0.74 0.72 0.74 0.71 0.71 219000 156920 0.81 0.82 0.78 0.83 0.78 0.81 1086000 882220 VULCAN INDL 2.01 2.06 2.03 2.1 1.99 2.06 169000 348560 CROWN ASIA EUROMED 1.86 1.88 1.86 1.88 1.81 1.86 286000 528430 LMG CORP 4.19 4.41 4.33 4.41 4.01 4.41 84000 358510 MABUHAY VINYL 4.21 4.36 4.36 4.36 4.21 4.36 8000 34430 4.18 4.2 4.2 4.2 4.14 4.18 83000 346400 PRYCE CORP 19.8 20.25 20 20.4 20 20.25 17000 343270 CONCEPCION 2.51 2.52 2.55 2.56 2.49 2.52 5343000 13490890 GREENERGY INTEGRATED MICR 6.15 6.18 6.05 6.25 6.05 6.15 1218800 7526092 IONICS 0.97 0.98 0.95 0.99 0.95 0.98 682000 661190 4.85 5.24 4.78 5.39 4.78 5.24 5700 29725 PANASONIC SFA SEMICON 1.39 1.4 1.38 1.43 1.37 1.4 1566000 2194470 5.65 5.66 5.83 6 5.55 5.66 6974800 40271012 CIRTEK HLDG

32137940 -3780 -11030730 -1980 13160115 -4880092.5 -24169196 1930724 -279070 -13530 -180944 -345738 -166455 31840 3450 14520001.9996 -134900 -31643989 -912181 7672821 239500 -3196905 114512607 -89279 -3027677 -255520 -0 3500 3928817 -178720 1366870 -7752860 1079273 -636931 -26040470 -86199.9999 -23040 -326950 223300 -49738 98000 -1540.0001 -133657

HOLDING & FRIMS

ABACORE CAPITAL ASIABEST GROUP AYALA CORP ABOITIZ EQUITY ALLIANCE GLOBAL AYALA LAND LOG ANSCOR ANGLO PHIL HLDG ATN HLDG A ATN HLDG B COSCO CAPITAL DMCI HLDG FILINVEST DEV FORUM PACIFIC GT CAPITAL HOUSE OF INV JG SUMMIT LODESTAR LOPEZ HLDG LT GROUP MABUHAY HLDG METRO PAC INV PACIFICA HLDG PRIME MEDIA SOLID GROUP SYNERGY GRID SM INVESTMENTS SAN MIGUEL CORP SOC RESOURCES TOP FRONTIER ZEUS HLDG

0.485 7.31 732 45 7.95 2.79 6.46 0.64 0.79 0.8 5.18 4.65 8.91 0.216 442.4 3.27 66.05 0.62 2.59 11.18 0.5 3.95 3.07 0.79 0.98 162 920.5 102 0.67 127.1 0.141

0.49 7.68 734.5 45.1 8 2.8 6.56 0.65 0.8 0.82 5.2 4.67 9.06 0.219 442.6 3.58 66.6 0.63 2.6 11.22 0.51 3.97 3.2 0.82 0.99 170 921 104 0.68 128.1 0.144

0.5 7.5 710 44.4 7.69 2.65 6.56 0.65 0.77 0.8 5.2 4.45 9.09 0.216 439 3.33 64.5 0.63 2.58 11.02 0.475 4.01 3.14 0.79 0.98 160 910 102 0.68 125 0.145

0.5 7.68 740 45.15 8 2.9 6.56 0.65 0.82 0.84 5.21 4.69 9.1 0.219 448.4 3.57 67 0.64 2.6 11.4 0.51 4.02 3.15 0.82 0.98 160 938 108 0.68 131.5 0.145

0.48 7.31 710 44 7.6 2.63 6.56 0.63 0.75 0.8 5.18 4.43 8.91 0.216 434 3.33 64.5 0.61 2.56 11 0.475 3.94 3.14 0.79 0.98 160 910 102 0.68 125 0.14

0.485 7.67 732 45 8 2.8 6.56 0.65 0.8 0.8 5.18 4.65 9.06 0.219 442.6 3.33 66.6 0.62 2.59 11.18 0.51 3.95 3.15 0.82 0.98 160 921 102 0.68 128.1 0.144

22130000 29700 339710 1166400 18181900 8002000 2700 1270000 6868000 174000 1408400 21250000 6200 130000 1639850 25000 1558710 286000 404000 33271200 160000 52458000 62000 49000 23000 10 474500 638290 11000 25350 450000

10897250 222624 248017945 52351400 143450597 22406560 17712 821370 5439270 142010 7312272 97347520 56179 28260 724752724 83490 103107265.5 175290 1042010 372186102 79200 208106310 195270 39360 22540 1600 439529165 66459890 7480 3281846 63310

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 199.45 -21.34% -11.9% -4.51% -20.8% ATRAM Alpha Opportunity Fund, Inc. -a 1.1042 -26.61% -12.07% -2.63% -20.1% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.7173 -30.1% -15.81% -6.36% -26.12% Climbs Share Capital Equity Investment Fund Corp. -a 0.6931 -26.78% -11.82% n.a. -22.82% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.6887 -19.97% n.a. n.a. -18.91% First Metro Save and Learn Equity Fund,Inc. -a 4.291 -20.47% -10.14% -4.62% -19.47%

PROPERTY ARTHALAND CORP 0.59 0.6 0.61 0.61 0.58 0.59 1861000 1100700 First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.6709 -22.51% -11.54% n.a.

ANCHOR LAND 7.51 8.11 8 8 8 8 1000 8000 AYALA LAND 32.45 32.5 31.3 32.75 31.3 32.5 23352200 751265810 -21.4% 1.03 1.04 0.99 1.04 0.99 1.03 586000 593640 ARANETA PROP MBG Equity Investment Fund, Inc. -a 86.15 -24.88% n.a. n.a. -16.54% AREIT RT 25.7 25.75 25.75 25.8 25.65 25.75 414800 10673870 1.38 1.4 1.38 1.4 1.37 1.4 1364000 1,878,890( BELLE CORP PAMI Equity Index Fund, Inc. -a 40.2509 -22.36% -10.4% -3.29% -21.51% A BROWN 0.81 0.82 0.82 0.83 0.8 0.81 3359000 2704400 CROWN EQUITIES 0.135 0.138 0.134 0.139 0.134 0.138 4420000 597610 Philam Strategic Growth Fund, Inc. -a 429.47 -20.32% -9.91% -3.64% -19.39% 4.61 4.62 4.7 4.7 4.59 4.62 1662000 7667230 CEB LANDMASTERS 0.365 0.37 0.365 0.37 0.36 0.36 9090000 3300750 CENTURY PROP Philequity Alpha One Fund, Inc. -a,d,5 0.9306 n.a. n.a. n.a.

-9.66% 0.42 0.43 0.43 0.435 0.415 0.435 1260000 536850 CYBER BAY Philequity Dividend Yield Fund, Inc. -a 1.0204 -21.72% -10.09% -3.09% -20.71% DOUBLEDRAGON 14.42 14.5 14.2 14.7 14.2 14.42 1637400 23684398 DM WENCESLAO 5.29 5.3 5.89 5.89 5.29 5.3 898600 4818975 Philequity Fund, Inc. -a 29.9682 -21.89% -9.72% -2.73% -20.92% EMPIRE EAST 0.275 0.28 0.27 0.285 0.265 0.28 5860000 1629750 0.96 0.98 0.96 0.98 0.95 0.97 34276000 33152270 FILINVEST LAND Philequity MSCI Philippine Index Fund, Inc. -a 0.791 -23.23% n.a. n.a. -22.31% 0.77 0.78 0.76 0.78 0.75 0.78 370000 283590 GLOBAL ESTATE 8990 HLDG 8.24 8.25 7.7 8.72 7.65 8.24 657400 5299065 Philequity PSE Index Fund Inc. -a 4.1114 -21.98% -9.97% -2.6% -21.29% PHIL INFRADEV 1.39 1.4 1.36 1.4 1.36 1.4 1935000 2661760 CITY AND LAND 0.68 0.7 0.69 0.73 0.69 0.7 127000 89270 Philippine Stock Index Fund Corp. -a 687.52 -21.86% -9.89% -2.71% -21.15% 3.09 3.1 3.01 3.12 3.01 3.1 61852000 190861330 MEGAWORLD Soldivo Strategic Growth Fund, Inc. -a 0.6255 -30.06% -13.46% -6.56% -26.53% 0.36 0.365 0.34 0.365 0.335 0.365 60750000 21420250 MRC ALLIED 0.32 0.325 0.32 0.32 0.32 0.32 200000 64000 PHIL ESTATES Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.1425 -26.39% -11.63% -4.27% -25.34% PRIMEX CORP 1.18 1.19 1.19 1.19 1.15 1.18 386000 449970 ROBINSONS LAND 15.24 15.3 14.74 15.4 14.74 15.24 9804500 148925772 Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.7876 -22.07% -10.17% -2.8% -21.3% 0.218 0.223 0.218 0.223 0.218 0.218 360000 79020 PHIL REALTY 1.51 1.52 1.5 1.55 1.5 1.51 389000 592870 ROCKWELL United Fund, Inc. -a 2.8783 -22.33% -9.06% -2.4% -21.21% 2.66 2.7 2.7 2.7 2.7 2.7 18000 48600 SHANG PROP Exchange Traded Fund STA LUCIA LAND 1.88 1.96 1.9 1.99 1.88 1.97 178000 339110 SM PRIME HLDG 32.4 32.45 31.5 32.8 31.5 32.45 11358900 367128405 First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 92.2604 -21.79% -9.62% -1.96% -21.11% VISTAMALLS 3.87 3.98 3.98 3.98 3.86 3.98 59000 231160 1.2 1.21 1.19 1.21 1.17 1.2 1182000 1414750 SUNTRUST HOME Primarily invested in foreign currency securities VISTA LAND 3.52 3.53 3.48 3.53 3.47 3.52 2602000 9109430 ATRAM AsiaPlus Equity Fund, Inc. -b

$1.0753 10.71% -0.49% 3.26% 4.56%

SERVICES 19.97% Sun Life Prosperity World Voyager Fund, Inc. -a $1.5606 8.45% n.a.

13.19% ABS CBN 11.38 11.4 11.02 11.48 11.02 11.38 372500 4235348 GMA NETWORK 5.06 5.07 5.07 5.12 5.04 5.07 417300 2114148 Balanced Funds MANILA BULLETIN 0.405 0.42 0.42 0.42 0.41 0.41 80000 33100 10.5 10.8 10.5 10.5 10.5 10.5 400 4200 MLA BRDCASTING Primarily invested in Peso securities GLOBE TELECOM 2008 2010 2028 2028 2006 2010 114020 229586910 1352 1354 1330 1364 1323 1352 224685 303628965 PLDT ATRAM Dynamic Allocation Fund, Inc. -a 1.5595 -2.37% -5.67% -2.67% -0.21% APOLLO GLOBAL 0.054 0.055 0.053 0.055 0.051 0.055 89870000 4715640 ATRAM Philippine Balanced Fund, Inc. -a 2.0649 -8.59% -5.53% -1.18% -5.33% DFNN INC 3.05 3.14 3.05 3.2 3.01 3.1 104000 323320 6.2 6.21 6.15 6.27 6.12 6.2 18474700 114482077 DITO CME HLDG First Metro Save and Learn Balanced Fund Inc. -a 2.4154 -8.72% -4.29% -2.63% -8.21% 1.34 1.44 1.44 1.44 1.44 1.44 1000 1440 IMPERIAL ISLAND INFO 0.086 0.088 0.086 0.091 0.086 0.086 2880000 250320 First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.1832 -21.78% n.a. n.a.

JACKSTONES 1.57 1.61 1.58 1.61 1.56 1.61 44000 69630 NOW CORP 4.79 4.8 4.65 4.87 4.51 4.79 11700000 55637570 -19.82% TRANSPACIFIC BR 0.231 0.233 0.228 0.233 0.228 0.232 5600000 1283690 NCM Mutual Fund of the Phils., Inc. -a 1.8506 -5.62% -2.24% 0.37% -5.66% 2.61 2.64 2.64 2.65 2.57 2.64 2109000 5499750 PHILWEB 9.2 9.3 9.11 9.35 9.11 9.2 109000 1005231 2GO GROUP PAMI Horizon Fund, Inc. -a 3.4899 -7.95% -3.89% -0.84% -7.9% CHELSEA 5.74 5.75 5.67 5.84 5.6 5.75 2915400 16689076 CEBU AIR 40.7 40.85 42.6 42.9 40.2 40.7 1306900 53,799,090( Philam Fund, Inc. -a 15.6173 -8.04% -3.96% -0.89% -7.92% INTL CONTAINER 116.1 116.2 116.3 117.5 116.2 116.2 2491530 290131660 14.04 14.2 14.2 14.2 14.2 14.2 400 5680 LBC EXPRESS -9.94% Solidaritas Fund, Inc. -a 1.9311 -4.94% -0.97% -9% LORENZO SHIPPNG 1.03 1.04 0.97 1.04 0.9 1.04 1574000 1572550 Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.2801 -15.55% -6.24% -2.18% -15.1% 5.19 5.2 5.35 5.46 5 5.19 12869100 67464586 MACROASIA METROALLIANCE A 1.94 1.95 1.9 1.98 1.88 1.94 875000 1693900 Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.9435 -7.31% n.a. n.a.

-7.11% PAL HLDG 7.1 7.12 7.63 7.63 6.55 7.1 674300 4789354 1.32 1.34 1.39 1.43 1.29 1.32 8169000 10979960 HARBOR STAR Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.8416 -16.3% n.a. n.a. -15.54% 1.16 1.21 1.21 1.21 1.19 1.21 32000 38640 ACESITE HOTEL BOULEVARD HLDG 0.026 0.027 0.026 0.027 0.026 0.027 41800000 1097900 Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.8195 -18.25% n.a. n.a. -17.49% DISCOVERY WORLD 1.61 1.81 1.58 1.6 1.58 1.6 2000 3180 Sun Life Prosperity Dynamic Fund, Inc. -a 0.8025 -18.48% -7.41% -3.11% -17.68% GRAND PLAZA 10.36 11.68 10.36 10.36 10.36 10.36 300 3108 WATERFRONT 0.42 0.43 0.395 0.435 0.395 0.43 4790000 2020950 Primarily invested in foreign currency securities 6.49 6.5 6.5 6.5 6.5 6.5 100 650 CENTRO ESCOLAR FAR EASTERN U 490.8 500 500 500 500 500 170 85000 Cocolife Dollar Fund Builder, Inc. -a $0.03926 2.21% 2.87% 2.11% 2.77% IPEOPLE 7.2 7.61 7.3 7.61 7.3 7.61 23200 171959 STI HLDG 0.31 0.315 0.31 0.315 0.31 0.31 1330000 412400 PAMI Asia Balanced Fund, Inc. -b $1.0647 7.17% 0.8% 5.21% 2.97% BERJAYA 3.14 3.2 3.13 3.2 3.1 3.19 364000 1149700 Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.2545 12.79% 6.12% 6.27% 8.79% 7.37 7.42 7.48 7.65 7.31 7.37 15436900 114451111 BLOOMBERRY 1.85 1.87 1.85 1.87 1.85 1.87 20000 37120 PACIFIC ONLINE Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.1792 6.34% 3.21% n.a.

4.47% LEISURE AND RES 1.5 1.52 1.53 1.58 1.5 1.5 1513000 2308630 MANILA JOCKEY 2.13 2.32 2.1 2.32 2.1 2.32 5000 10950 Bond Funds PREMIUM LEISURE 0.33 0.335 0.325 0.34 0.32 0.335 36710000 12249700 7.06 7.89 7.89 7.89 7.89 7.89 100 789 PHIL RACING Primarily invested in Peso securities ALLHOME 6.77 6.78 6.4 6.8 6.4 6.78 4158200 27418042 ALFM Peso Bond Fund, Inc. -a 368.83 3.86% 3.09% 2.63% 3.04% 1.44 1.45 1.45 1.47 1.41 1.45 1471000 2133530 METRO RETAIL PUREGOLD 43 43.05 42 43.2 41.75 43 3154000 134573945 ATRAM Corporate Bond Fund, Inc. -a 1.9528 1.71% 0.93% 0.27% 2.67% ROBINSONS RTL 67.9 68 68 68 67.5 68 196360 13334577 PHIL SEVEN CORP 110.2 111 112 112 111 111 295190 33058480 Cocolife Fixed Income Fund, Inc. -a 3.2047 3.71% 4.72% 4.94% 2.78% 1.14 1.15 1.12 1.16 1.12 1.15 4220000 4,829,830( SSI GROUP 15.32 15.34 15.12 15.5 15.12 15.34 3484100 53521116 WILCON DEPOT Ekklesia Mutual Fund Inc. -a 2.292 3.59% 2.65% 2.18% 3.09% APC GROUP 0.305 0.31 0.3 0.305 0.3 0.305 3760000 1136050 First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4468 4.53% 3.32% 1.96% 3.72% EASYCALL 6.8 7 6.84 7 6.77 7 69500 474452 GOLDEN BRIA 323.2 350 330 350 330 350 580 200256 7.12% Philam Bond Fund, Inc. -a 4.6295 4.1% 2.64% 5.87% 3.01 3.12 3 3 3 3 1000 3000 IPM HLDG PRMIERE 0.285 0.29 0.28 0.29 0.275 0.285 14580000 4124350 HORIZON Philam Managed Income Fund, Inc. -a,6 1.3122 5.51% 4.37% 2.47% 4.42%

MINING & OIL

Philequity Peso Bond Fund, Inc. -a 3.9559 5.64% 4.26% 2.34% 4.43% ATOK 10.32 10.4 10.2 10.5 9.21 10.32 511500 5197764 Soldivo Bond Fund, Inc. -a 1.0375 8.9% 3.58% 1.98% 7.59% APEX MINING 1.92 1.93 1.8 1.93 1.79 1.93 25593000 47961480 0.001 0.0011 0.0011 0.0011 0.001 0.0011 416000000 419800 ABRA MINING Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1816 4.66% 4.61% 2.84% 3.45% 4.1 4.19 4.02 4.19 4 4.19 512000 2081900 ATLAS MINING BENGUET A 2.77 2.89 2.7 2.92 2.7 2.89 187000 526320 Sun Life Prosperity GS Fund, Inc. -a 1.7442 3.63% 3.96% 2.28% 2.53% COAL ASIA HLDG 0.255 0.265 0.236 0.265 0.236 0.265 380000 97800 CENTURY PEAK 2.48 2.5 2.5 2.5 2.5 2.5 3000 7500 Primarily invested in foreign currency securities 7.35 7.45 7.45 7.45 7.35 7.45 1800 13270 DIZON MINES ALFM Dollar Bond Fund, Inc. -a $480.89 3.2% 2.63% 2.78% 2.68% FERRONICKEL 1.28 1.29 1.29 1.3 1.27 1.29 8859000 11404300 0.241 0.245 0.24 0.245 0.239 0.24 460000 110280 GEOGRACE ALFM Euro Bond Fund, Inc. -a Є217.78 -1.02% 0.76% 1.2% -0.91% LEPANTO A 0.15 0.152 0.15 0.156 0.149 0.15 12530000 1878570 LEPANTO B 0.15 0.155 0.149 0.155 0.149 0.15 1540000 230250 ATRAM Total Return Dollar Bond Fund, Inc. -b $1.2504 4% 3.33% 2.64% 3.58% MANILA MINING A 0.0099 0.01 0.01 0.01 0.01 0.01 16000000 160000 0.01 0.011 0.011 0.011 0.01 0.01 9800000 104700 MANILA MINING B First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0265 2.71% 1.96% 1.58% 2.71% MARCVENTURES 0.94 0.95 0.96 0.97 0.94 0.94 3103000 2963610 PAMI Global Bond Fund, Inc -b $1.0923 -0.44% 0.34% 0.23% -0.12% NIHAO 2.63 2.64 2.56 2.68 2.56 2.63 651000 1698930 NICKEL ASIA 3.72 3.73 3.74 3.79 3.7 3.72 18943000 70960970 Philam Dollar Bond Fund, Inc. -a $2.5199 4.69% 3.93% 3.32% 4.84% OMICO CORP 0.335 0.355 0.35 0.35 0.35 0.35 100000 35000 0.67 0.69 0.65 0.7 0.65 0.69 3399000 2290580 ORNTL PENINSULA Philequity Dollar Income Fund Inc. -a $0.0618666 2.68% 2.49% 2.19% 2.6% PX MINING 5.35 5.39 5.02 5.4 5.01 5.35 4285400 22485995 11.92 11.94 11.98 12.04 11.84 11.94 2651200 31632246 SEMIRARA MINING Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.2088 1.19% 2.08% 2.38% 1.06% UNITED PARAGON 0.0053 0.0057 0.0054 0.0054 0.0053 0.0054 68000000 366600 ACE ENEXOR 6.21 6.38 6.16 6.5 6.11 6.35 296300 1848722 Money Market Funds 0.0097 0.0098 0.0097 0.0099 0.0097 0.0098 20000000 195100 ORNTL PETROL A Primarily invested in Peso securities ORNTL PETROL B 0.0097 0.0098 0.0099 0.0099 0.0097 0.0097 5000000 48700 PHILODRILL 0.009 0.0091 0.0091 0.0092 0.0089 0.0091 40000000 361500 ALFM Money Market Fund, Inc. -a 129.34 3.5% 3.33% 2.54% 2.79% PXP ENERGY 11.42 11.5 9.96 11.8 9.87 11.5 18003100 191841591

First Metro Save and Learn Money Market Fund, Inc. -a 1.0459 2.06% n.a. n.a.

1.91% PREFFERED Sun Life Prosperity Money Market Fund, Inc. -a 1.292 2.77% 3.02% 2.62% 2.13% HOUSE PREF A 101 101.5 102 102 102 102 100 10200 ALCO PREF B 101.1 103.2 101.2 101.2 101.1 101.1 15500 1567552 Primarily invested in foreign currency securities AC PREF B2R 518 520 520 520 520 520 100 52000 101.1 102.5 101.2 101.2 101.2 101.2 200 20240 CPG PREF A Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0504 1.6% n.a. n.a.

1.17% DD PREF 101 101.5 101 101.5 101 101.5 11430 1156495 FGEN PREF G 106.8 107 107 107 107 107 2940 314580 Feeder Funds MWIDE PREF 101.5 101.6 101.6 101.6 101.6 101.6 47360 4811776 Primarily invested in Peso securities PNX PREF 3B 101.1 101.8 100.1 102 100.1 101.9 19410 1943677 993.5 996 995 996 994 996 6730 6696320 PNX PREF 4 Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d,7 1.0416 n.a. n.a. n.a.

PCOR PREF 2B 1040 1050 1040 1050 1040 1050 15 15700 1060 1065 1065 1065 1065 1065 840 894600 PCOR PREF 3A n.a.

PCOR PREF 3B 1075 1090 1080 1085 1075 1085 900 969345 SMC PREF 2C 78 78.2 78 78.2 78 78 4830 376809 Primarily invested in foreign currency securities SMC PREF 2G 76.2 76.5 76.5 76.5 76.5 76.5 1000 76500 ALFM Global Multi-Asset Income Fund Inc. -b,d,2 $0.95 n.a. n.a. n.a.

-4.04% 78.6 78.85 78.8 78.85 78.8 78.85 140900 11109215 SMC PREF 2I

PHIL. DEPOSITARY RECEIPTS 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."

1473300 69270005 -4808715 20193468 -2358180 -1415216 -43785930 -38010 98889100 40422125 -271070 27380142.0004 -78705670 -16590 130999370 760427 -946661 8770 -33922780 -1708760 1,140,870.0002) 10220 4050 -2038750 21900 -15184038 -2133204 2600.0001 3169740 -84810 -384085 145220 7977210 -177650 5890 5254260 2180 15200 -188020 31919435 84860 -105486580 -59590665 -104700 -57600 1469692 26400 2107040 -154570 -619295.9998 15,811,335.0002) -181014483 50 -1891433 62570 148680 28600 -3200 20000 -27900 -28620 -44848562 -868720 -2837800 10342399 -19494800 -4954059.5 -442380 1,394,910.0001) -21293528 5940 -5529410 -62000 284710 -4800 -8730 -10350 10236570 -336056 -3111530 110360 135178 5200 894600 76500 -

ABS HLDG PDR 11.04 11.36 11.04 11.44 11 11.1 9300 103352 19448 GMA HLDG PDR 4.79 4.97 4.95 4.97 4.95 4.97 13000 64410

WARRANTS LR WARRANT 0.81 0.83 0.8 0.89 0.8 0.83 425000 357220

SMALL & MEDIUM ENTERPRISES ALTUS PROP 10.8 10.84 10.82 11.4 10.78 10.84 773300 8437828 185570 ITALPINAS 2.56 2.57 2.54 2.6 2.5 2.57 2492000 6356060 KEPWEALTH 5.32 5.33 5.2 5.38 5.19 5.32 171700 905771 2.22 2.7 2.17 2.18 2.17 2.18 3000 6520 MAKATI FINANCE MERRYMART 3.16 3.17 3.13 3.24 3.12 3.16 23821000 75562820 1032270

EXHANGE TRADE FUNDS

FIRST METRO ETF 94.75 95 93 95 93 94.75 48430 4563547.5 68171

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

Sweden bans Huawei, ZTE from 5G; official labels China ‘biggest threat’

S

weden is banning Chinese tech companies Huawei and ZTE from building new highspeed wireless networks after a top security official called China one of the country’s biggest threats.

The Swedish telecom regulator said Tuesday that four wireless carriers bidding for frequencies in an upcoming spectrum auction for the new 5G networks must not use equipment from Huawei or ZTE. Wireless carriers that plan to use existing telecommunications infrastructure for 5G networks must also rip out any existing gear from Huawei or ZTE, the Swedish Post and Telecom Authority said.

The agency said the conditions were based on assessments by the Swedish military and security service. Huawei said it was “surprised and disappointed” by the rules.

Sweden is the latest country to prohibit Huawei from playing a role in building 5G networks and its decision is likely to add to tensions between the Chinese government and Western powers.

US officials have waged an intense lobbying campaign in Europe to persuade allies to shun the company, saying Huawei could be compelled by China’s communist rulers to facilitate cyberespionage. The company has consistently denied the accusations.

The ban means more opportunities for Huawei’s main rivals, Swedish company Ericsson and Finland’s Nokia.

New 5G networks, which are expected to usher in a wave of innovation such as smart factories and remote surgery, are considered critical infrastructure. Klas Friberg, the head of Sweden’s domestic security service, known as SAPO, said Tuesday that foreign powers have intensified their intelligence activity in recent years so 5G networks should be built in a secure way from the start.

“China is one of the biggest threats to Sweden,” Friberg said.

“The Chinese state is conducting cyber espionage to promote its own economic development and develop its military capabilities.

This is done through extensive intelligence gathering and theft of technology, research and development. This is what we must consider when building the 5G network of the future.”

Huawei denied it was a secur it y r isk.

“Huawei has never caused even the slightest shred of threat to Swedish cyber security and never will,” it said. “Excluding Huawei will not make Swedish 5G networks any more secure.

Rather, competition and innovation will be severely hindered.” AP

The World BusinessMirror

Thursday, October 22, 2020

Japan PM pushes closer Southeast Asia security ties to counter China J

AKARTA, Indonesia—Japan’s new prime minister pledged on Wednesday to help Southeast Asian nations increase their maritime security capabilities, as he used his first overseas trip as leader to push his country’s vision for greater international cooperation to counter China’s influence in the region.

P r i me M i n i ster Yosh i h ide Suga, speaking in the Indonesian capital, also took a thinly veiled dig at China’s activities in the disputed South China Sea, where it has built and militarized manmade islands and is pressing its claim to virtually all of the sea’s key fisheries and waterways.

A number of Southeast Asian

nations dispute China’s claims to the waters.

“In the Indo-Pacific that connects maritime transport between Japan and Asean, we can achieve the peace and prosperity only by fully implementing rule of law that allows anyone freedom and openness,” Suga told a news conference in Jakarta.

Asean is the 11-country Association of Southeast Asian Nations.

“But in the South China Sea, opposite actions are being taken and we are closely watching with grave concern,” Suga said. “Japan opposes to any action that would increase tensions in the South China Sea.” Suga reiterated that all parties involved in the South China Sea disputes must make peaceful efforts toward resolution, not by force or threat.

Suga pledged to strengthen bilateral defense ties with Southeast Asian nations and promised further assistance to step up their maritime policing, including training and equipment transfer from the Japanese Coast Guard.

Suga was wrapping up his visit to Indonesia, the second leg of his four-day tour that started from Vietnam. Suga chose Vietnam and Indonesia for his first overseas trip since succeeding Shinzo Abe

as prime minister last month in order to demonstrate the region’s importance to Japan.

Japan considers China’s growing military activity to be a security threat and its defense papers have accused China of unilaterally changing the status quo in the South China Sea with its actions there. Japan is also concerned about China’s claim to the Japanese-controlled Senkaku Islands, called Diaoyu in China, in the East China Sea. In both Indonesia and Vietnam, Suga has stressed that Southeast Asian countries are key to achiev ing what Japan terms a “Free and Open Indo-Pacific,” a vision of economic and security cooperation between nat ions t hat wa s st a r ted by Abe as a way to counter China’s growing might and inf luence.

Suga denied China’s criticism that the initiative is an attempt to create a NATO in Asia.

I

“Achieving a rule-based free and open Indo-Pacific in this region contributes to the peace and prosperity for the entire world,” Suga said. The plan is not intended for special membership but “we can cooperate with any country that shares the view,” he added.

Suga agreed with Indonesian President Joko Widodo to work toward holding a fresh round of foreign and defense ministerial talks and to speed up ongoing negotiations for defense equipment and technology transfer.

Suga signed a defense equipment export agreement with Vietnam on that leg of his trip.

Japan has defense equipment transfer deals with 11 other countries, including the US, Britain, the Philippines and Malaysia, and is negotiating with Thailand.

Japan eased its arms exports ban in 2014 and has since been promoting exports of defense equipment. AP

China defends giving experimental UNCTAD: Global trade ‘fragile vaccines to hundreds of thousands stages recovery’ C G

hina said giving coronavirus vaccines still being tested to hundreds of thousands of people outside of clinical trials is justified given the risk of Covid-19 returning through its borders and the lack of any significant side effects so far from the shots.

In July, the country authorized the emergency use of three vaccines developed by local firms China National Biotec Group Co. and Sinovac Biotech Ltd. to frontline workers, including medical staff treating virus patients, and to border officials.

But that has since been widened to include employees of state-owned companies, and the government is also considering offering experimental jabs to students heading overseas to study. Sinovac, whose CoronaVac jab began final-stage clinical trials three months ago, is allowing members of the public in at least two Chinese cities to register to receive the vaccinations, as

well. The expansion has been criticized by experts, with some saying it was dangerous and a misuse of the program.

Despite all-but-eliminating the virus, China is still seeing “enormous pressure” from imported cases, Zheng Zhongwei, a director overseeing coronavirus vaccine development at the National Health Commission, said at a briefing in Beijing on Tuesday. Those who take part in the emergency-use program are tracked for any adverse reactions to the shots and so far no serious responses beyond lowgrade fevers and rashes have been reported, he said.

China’s emergency-use parameters were approved after rigorous deliberation among vaccine and ethics experts, and also got the backing of the World Health Organization, Zheng said. Off icia ls at the br ief ing d idn’t provide details of how people who receive vaccines under the emergency-use program are being monitored.

Processes accelerated

Chinese vaccine developers have been at the forefront of the global race to create an effective immunization against the virus. The push has taken on vital importance as countries look to move beyond Covid-19 and more definitively re-open their economies.

Vaccine development processes that usually take years have been compressed into months by global players, encouraged by politicians wanting a quick fix to the pandemic that has sickened more than 40 million. But the rush has raised concerns over safety. Western front-runners like Johnson & Johnson and AstraZeneca Plc have temporarily halted their clinical trials in recent months after unexplained illnesses in participants.

Representatives for both Sinovac and China National Biotec’s parent, Sinopharm, said at the briefing that there had been no reports of participants in their

ongoing Phase III vaccine trials experiencing serious adverse reactions. The companies have enrolled more than 50,000 people worldwide in the tests.

W hile new infections in C h i n a h ave rem a i ned be low 10 0 a d ay since m id-Aug ust, t he cou nt r y where t he v ir us f irst emerged cont inues to see sma l l f l are-ups, w it h t he most recent in t he easter n por t c it y of Qingd ao. It has ma naged to st a mp out t hese c lusters—including an outbreak in its capita l, Beijing , in June—t hrough mass test ing ca mpa ig ns t hat screen m i l l ions of c it i zens for t he v ir us w it h in d ays. Mask s a nd temperat u re c hec k s a re genera l ly stil l required in publ ic pl aces a nd a l l t ravelers enter ing f rom abroad must qu a ra nt ine for 14 d ays.

Sinophar m w il l be able to produce 1 billion coronavirus vaccine doses as of next year, Chairman Liu Jingzhen said at Tuesday’s briefing. Bloomberg News

Thai protesters use emojis, tweets to stay ahead of police

n Thailand’s democracy, emojis and retweets are becoming the new ballots.

On Monday, protest organizers asked supporters on Facebook whether they should hold rallies that evening: The “Care” emoji signaled “rest for one day,” while the “Wow” emoji was a vote to “keep going!” The majority on Facebook chose to continue the protests. A similar poll was also done on Twitter, using like and retweet buttons for the vote.

Platforms like Facebook Inc., Twitter Inc. and Telegram Group Inc. have emerged as the backbone of the youth-led movement posing an unprecedented challenge to K ing Maha Vajiralongkor n a nd T ha i l a nd ’s roya l ist est abl ishment. Mir ror ing t he “Be Water” t act ics m a stered by protesters i n Hong K ong l a st ye a r, t he de ce nt r a l i z e d movement is using on l ine fo r ums to ask suppor ters to vote on when a nd where to ra l ly— somet imes c hoosing mu lt iple locat ions at once.

The moves have kept the police

B3

off balance: Authorities last week shut down parts of Bangkok and some mass transit stations in an unsuccessful bid to stop protesters from gathering. They’ve now held rallies each day since Prime Minister Prayuth Chan-ocha issued an emergency decree to ban large gatherings.

And while police have arrested more than 70 people, including prominent leaders, others are lined up to take their place as protesters push for Prayuth’s resignation, a more democratic constitution and more accountability for a monarchy that holds more power and wealth than any institution in Thailand.

“We’re already creating a headache for the government just by doing leaderless rallies to show them that people are against them,” Arthitaya Pornprom, one of the protest organizers, said in a phone interview. “We’re showing them that even though the leaders are gone, the movement continues.

Everybody’s a leader.”

Pop-up protests

On October 16, protesters were

able to use social media to gather at a new location within an hour after police thwarted their initial plans. Since then they’ve been regularly popping up at various locations for a short period of time before dispersing quickly to avoid crackdowns. On Wednesday, protest organizers called on supporters to wait at train stations in the afternoon to wait for instructions on where to meet.

Although Thailand has long dealt with street protests, these tactics are all new in Bangkok. In previous years, police had to contend with demonstrators backed by major political figures who occupied streets or strategic locations like the international airport for days or weeks.

Now the movement is based in cyberspace, and authorities are struggling to stop it. The government on Monday asked Internet and phone service providers to block access to messaging application Telegram, used by the protesters in recent days to coordinate plans. Last month, a cabinet minister filed a complaint against some social media platforms for

noncompliance with requests to take down content that the government deemed “inappropriate.”

Prayuth, who has said the government’s key task is to “protect the monarchy,” on Tuesday ordered police to reconsider censorship of media outlets, a day after authorities said they would probe four news outlets that may have violated the emergency decree.

“Our job is to protect the country and eliminate ill-intentioned actions aimed at creating chaos and conflict in the country,” Prayuth told reporters after a cabinet meeting. It approved a special parliament session starting Oct. 26 to discuss the protests, though it still needs the king’s approval to go ahead.

Economic impact

Any ban on platforms like Facebook would upset more than 50 million active users in Thailand—equivalent to more than 70 percent of the population—who use social media to chat, shop and follow current events. Past government threats to take legal action against social-media giants

haven’t materialized, even though some posts and pages have been removed or blocked.

“The government has found it hard to suppress this kind of leaderless, cyber-organizing movement,” said David Streckfuss, a scholar of Southeast Asian politics and an author of a book on Thailand’s lese majeste laws. “They could shut down social media— they have the power to do that. But it’ll come at a price. The current economic situation is bad enough, and many businesses rely on social media. They’d make the economic situation even worse, prompting more movement against it.”

T he protests have a lready weighed on the country’s stocks and currency as concerns mount that a prolonged standoff may erode company earnings and delay an economic recovery. The benchmark stock index, the worst performer in Asia this year, closed near a six-month low on Tuesday while the baht fell 0.3 percent to 31.271 to a dollar, extending losses this year to 4.2 percent.

Bloomberg News

lobal trade is staging what the United Nations termed a “fragile recovery,” as economies battered by the pandemic claw their way back to full activity.

UN trade body UNCTAD’s assessment for the latter half of 2020 was shared by the chief executive officer of Swiss freight forwarder Kuehne + Nagel International AG, which recorded sea freight volumes in September that were close to the previous year’s level.

“We have seen volumes gradually coming back month by month” and the trend is expected to continue, Detlef Trefzger told Bloomberg in an interview this week.

A revival of international commerce is a key prerequisite for the global economy to exit the historic recession unleashed by the coronavirus pandemic that forced businesses around the world to close up shop.

The International Monetary Fund predicts a 4.4 percent drop in global gross domestic product this year and has warned the path of recovery is uneven.

“We are very happy to see the small and mediumsized enterprises, especially, but also industries that were rather depressed like the automotive industry or the industrial production industry, the machinery industry, that they have come back to an almost normal situation,” Trefzger said.

In its report on Wednesday, UNCTAD said that despite the third-quarter rebound, global trade is forecast to plummet about 7 percent this year. An even deeper slump is possible if the pandemic intensifies again or if there is a “sudden increase in trade restrictive policies.”

Bloomberg News

Health&Fitness BusinessMirror

B4 Thursday, October 22, 2020

Vaccines are global health, development success story–WHO

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he World Health Organization (WHO) said that immunization is a global health and development success story, saving millions of lives every year.

Vaccines reduce risks of getting a disease by working with your body’s natural defenses to build protection. When you get a vaccine, your immune system responds, it added.

In the Philippines, an estimated 2.4 million children under the age of five are susceptible of getting measles that is why the Department of Health (DOH) aims to vaccinate 95 percent of children in their campaign. Phase One will take place in Mindanao, Cordillera Administrative Region, Ilocos Region, Cagayan Valley, Mimaropa and Bicol.

During the fourth in their series of “Health Connect” online forum, titled “Measles Threat in the Philippines: The Need for Herd Immunity,” the DOH, Philippine Medical Association (PMA), Philippine Foundation for Vaccination (PFV), and the Pharmaceutical and Healthcare Association of the Philippines (PHAP) emphasized the importance of vaccination.

Department of Health National Immunization Campaign Program Manager Dr. Wilda Silva stressed that vaccination has an important role in protecting children’s lives.

“We cannot understate the value of vaccines,” Dr. Silva said.

Highly contagious Dr. Silva noted that measles is a highly contagious disease that seriously affects the respiratory systems of children.

“With no specific treatment for the disease, vaccination is seen as the best form of protection,” she added.

Dr. Silva was joined by the president of the Pediatric Infectious Disease Society of the Philippines, Dr. Mary Ann Bunyi, who explained how measles is easily transmitted from one child to another and highlighted how herd immunity prevents this.

“We want our children to get vaccinated not just for their own safety, but to help in protecting the entire community,” said Dr. Bunyi.

“We support this government campaign to protect children and their families through vaccination. Ensuring that our children and communities are free from vaccine-preventable diseases like measles will help the country sustain the battle against Covid-19,” said PHAP Executive Director Teodoro Padilla.

Herd immunity Herd immunity is achieved when a sufficient number of people in the community are immune to an infectious disease.

It also protects others who have not been vaccinated, including those with very weak immune systems and very young babies.

Dr. Bunyi added that “while measles is highly contagious, it is also a vaccine-preventable disease. This means the more children get vaccinated, the lower its rate of transmission.”

PFV Executive Director Dr. Lulu Bravo joined the event as a reactor and emphatically asked everyone to remember the value of vaccination and trust in the science behind its development.

PIDSP Vice-President Dr. Fatima Gimenez moderated the event, and encouraged everyone to do their part in sharing trusted information about public health matters, specifically vaccination.

Vaccinate kids Meanwhile, Health Secretary Francisco T. Duque III encouraged parents to have their children vaccinated.

“As the world awaits a vaccine for our current pandemic, we must remember to continue our vaccination efforts for other existing diseases to fully protect everyone in our community,” Duque said.

We support this DOH campaign because vaccination saves lives and remains to be one of the most successful and cost effective health interventions of our time. We share in the belief that the people who develop, deliver, and receive them are modern-day heroes because they are working to protect the health of everyone even amidst the challenges brought by the pandemic,” said PMA President Dr. Benito Atienza.

In Region 10, immunization experts recently stressed the importance of strengthening routine Immunizations in response to the COVID-19 pandemic.

“Immunization protects the people. Moreover, routine immunization is the foundation of health care in the community and prevents diseases from spreading,” Dr. Emma Pilar Imperio, DOH Region 10 medical officer of Family Health Care said in a recent webinar organized by the DOH regional office.

Protecting the population Imperio said maintaining high immunization rates across all age groups is essential to protect the population. Moreover, she said vaccination efforts are still needed despite the pandemic in order to prevent and control the emergence or re-emergence of vaccine-preventable diseases such as measles, polio, and pneumonia among others.

Nevertheless, Imperio pointed out that there is also an iimportant need to address the issues surrounding the misconception on vaccines.

“The people should be aware and familiar that vaccination is the greatest triumph in medical history. It is cost effective and help save the people from diseases. It also lessens the burden on the public health system,” Imperio said.

“In building vaccine confidence and a more resilient health system for immunization, there is a need to address the stigma surrounding immunization which still hinders many people from getting the necessary vaccination to protect them from infectious diseases,” she pointed out.

She also stressed that vaccination is pro-people project that is designed to protect the vulnerable sectors such as the elderly and children. Claudeth Mocon-Ciriaco with a report from Rizal Raoul S. Reyes

Editor: Anne Ruth Dela Cruz

Have heart failure symptoms?

Treat them now, PHA urges

By Claudeth Mocon-Ciriaco

I

f you find yourself feeling extremely tired, experience a loss of appetite, frequent urination especially at night, and coughing or wheezing, you better go to your doctor for these are some of the symptoms of heart failure.

According to Dr. Orly Bugarin, president of the Philippine Heart Association, heart failure is characterized by the inability of the heart to pump enough blood to supply the whole body.

In a media briefing, he mentioned in his presentation that if a person suffers from cardiovascular disease, the contraction of the muscle is weak and only a small amount of blood is pumped with every heartbeat.

Symptoms Other typical symptoms of heart failure are: n Shortness of breath, even when lying down n Rapid heartbeat or palpitations n Swelling in the ankles/feet/ stomach n Weight gain over a short period of time (more than 2 kgs over 2 days) Dr. Bugarin said that globally, there are 60 million patients worldwide who

suffer from heart failure.

He warned that approximately 50 percent of patients diagnosed with heart failure will die within five years and onethird of the patients will die within one year of hospitalization for heart failure.

“And the risk increases with age,” he said.

Equal risk In the Philippines, 1.6 million (16 cases for every 1,000) Filipinos suffer from heart failure.

The condition affects both Filipino males and females equally.

Compared to Western and Asia-Pacific countries, the local mortality rate was relatively higher, he said.

Heart failure is usually caused by a combination of underlying disease(s) and risk factors: Blocked artery in the heart which is the most common cause of chronic heart failure (almost 70 percent of patients).

High blood Primary defects in the heart muscle

n n n n n

Obesity Overactive thyroid gland Diabetes mellitus Smoking Pituitary disorders

Dilemma Dr. Bugarin encouraged those who seek treatment will feel relieved of the symptoms, and will have an improved quality of life, increased cardiac functional capacity, prevent hospital admissions, and improved survival.

However, since there is a pandemic, Bugarin admitted that there is a delay in treating patients with heart failure adding that heart failure and Covid -19 have the same warning signs.

“That is the dilemma,” he said.

He, however appealed to those experiencing heart failure symptoms not to wait for their situation to worsen.

“The problem is, if we are going to delay it, we might reach the point that our situation is already at the worst stage,” he said.

Manulife has new product for growing health requirements New quarantine

By Rizal Raoul S. Reyes

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anulife Philippines recently launched its newest product HealthFlex in response to the growing health requirements of Filipinos especially during the pandemic.

In a press statement, Manulife Philippines said HealthFlex is the first and only one in the market that provides customers the flexibility to select the right critical illness protection for them and enhance the scope of their coverage by adding benefits of their choice. Customers from age zero to 70 are qualified to join Manulife HealthFlex, with more protection options to ensure family well-being.

In its recent study called “Understanding Filipino Sentiments Toward Health and Critical Illness,” Manulife Philippines observed that many Filipinos recognized the increased importance of staying healthy, especially amid the Covid-19 pandemic.

Moreover, the study said 77 percent of Filipinos have expressed their intent to buy insurance in the next 18 months, signaling increased awareness about health and critical illness, and the desire to be financially prepared for them.

In fact, 80 percent of Filipinos surveyed by Manulife believe that the cost

of critical illness treatments exceeds their financial capacity, and 52 percent feel they are not financially ready in case a family member falls ill.

That’s why most Filipinos pay out-ofpocket or use personal funds (54 percent), some depend on government and contributory health financing (34 percent), while the rest use their private health plans.

“HealthFlex addresses the key findings gathered from our recent study regarding Filipinos’ sentiments toward health and critical illness, which revealed that while they are now more interested in prioritizing their health, financial readiness continues to be a challenge,” said Richard Bates, President and CEO, Manulife Philippines.

“With HealthFlex, we hope to make it easier and more affordable for Filipinos to manage their financial concerns around these critical illnesses, so they can focus on taking care of themselves and their loved ones, improving their overall health and well-being.”

Embracing healthier habits and financial preparedness Manulife Philippines pointed out that a proactive approach is the best option for Filipinos to protect themselves through prevention and preparedness.

With a healthier lifestyle, like moving

more, making better food choices, cutting out unhealthy habits and sleeping well, Manulife Philippines said Filipinos can prevent critical illness in the future.

With the proper financial protection, Manulife Philippines said Filipinos will not need to worry about running out of funds or becoming a burden to their loved ones if they acquire a critical illness.

Manulife Philippines said customers can choose which types of illness they would like to be covered by the plan’s advanced critical illness benefit, with four options to choose from: (1) cancer only; (2) cancer, heart attack, and stroke, which are perceived to be Filipinos’ top three critical illnesses; (3) cancer plus other elderly and critical illnesses; or (4) the top three illnesses, plus other elderly and critical illnesses.

“Manulife developed HealthFlex to cover critical illnesses that we found are top-of-mind for Filipinos. In addition to their high occurrence in the population, these critical illnesses are also among the most expensive to treat,” added Bates.

“We hope that HealthFlex’s innovative features offer customers greater flexibility in both the cost and scope of their insurance coverage, giving them security and financial peace of mind where it matters.”

Asian Eye offers teleconsultation and online delivery options

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opez-led Asian Eye Institute, the country’s eye care center with the widest network of eye clinics, has introduced alternative clinic procedures and services to safely continue serving eye patients who need urgent treatment, including surgical procedures, even in the midst of the pandemic.

Asian Eye’s alternative services offer safety and convenience, especially for senior citizens and people with weakened immune system; as well as for patients who do not live near a health or eye care center, or whose movements are restricted by quarantine rules or by lack of transportation.

“Staying home is an important way to limit the spread of Covid-19, but we still need to make sure that patients receive their much-needed care for eye problems, like glaucoma, diabetic retinopathy and age-related macular degeneration, which require regular monitoring to prevent blindness,” said Asian Eye Chief Operating Officer Alwin Sta. Rosa.

“Our new services and procedures represent Asian Eye’s response to the most pressing concern of eye patients —how to continue receiving eye care, products and medication in the safest manner even in a pandemic,” Sta. Rosa

added.

Asian Eye offerings include video teleconsultations, electronic prescriptions and online delivery services that allow patients to get their eye care needs —glasses, contact lenses, protective eyewear and medicine—without leaving their homes. For online services and teleconsultations, patients are advised to view this link <http://bit.ly.com/AEIShop>.

“But if during the teleconsultation the doctor recommends an in-clinic checkup, then we refund the teleconsultation fee in favor of a by-appointment clinic checkup. Teleconsultation is our way of screening patients to determine whether they truly need to leave their homes for more comprehensive checkups,” Sta. Rosa explained.

“All Asian Eye health-care staff wear personal protective equipment. To limit close contact between medical staff and patients, we also instituted low-touch consultations and installed droplet shields on the slit-lamp machines that doctors use to look into patients’ eyes.

Equipment and facilities are also routinely disinfected using hospital-grade disinfectants and ultraviolet light sterilizers,” Sta. Rosa added.

“As part of our health protocols, we ask patients requiring surgery to un-

dergo rapid antigen tests with results released within 15 to 30 minutes. If the patients test positive for Covid-19, we advise them to defer their surgery until they no longer have an active coronavirus infection,” he added.

Asian Eye treats only patients with eye problems; thus, the patients can rest assured they will not encounter within Asian Eye premises others who are undergoing treatment for respiratory and non-eye illnesses.

Asian Eye also implements stringent clinic procedures and policies, such as limits on the number of patients per day, as well as temperature checks and health screenings of all people going inside its clinics. It also advises patients with appointments to each bring only one companion during their clinic visits to ensure physical distancing among patients.

Dr. Amadeo Veloso, Asian Eye retina and vitreous disease specialist, reminds the public to schedule a teleconsult as soon as possible in the following situations: changes in vision (blurry, wavy or blank spots), eye injury no matter how minor, an increase in floaters and flashes in your vision, sudden loss of some vision, or red eye or eye pain, especially if it is along with headache, nausea or vomiting.

hub opens in Muntinlupa

By Roderick L. Abad | Contributor

A

S the City of Muntinlupa beefs up its capacity to combat the Covid-19 pandemic, a new “We Heal As One” quarantine facility has officially opened in Pacwood Site, Barangay Tunasan to accommodate patients who have tested positive and are suspected for the virulent illness.

The 144-bed isolation hub, which is worth P45 million, was constructed by the Department of Public Works and Highways (DPWH) in partnership with the local government unit (LGU) of Muntinlupa.

DPWH Secretary Mark Villar, Department of Transportation (DOTr) Secretary Arthur Tugade and Muntinlupa City Mayor Jaime Fresnedi led its ceremonial blessing.

Also in attendance were Office of Civil Defense Assistant Secretary Hernando Caraig Jr., City Administrator Allan Cachuela, City Health Officer Dr. Teresa Tuliao, and CHO Isolation Facility Administrator Dr. Juancho Bunyi.

Fresnedi expressed his gratitude for DPWH’s assistance in the construction of the additional quarantine facility as it augments the locality’s Covid-19 response efforts.

DPWH and Muntinlupa LGU converted 36 shipping container units into isolation pods for positive, suspect and probable Covid-19 cases. These will also serve as quarters for medical frontliners who will be deployed in the facility.

Self-sufficient

Each room has a comfort room, air-conditioning unit, and bed supplies. Internet service will also be made available in the facility.

Residents who will occupy the isolation rooms will get a Covid-19 essentials bag consisting of a hygiene kit, vitamins, medicine, thermometer, bedsheet, pillow blanket, and towels, among others.

For anyone who has undergone Covid-19 swab testing, the city government of Muntinlupa implements a mandatory self-isolation policy or admission to local isolation facilities if requirements for home quarantine are not met as certified by the CHO. This is to restrict the movement of suspect cases and prevent possible carriers of the virus to travel and infect others.

During the program, Villar revealed that an additional quarantine facility with 200bed capacity will be built in the Filinvest Tent Parking Area.

Tugade, on the other hand, lauded the LGU’s hard work in executing surveillance, isolation and treatment protocols, as well as its efforts to fight the health crisis.

He said that the city government’s request for the opening of the Susana Heights–MCX Access Road has been approved by the DPWH and DOTr,and is expected to be accessible by December.

www.businessmirror.com.ph

Parentlife BusinessMirror

Editor: Gerard S. Ramos

• Thursday, October 22, 2020

B5

How art helps in distance learning FROM left: Art always helped Marcus relax before he starts class; Marcus learning Chinese characters by “art-infused” matching type and “self-art interpretation” of his Chinese notes to prepare himself for a test; weekend time during the period when we were teaching Marcus to spell his name.

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T has been a few months since online classes started for our kids. Based on my observation and the feedback from parents, distance learning has brought out a recurring doubt if kids, especially those in the lower-year levels, are able to absorb information effectively in this set up.

Another concern is how well are our kids adapting emotionally. Do they get anxious in their homework?

I believe that as much as there are multimedia learning materials shown online, a classroom setup with recitations and teacher-guided activities is essential especially for learning new concepts. I worry more for the younger kids who are being introduced for the first time to fundamental concepts. The schools have advised parents that distance learning must have parent supervision to support the child’s learning process at this time. The question from most parents is: How? As a parent and educator, I thought about what parental support can be done for online classes to ensure effective learning. I also recognize the busy schedules of parents, and my hope is to optimize time and see if we can incorporate learning in family time.

Back in August 2017, I wrote a three-part article about art-infused learning. Today, I want to share this in the context of how art can help us parents in distance learning. “There is no separation of mind and emotions; emotions, thinking and learning are all linked,” according to Eric Jensen in Teaching with the Brain in Mind, 1998. According to Justin DeLeo’s paper, titled “Arts and Mathematics: An Integrated Approach to Teaching,” “children are engaged when they are being artistic. To engage in an artistic experience, a learner is required to think and to feel.”

It zeroes in on the subject of Math and says, “For a long time in education, mathematics was treated as a cognitive, thinking, rational, left-brain activity, while art was considered to be an affective, feeling,

right-brain activity.... In truth, math and the arts share some inherent qualities that make them capable not only of integration, but of interdependence.

The ‘hands-on’ nature of teaching art and math in combination helps build bridges between concrete and abstract mathematical ideas.” The paper says that this integration meets the needs of diverse learning styles and multiple intelligences. On top of that, it says that art experiences may even help kids alleviate math anxiety and enjoy math more.

Through the years, art has been my main partner in supporting my kids’ subject learning. I Google artinfused activities in Math, Science and Social Studies that I think my kids would enjoy. I believe it has made a substantial difference in the depth of how my kids absorb and enjoy concepts today. Art has especially helped my kids for subjects that they initially found difficult. I even found art useful in reducing my son’s anxiety before going to class.

I believe art can do the same to help parents support their kids in distance learning. Below are some tips on how to apply this: ■ When I did homework with my kids when they were in preschool up to Grade 2, I would always use coloring materials like markers and crayons to teach them. I found they were more relaxed, especially when they used color to answer math drills on paper.

■ When studying facts like in social studies or characters in foreign language, let them draw out their answers if you feel they are not responding to verbal question-and-answer.

■ For older kids, it would be good to try the concept of Mind Maps by Tony Buzan. It works on the premise that our brain thinks in colors and pictures.

You can revisit my column ‘Mind maps’ for school and life which I wrote on August 8, 2019. I noticed my daughter always having her cup of colored markers ready for mind-mapping when she works on Social

Studies and Science.

■ Some schools give learning plans for the week. Try to see which topics your child might have difficulty understanding. Find art-infused resources/ activities for that topic and make it your bonding time. This way, the child does not feel he or she is studying but is actually having fun with you. I found good experiment activities in www.housingaforest. com. At www.crayola.com, I would type the subject like Math or Science on search field, then go to the tab Free Coloring Pages.

■ Last, let’s try to incorporate art as part of our weekend family time. For us, this was usually either games or cooking. When my son was learning to spell his name, we would spell his name with cookie dough.

I hope that as you try art in making learning more effective and fun for your child during this pandemic, you may bring the habit of using art even when regular schooling résumés. ■

The Bakeshop at Edsa Shangri-La opens a pop-up at Shangri-La Plaza MALL guests at Shangri-La Plaza are in for a treat. The Bakeshop at Edsa Shangri-La, Manila has put up a popup at the mall.

The Bakeshop is most known for its iconic banana bread, a recipe that has been enjoyed by many for the past two decades. It’s baked fresh daily with locally sourced ingredients and comes in five delectable flavors: Plain, Chocolate, Walnut, Cream Cheese, and Supreme that combines all the flavors into one loaf. Mall guests can also buy and enjoy The Bakeshop’s other offerings like artisanal breads, handcrafted pastries, and signature chocolates like Funky Monkey.

With its delicate and sophisticated pastries, The Bakeshop is no doubt an exciting addition to Shang’s curated retail mix. “Opening a pop-up at Shangri-La Plaza allows us to bring our in-demand breads and pastries to customers who are unable to visit the hotel as much but do frequent the mall,” says Marco Vazzoler, Edsa Shangri-La, Manila’s general manager. “It’s a good opportunity to make sure our offerings are readily accessible to more people.” The pop-up can be found at the second level of Shangri-La Plaza Main Wing.

The Bakeshop is led by executive pastry Chef Martin Frowd, who has 30 years of extensive experience in creating cakes, custards, cookies, pastries, tarts, puddings and other desserts in various upscale hotels, resorts, and restaurants in the United Kingdom, the United States, the Middle East and South Africa.

HOMESCHOOLING sparks creative learning and fun parenting that must go hand in hand.

SM Stationery has the wide variety of homeschool supplies for your needs.

Good home school advice AS the school year begins with online and blended learning innovations, home schooling takes on a different meaning for today’s kids. And they will be needing all the necessary tools to stay smart, creative and productive—which can be found at the SM Stationery and Gadgets Hub, fast becoming a one-stop shop for homeschool needs that is now online at www.smstationery.com.ph. This hub is part of The SM Store’s #143SM Call to Deliver services.

SM Stationery has a wide selection of school stuff that will help your kids master distance learning. These include traditional school supplies like writing pads and other paper products to whiteboard and clear file folders for worksheets; from pens and pencils to markers and highlighters. And as kids navigate their online classes, the Gadgets Hub will keep them updated with laptops, flash drives, Bluetooth headsets and inkjet printers.

How to make the most out of making your home a classroom? Here are some tips for parents from the SM Stationery and Gadgets Hub: ■ Set a schedule for your study time with your kid. Let your child set the time for each subject that you want to work on,

hour by hour, day by day, week per week.

■ Choose a quiet and well-lit area where your kids can focus on their lessons.

■ Stock up on homeschool supplies.

Have enough pencils, erasers, activity books, notebooks, pad paper, and other school supplies. Prepare the gadgets they need and sanitize these before starting the class.

■ Encourage your child to read and write freely. Make them read their favorite books whenever they are bored, or have them keep a daily journal which helps them to deal their fears and anxieties.

■ Allot time to encourage your child’s creativity through drawing, craft-making or other extracurricular activities, such as cooking or gardening that will nurture their skills.

■ Keep your child in touch with their friends virtually at a regular basis. This may be done after they have completed their school worksheet.

■ A homeschool environment will be new for you and your child. It’s going to be challenging, so it’s okay to ask help from your child’s teacher, tutors or fellow parents who are also doing homeschooling.

MASTER online classes with the Lenovo Ideapad3 series.

USE this Brother inkjet multifunction printer for all your printing needs.

B6 Thursday, October 22, 2020

Rio Tuba community ‘upcycles’ for soil conditioners

Have a Slice of the Sweet with Café Pronto’s celebration cakes

Milk Chocolate Pistachio Cake

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IFE’S many celebrations deserve to be celebrated with flavourful joy. And what better way to fete our many “wins” but through delicious food that is delightful to taste and share with those we hold close to our hearts.

Café Pronto makes these intimate gettogethers all the sweeter with their cake selection. The Café even accepts customised orders ahead of special occasions and events.

With Executive Pastry Chef Francisco “Jhun” Arizala, Jr. at the helm, Café Pronto’s dedicated wizards of desserts

FRANGIPANE Tart

are putting their creativity and palates on full display with their offerings. What the team does well is infusing flavours from the season’s choice pickings with tested techniques to bring one’s confectionery dreams to life. To date, Arizala says some of the classics include the signature Chocolate Haven, the Choco-nut Cake with Tablea Crunch, and the Strawberry Entremet.

“Guests often deviate towards familiar flavours like chocolate, but we have seen more of our patrons trying cakes that are different from what they were used

to,” said Arizala. “The frangipane tart, for example, was a runaway hit because it showcased fresh, seasonal fruits and was looked almost too good to eat,” he added.

Guests may also get in touch with the Café Pronto team for custom designs for celebration cakes.

To welcome November, Café Pronto kicks off the month with its Milk Chocolate Pistachio Cake, which will also be available for advanced orders for PHP1450.

For enquiries, call (632) 7720 7777 or email restaurant.mnl@marcopolohotels.com.

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IO Tuba Nickel Mining (RTN) is the first in the mining industry to use the bioreactor technology of the Department of Science and Technology (DOST) that converts biodegradable wastes into organic fertilizers and soil conditioners.

RTN, a subsidiary of Nickel Asia Corp.

(NAC), adopts this innovative soil conditioning technology through DOST’s technology transfer program, which was developed to promote efficient solid waste management practices in the communities.

According to Wilbern Blitz Paeste, Mining Technology and Geosciences Specialist at RTN, the key in using the bioreactor is to arrive at the right mix of household wastes to increase the nitrogen, phosphorus, potassium and carbon content necessary to reach the “soil fertilizer” status of the compost.

Paeste says that materials fed in the bioreactor are biodegradable wastes from the communities, classified as – dry waste, wet waste, and animal manure.

The bigger challenge however, and probably the most important component, is to get the residents of the mining communities to participate in the upcycling program so enough household wastes are collected to be turned into fertilizers or soil conditioners.

“Segregation is a challenge. We need to educate the people on how critical segregation is to the success of this program” says Bong dela Rosa, RTN Community Relations Manager.

This breakthrough in the production of soil conditioner using household wastes is a game changer in the mining industry where tons of fertilizers are needed to help improve the soil condition in the mined-out areas.

Lateritic soil in mining areas are relatively low in soil nutrients and unconducive for agriculture. The challenge of nutrient deficiency of lateritic topsoils can be addressed only with proper intervention in order for the mined-out areas to be ready for rehabilitation programs.

THE right mix of household wastes to increase the nitrogen, phosphorus, potassium and carbon content necessary to reach the “soil fertilizer” status of the compost.

In a series of Waste Analysis and Characterization Study, it is shown that each household can produce at least 1.5 kg of wastes per day. What are needed to produce soil conditioners are wet wastes or table leftovers, fruits and vegetable peelings, and backyard wastes such as leaves and the likes. No plastics included of course.

In Rio Tuba, 80 kilos of household wastes are collected per day with about 64 houses and select establishments initially participating in the program.

“It is encouraging to see the communities participate, showing commitment to segregation and becoming conscious of the individual’s role in the production of soil conditioners,” exclaims Engr. Cynthia E. Rosero, RTN’s Resident Mine Manager.

“Aside from using our own organic fertilizers in the mine’s rehabilitation programs, the goal is to be able to provide soil conditioners that the communities and our employees can use in their backyard gardening in exchange for household wastes, as result this will limit our dependence on expensive commercial fertilizers,” ends Paeste.

NGCP turns over housing project for Valenzuela City residents

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N October 15, NGCP, together with Gawad Kalinga, formally turned over to the City Government of Valenzuela the first batch of low-rise dwellings in Disiplina Village, Lingunan, Valenzuela City, a joint in-city housing project for informal settler families.

As the power grid operator, NGCP worked with the City of Valenzuela to relocate residents previously living within the transmission right-of-way corridor to prevent any accidents from happening due to their proximity to the high voltage power lines. This is also in line with the enactment of the Republic Act 11361 or the Anti Obstruction of Power Lines Act, which aims to ensure the uninterrupted flow of power by prohibiting construction of structures and conducting any activity within or along the power line corridor.

Back in February 2019, NGCP, the Valenzuela City LGU, and Gawad Kalinga broke ground on the 2.5-hectare property of the city government for the establishment of the in-city relocation site. The entire housing project, which

costs over PhP 282 million, is comprised of 22 three-storey low-rise buildings with 792 units, and is scheduled for completion by 2021.

Five buildings were completed in October and formally turned over in a simple ceremony at the Disiplina Village attended by representatives from NGCP led by Vice President and Head of Central Projects Office Mark Joseph Andeo, Gawad Kalinga led by Executive Director Daniel Bercasio, and LGU officials headed by Valenzuela City Mayor Rex Gatchalian. Congressman Wes Gatchalian, and Sec. Eduardo del Rosario of the Department of Human Settlements and Urban Development were also among the guests.

“NGCP and the City of Valenzuela, together with Gawad Kalinga, worked hand in hand to give residents of the city a safer living environment, away from the dangers posed by living near or under high voltage transmission lines. Disiplina Village is the product of collaborative efforts to serve the community in order to protect them and give them a safer place to live in,” said NGCP.

Under the prevailing laws, the abatement of nuisances per se, such as buildings and structures underneath transmission lines, is primarily the obligation of the local government.

“NGCP extended its help and its resources to Valenzuela City to expedite the relocation. We felt that if our help was needed to make things happen and ensure the safety of the residents, we had to find a way to get this done,” the company said. “Hindi sa lahat ng pagkakataon, iaasa natin sa gobyerno ang lahat ng kilos. It’s simple good corporate citizenship.”

The five newly constructed buildings with a total of 180 units will be given to residents of Barangay Mapulang Lupa and Ugong previously residing along the transmission line corridor of NGCP’s San Jose-Quezon 230kV Line.

NGCP is a Filipino-led, privately owned company in charge of operating, maintaining, and developing the country’s power grid, led by majority shareholders and Vice Chairman of the Board Henry Sy, Jr. and Co-Vice Chairman Robert Coyiuto, Jr.

FIVE buildings were completed in October and formally turned over in a simple ceremony at the Disiplina Village attended by representatives from NGCP led by Vice President and Head of Central Projects Office Mark Joseph Andeo, Gawad Kalinga led by Executive Director Daniel Bercasio, and LGU officials headed by Valenzuela City Mayor Rex Gatchalian. Congressman Wes Gatchalian, and Sec. Eduardo del Rosario of the Department of Human Settlements and Urban Development were also among the guests.

TMP ADOPTS 10 HECTARES MANGROVE PLANTATION AREA IN LIAN, BATANGAS. Toyota Motor Philippines Corporation (TMP) recently signed a Memorandum of Agreement (MOA) with the Department of Environment and Natural Resources (DENR) and the Local Government of Lian, Batangas to clean-up, rehabilitate and preserve a 10-ha mangrove plantation area along the coastlines of Lian. This project is in support of DENR’s National Greening Program and aligned with the global All-Toyota Green Wave Project. Under the MOA, TMP commits to plant 25,000 mangrove propagules by 2023 and provide necessary resources that will help protect marine life and biodiversity in the area, which then help in providing livelihood for the local community. After the simple signing ceremony, volunteers from TMP and Lian Fisherfolk Association planted 5,000 mangrove propagules in the adopted area and collected over 471 kg. of wastes. Throughout the activities held, volunteers followed strict health protocols set by the Inter-Agency Task Force for the Management of Emerging Infectious Diseases to ensure the safety and health of participants.TMP remains committed to the environment as it continuously implements programs aligned with the Toyota Environmental Challenge 2050 aimed at creating a more sustainable future for the next generations.

Mandaluyong’s Project MENCHIE now accessible online

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HE City Government of Mandaluyong is proud to be the first city in the country to launch its online natural hazard and climate monitoring system which gives all stakeholders in the city situational awareness of weather, environmental conditions and natural disasters.

Access the website of Project MENCHIE (Mandaluyong Enhance monitoring of Natural hazards and Climate for Household Information and Education) by simply visiting https://resilient-mandaluyong.org. to view the Realtime Map which shows the current environment of Mandaluyong City.

Thanks to 70 smart weather cameras installed all over the city that will take snapshots of weather measurments every five minutes every single day.

According to City Disaster Risk Reduction and Management Office (CDRRMO) head Roald Arcangel, data from the smart weather cameras and other equipment of the the City Government, as well as data science from other agencies, will provide the system a localized risk analysis of a barangay, school, or other locations in Mandaluyong. Users can also see on the realtime map a directory of important disaster preparedness and response locations.

The system will give each barangay its own risk analysis by showing the history and current weather condition, air quality, and monitoring of tropical cyclones and earthquake activity.

The smart weather cameras can provide anyone a six-hour weather forcast and can tell when it will rain, rain assessment (or intensity), and a color-coded severity assesment in a particular barangay. There’s also a 15-day hourly weather forcast showing different factors such as wind gust, heat index, humidity, temperature, and the chance of rain.

With the Project MENCHIE system, Mandalenos also get access to infomation such as mosquito index, breathing index and leisure travel index so they can prepare themselves before leaving their homes.

“We will also have daily weather videos posted on the site. A weather video update will be posted on 7 a.m. and on 7 p.m.These

will also be uploaded on our YouTube channel,”Arcangel said.

And to further equip the public with the right knowledge on disaster preparedness, the site has a section containing information about COVID-19, flood, fire, earthquake, storm surge, and other resources which has been consolidated by the CDRRMO. A compact version of Project MENCHIE is also availabe through its own mobile app. It will give anyone access to the Mandaluyong CDRRMO Smart Weather Network with a more personalized monitoring experience by adding favorite locations. Risk summaries will be shown for each favorite location and will provide additional weather forcasts from PAGASA-DOST. The mobile app is currently available for download on Goole’s Play Store (for Android users) while it is still undergoing verification by Apple.

Mayor Menchie Abalos encourages everyone to get complete climate and natural hazard information by accessing the Project MENCHIE website so they can set extra precautions when going out of the house. “This is one important service that we've come up with since everything is going digital right now. Especially now that we have to monitor dengue while there's a pandemic going on. We must use these Internet of things (IoT) in monitoring floods or stagnant water in every barangay,” she said.

Envoys&Expats BusinessMirror

B7 Thursday, October 22, 2020

CONFERMENT Ambassador Igor A. Khovaev (left) was bestowed the Order of Sikatuna—the

highest national award for the foreigners—by President Duterte. The award is conferred upon individuals who have rendered exceptional and meritorious services to the Republic of the Philippines. EMBASSY OF RUSSIA FACEBOOK PAGE

LAPTOP DONATION The consulate general of the People’s Republic of China in Davao City,

together with the local government, provided laptops to 310 families on October 17. Consul General Li Lin (second from left) and Vice Mayor Sebastian Z. Duterte (right) led the distribution in a turnover ceremony at the city’s People’s Park. EMBASSY OF CHINA FACEBOOK PAGE

PHL joins regional pandemic response, recovery confab

www.businessmirror.com.ph

WORKING TOGETHER Ambassador of Austria and EU Gender Champion Bita Rasoulian (center) welcomed Philippine Commission on Women Executive Director Kristine Yuzon-Chaves (left) and Chairman Sandra Montano for an exploratory meeting and harmonization of strategic initiatives in gender and development, especially as women and girls are disproportionately affected in times of crisis such as the ongoing pandemic. EMBASSY OF AUSTRIA FACEBOOK PAGE

SFA receives Hungarian officials, bids Egypt’s ambassador adieu

SECRETARY Teodoro L. Locsin Jr. (in Barong Tagalog) with Hungary’s Minister of Foreign Affairs and Trade Peter Szijjarto.

THE Philippines partners with other Asean member-states and external parties for a consolidated response to growing pandemic-related challenges in the region. DFA

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OREIGN Affairs Assistant Secretary Junever M. MahilumWest led the Philippine delegation in the fourth meeting of the Asean Coordinating Council Working Group on Public Health Emergencies (ACCWG-PHE) and the East Asia Summit (EAS) Experts’ Meeting held consecutively by videoconference on October 14.

Said meetings provided the country with a forum to exchange knowledge and best practices in pandemic control, response and recovery with other regional member-states and other external partners through Asean-led mechanisms.

The ACCWG-PHE is tasked to coordinate the bloc’s collective response to the coronavirus disease 2019 (Covid-19), and is responsible for cross-cutting initiatives that bridge existing strategies across the region.

The meeting discussed the Asean Comprehensive Recovery Framework, which is expected to be adopted at the 37th Asean Summit scheduled next month. It also tackled progress in other key initiatives, such as the Standard Operating Procedures on Public Health Emergencies, the operationalization of the Covid-19 Asean Response Fund, the Regional Reserve of Medical Supplies for Public Health Emergencies, and the creation of an Asean Travel Corridor Arrangement.

Pandemic recovery efforts are directed at jumpstarting economic and social recovery in the region through free trade, gradual reopening of tourism and travel activities, as well as the strengthening of preparedness to future pandemics.

The EAS Experts’ Meeting, an initiative by Indonesia and Vietnam, which is cosponsored by Russia and China, expanded discussion on key regional initiatives in Covid-19 re-

sponse beyond the 10 Asean member-states, including participating countries such as Australia, China, India, Japan, New Zealand, South Korea, the United States and Russia.

The experts discussed ongoing vaccine research and development, with some countries briefing the meeting on potential vaccines that are at the final phases of testing and health standards evaluation.

Mahilum-West reiterated the Philippines’s appeal for the vaccine to be offered as a global public good in the interest of ensuring the health safety of all countries as reopening plans are underway.

Other Philippine priorities in Asean recovery initiatives include green recovery, supply chain resilience, the enhanced role of women in recovery, digitization, education, sustainable development, and the integration of data science in planning to eliminate zoonotic disease, among others. DFA

The Galleon Day and the origins of globalization

LA VOZ DE MÉXICO Amb. Gerardo Lozano

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N 2009 the United Nations Educational, Scientific and Cu ltura l Organization, or Unesco, declared October 8 as “El Día del Galeón,” or “The Galleon Day,” in commemoration of the beginning of the tornaviaje or return journey of the AcapulcoManila Galleon in 1565.

The proposal was presented by the Philippines, then supported by Mexico and Spain, as a tribute to the f leet of ships that, for 250 years, created a bridge between Asia, America and Europe through the exchange of products, ideas and people.

For some historians and anthropologists alike, the Acapulco-Manila Galleon is intrinsically linked to the origins of

globalization, considering that t his t ranspacif ic route—t he first of its kind—kicked off another chapter in the “Silk Road,” or perhaps created a new “silver corridor,” due to the importance of Mexican silver in the trade of exquisite and exotic goods, which gradually became part of our daily lives.

In this way, the mark of the Acapulco-Manila Galleon on the historical bonds between Mexico and the Philippines is unquestionable.

The impact, however, had always been, of course, reciprocal, as can be seen in the cultural and gastronomic influences in our countries.

Ingredients such as corn, chilies, cocoa, vanilla and pineapple were added to the Philippine cuisine;

while cinnamon, cloves and pepper conquered the Mexican palate.

Moreover, the contacts facilitated by the Acapulco-Manila Galleon are still echoed today through tequila and tuba, rebozo and mantón de Manila, guayabera and Barong Tagalog, just to mention a few.

On the occasion of the celebration of the 2020 Galleon Day, the Mexican Embassy in the Philippines organized a webinar, “The Aromas and Flavors of the Manila-Acapulco Galleon Route,” with the participation of academics and enthusiasts of this theme: National University of Singapore’s Cuauhtémoc Villamar, University of Guam’s Carlos Madrid Alvarez-Piñer, independent researcher and cultural worker Felice Prudente Sta. Maria, writer and museologist Gemma Cruz-Araneta, visual artist Ige Ramos, as well as entrepreneur Leon Cruz-Araneta.

The webinar via Zoom and broadcast through Facebook Live on October 8 was attended by hundreds from countries such as Mexico, the Philippines, Indonesia, Portugal and the US. The event allowed us not only to travel, if only for a brief moment,

aboard a galleon, and to learn a bit more about the products transported, but also the context and logistics behind this route, the development of new industries and markets created in its path, as well as the construction of the ships themselves in Philippine territory, with local wood and personnel.

Thus, the Acapulco-Manila Galleon not only positioned the Philippines and Mexico at the center of international trade, but also focused both nations on each other, when countless Mexicans settled in the Philippines during the administration under the Viceroyalty of New Spain. Even today, traces of this exchange can be seen in some Pinoy words and customs, as well as in the Chavacano language spoken in Cavite and Zamboanga, among other areas of this multicultural country.

Taking all these into consideration, the Galleon Day goes beyond the origin of globalization and represents a turning point in our nations´ histories, where different views, proposals, techniques and technologies inspired the emergence of modern societies where we live in today.

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ECRETARY of Foreign Affairs (SFA) Teodoro L. Locsin Jr. welcomed Hungarian Minister of Foreign Affairs and Trade Peter Szijjarto to Manila on October 15. Their meeting was the sixth between the two top diplomats, and the first visit to the Philippines of a foreign minister since travel restrictions were imposed due to the ongoing global health crisis.

During their bilateral meeting, Locsin and Szijjarto reaffirmed the excellent relations between the Philippines and Hungary premised on respect for each other’s sovereignty. They also discussed enhanced engagement and cooperation in the areas of trade, development and finance, education as well as continued close collaboration in the multilateral fora.

During the visit, both signed the renewal of an agreement on the grant of scholarships to Filipino students pursuing advanced degrees in Hungary in fields of

water management, medicine and engineering under the Stipendium Hungaricum Scholarship Program.

This was the second visit of Szijjarto to the Philippines since 2017.

Two days prior, Locsin received Hungary’s Ambassador-designate Titanilla Tóth in a courtesy call at the Department of Foreign Affairs headquarters.

The secretary welcomed Tóth and wished her a productive stint in the country. They also discussed the scheduled visit of Szijjarto.

Meanwhile, Ambassador of the Arab Republic of Egypt to the Philippines Ahmed Ezzat paid a virtual farewell call on Locsin on October 14. There, the SFA expressed his gratitude to the envoy for the latter’s efforts in enhancing ties between their countries.

Ezzat will end his three-year tenure as his nation’s top diplomat in the Philippines this month, which will also mark his retirement from the Egyptian diplomatic service. DFA

Japanese minister, deputy chief of mission graces Leyte Gulf Landings memorial rites

MINISTER Yasushi Yamamoto of Japan

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APAN’s Minister and Deputy Chief of Mission Yasushi Yamamoto virtually attended on October 20 the commemorative ceremony for the 76th anniversary of the Leyte Gulf Landing, which was livestreamed from the MacArthur Landing Memorial Park in Palo, Leyte.

Officials of the Philippine government, dignitaries of the Japanese, American and Australian Embassies, as well as World War II veterans, graced the affair. It was hosted by the province of Leyte and the municipality of Palo.

In his solidarity message, Yamamoto expressed profound condolences for the victims of war, and said that Japan “has consistently taken the path of a country that values peace, human rights, and

the rule of law under its free and democratic administrative system.”

The Japanese minister added that his country, under the banner of “Proactive Contribution to Peace” and a free and open IndoPacific, has been “dedicated to promoting peace and prosperity, as well as strengthening cooperation with the Philippines and the United States.”

Further, he expressed hopes “that the souls of the fallen heroes will find peace in the fact that our three nations are now cooperating not only economically, but also cultivating mutual friendship and robust relations with each other, including our defense forces.”

Yamamoto’s speech is available on the Leyte Gulf Landing Official TV Channel on YouTube.

Sports BusinessMirror

B8 Thursday, October 22, 2020

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OR team consultant Mark Dickel, TNT Tropang Giga is facing its most difficult assignment yet in the Clark bubble: Blackwater.

The New Zealander told BusinessMirror he is wary of four former Tropang Giga who now don Elite jerseys as the teams clash at 4 p.m. on Thursday in the Philippine Basketball Association Philippine Cup at the Angeles University Foundation gym in Pampanga.

“Blackwater concerns us as a matchup because a lot of their players played for TNT. They understand our team and what we [are] trying to do,” Dickel, who joined the team’s coaching staff two years ago upon the recommendation of former TNT Coach

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

TNT FACES EX-TROPA IN ELITE GAME Bill Bayno and ex-consultant Tab Baldwin to become part of the coaching staff.

TNT, unbeaten in four games so far, will face a Blackwater side that is parading former KaTropa Don Trollano, Ed Daquioag, Marion Magat and Frank Golla.

Dickel said the team’s practice on Wednesday was focused on the four.

“They are very well-coached. [Elite] Coach Nash Racela has done an exceptional job and they have smart, high IQ players,” said Dickel of his former players. “And they will have no fear.

We expect our toughest game.”

Trollano is the most consistent of the four and in the team’s first three Games, he averaged 19.3 points and 10.3 rebounds.

Alaska, however, threw a leech-like defense on Trollano all game long and he settled for only six points and five rebounds in the Elite’s 82-120 loss to the Aces on Tuesday night.

Trollano, along with Anthony Semerad and a 2021 first round pick, was traded by TNT to Blackwater for Bobby Ray Parks Jr. last November. Daquioag and Magat, on the other

improves its offense, as it battles a resurging Alaska at 6:45 p.m. in the day’s other game.

“Our defense is okay in the first three games, but we’re struggling in offense.

We haven’t shot the ball well,” Rain or Shine Coach Carlos “Caloy” Garcia said. “I just told the players to play the way they should play.”

The Aces (2-2) are on a two-game roll after losing their first two assignments in the bubble. Josef Ramos

hand, joined the Elite in exchange for John Paul Erram in a three-team deal that involved NLEX last February.

Golla was acquired also via trade four years ago.

Parks, Erram and Pogoy are expected to take charge for the Tropang Giga.

Blackwater, running at eighth spot with a 2-2 record, is out to bounce back from that humiliating defeat to Alaska.

Undefeated Rain or Shine (3-0) hopes to

DON TROLLANO will try to bring his consistency back for the Elite.

PSC SET TO HOLD BUBBLE IN LAGUNA T

HE Philippine Sports Commission (PSC) is close to sealing negotiations with owners of the Inspire Sports Academy to convert the Calamba facility as the training bubble for members of the national teams.

“Talks are ongoing—on scheduling and fine-tuning,” PSC Commissioner Ramon Fernandez told the BusinessMirror on Wednesday. “By midNovember or early December, our athletes will be in a bubble training.”

The Inspire Sports Academy is an extension campus of the National University, which is owned by the Sy family of the SM group.

The PSC is tasked to look elsewhere for a training bubble for national athletes because the Rizal Memorial Sports Complex in Manila and

PhilSports in Pasig City remain as Covid-19 healing facilities for the Inter-Agency Task Force on the Management of Emerging Infectious Diseases.

“The PSC will make sure that minimum health protocols will be enforced,” said Fernandez, adding that when the Calamba bubble becomes operational, no one will be allowed out of the facility.

The P1.5-billion Inspire Sports Academy is considered to be the country’s first world-class learning and sports institution. It has a state-ofthe-art sports complex and a 176-bed, 60-room dormitory.

The facility also has 20 hotel-type rooms and four executive rooms. It is currently the venue for the Chooks-to-Go Pilipinas 3x3 league.

The bubble, Fernandez said, is intended to

allow athletes with chances of qualifying to the Tokyo Olympics to train collectively and faceto-face with their coaches. All national athletes are confined to online or self-training since quarantines were imposed in March because of the Covid-19 pandemic.

For Filipinos have qualified for the Tokyo Games, but Fernandez said the PSC is concerned with woman boxer Irish Magno who is locked down in her hometown in Janiuay, Iloilo.

“The other Olympic qualifiers are safely perched in their training centers abroad,” Fernandez said.

World champion gymnast Carlos Yulo is training in Japan, while pole vaulter Earnest John Obiena is at the world pole vault center in Formia, Italy. Boxer Eumir Felix Marcial is at the Wild Card

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gym in Hollywood to prepare for the Olympics and his professional debut.

Mariano “Nonong” Araneta, the country’s chef de mission to the Tokyo Olympics, earlier said that he expects a total of 18 Filipinos to qualify for the Games with more than 80 athletes from 13 national sports associations still having opportunities.

Qualifiers for the July 23 to August 8 Olympics are set in several sports in the first half of 2021.

Annie Abad COMMISSIONER Ramon Fernandez says the Philippine Sports Commission wants national athletes to start collective training soon.

Capitals, Vanguards in contention in President’s Cup 3x3 hoops meet

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HE Palayan City Capitals swept Pool C for a possible playoffs showdown with sister team Nueva Ecija Rice Vanguards in the Chooks-to-Go Pilipinas President’s Cup powered by TM first leg that got going on Wednesday at the Inspire Sports Academy in Calamba, Laguna.

The Capitals advanced following a 21-15 victory over Bicol-Paxful 3x3 Pro while the Vanguards went further in the tournament by virtue of Bacolod-Master Sardines’ 21-17 triumph over Petra Cement Roxas-ZN Rockies in Pool D. In Pool B action, Pasig-Sta. Lucia Realtors sent the Pagadian-Rocky Sports MLV to their second straight loss, 21-13, while Family’s Brand Sardines-Zamboanga City Chooks dominated Zamboanga Peninsula Valientes MLV, 21-14. The Valientes earlier stunned Sarangani, 21-19, in Pool A action with a 21-14 win.

Clark Derige and JP Sarao imposed their will on the Bicolanos by pounding in nine and six points, respectively.

Sarao’s six straight points inside the last six minutes allowed Nueva Ecija to break loose from a one-point lead to a 19-14 advantage.

Mon Mabayo’s inside basket kept Bicol in the game, 15-20, but Derige’s short stab halted the rally with close to four minutes left.

The Capitals built on their

earlier conquest of Dylan Ababou’s Big Boss Cement-Porac, 21-15, to top Pool C and book a seat in the quarterfinals. Sarao scored six points in the game.

THE Capitals’ JP Sarao bails out from a double team.

PSL members confident on Subic tourney

T’S all systems go for the Philippine Superliga (PSL) whose member teams threw their full support behind the Challenge Cup Beach Volleyball tournament set from November 26 to 29 in Subic.

PSL Chairman Philip Ella Juico said the team owners expressed confidence during their meeting on Monday that the tournament will go Covid-19-free.

The PSL is the first volleyball and amateur league to restart its season amid the pandemic.

The Inter-Agency Task Force on the Management of Emerging Infectious Diseases (IATF) approved of the PSL’s return after the league presented its health and safety protocols that conformed with government guidelines.

The PSL created a medical commission under Dr. Raul Alcantara, who would oversee the implementation of the protocols in collaboration with the Subic Bay Metropolitan Authority and the IATF. “All of our teams are very supportive and are confident that we could come up with a competitive tournament without risking the health and safety of players, coaches, league officials, media and other stakeholders,” Juico said.

Juico said they are looking at 16 teams competing in the three-day tournament.

Teamns from Petron, Cignal, Chery Tiggo, F2 Logistics, Generika-Ayala, Sta. Lucia, Marinerang Pilipina and PLDT Home Fibr are competing although Juico said the tournament is open to other commercial teams.

“We have been getting a lot of feedback from various stakeholders knowing that this could be the last volleyball tournament of the year,” Juico said. “We are open to the idea of welcoming teams outside the PSL so we could come up with a competitive and exciting tournament.”

NBL Finals on

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AMPANGA and La Union start their best-of-five series for the National Basketball League (NBL) Season 3 President’s Cup title on Thursday at the Bren Z. Guiao Convention Center in San Fernando, Pampanga.

Game 1 is set 6 p.m. with the entire series to be aired live on NBL-Pilipinas Facebook page, with a delayed telecast the following day on Solar Sports.

The NBL, a league that caters to legitimate homegrown talents in the provinces, cities and municipalities, returns from a Covid-19 pandemicinduced seven-month hiatus after getting the approval from the InterAgency Task Force on the Management of Emerging Infectious Diseases and the Games and Amusements Board to hold a bubble in Pampanga.

The two teams decided to join the bubble after the playoff round was postponed due to the Covid-19 pandemic in March.

Tanauan, Cebu bets top youth chessfest

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RINIAN VILLANUEVA of Tanauan, Batangas and Danica Jolly Lavandero of Cebu topped the 7-under division to lead the winners of the recent National Youth Online Chess Championships organized by the Endgame Sports Multi-Events Inc. (ESMI).

Villanueva reigned supreme in the boy’s side with 9.5 points while Lavandero took the girls’ title with 7.0 points in the tournament that drew hundreds of participants, including four-yearold Gab Miguel Rafael Barcenola of Cavite.

Seven-year-old John Curt Valencia of Dasmariñas, Cavite, stole some of the spotlight by ruling the boys’ 9-under with 9.5 points while Daniela Bianca Cruz copped the girls’ 9-under crown with 10 points.

The other winners were King Whisley Puso from Sta. Rosa, Laguna (11U), Kaye Lalaine Regidor (11U), Oscar Joseph Cantela (13U), Daren dela Cruz (13U), Chester Neil Reyes (15U),

FIDE Master Jerlyn Mae San Diego (15U), Paul Matthew Llanillo (17U), Mary Joy Tan (17U).

International Master Rolanda Nolte overcame a strong challenge by the young guns to win the Masters Challenge with 10 points, two points ahead of Darry Bernardo.

Organized by ESMI President Cris Aspiras and Grandmaster Jayson Gonzales with support from GM Eugene Torre Woman GM Janelle Mae Frayna and Woman Fide Master Michelle Yaon and sanctioned by the National Chess Federation of the Philippines headed by Rep. Prospero Pichay, the tournament was staged to discover, tap and train young talents.

“It is the goal of Endgame Sports to encourage the youth to keep on focusing their training to attain new heights,” said Aspiras, a lawyer and a National Master. “It is only in being persistent in one’s development that a player can see progress.”