BusinessMirror September 07, 2020

END-JULY BORROWINGS DOUBLE TO P1.86T—BTR

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Monday, September 7, 2020 Vol. 15 No. 333

P25.00 nationwide | 2 sections 16 pages |

Steadily taking shape on C5 Extension in Parañaque City is the LRT 1 Cavite Extension project, a public-private partnership. The line runs between Baclaran in Parañaque and Congressional Avenue in Quezon City, cutting through a long vital north-south route in the National Capital Region. The proposed extension extends the existing line from Baclaran to Bacoor City in Cavite province. NONIE REYES

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By Bernadette D. Nicolas

@BNicolasBM

OVERNMENT’S gross borrowings as of end-July this year doubled to P1.86 trillion compared to the same period last year, as it needed more money to fund its battle against the Covid-19 pandemic while state revenues were plunging.

Latest data from the Bureau of the Treasury showed the government’s gross borrowings jumping by a staggering 121.14 percent

year-on-year for the seven-month period from only P839.75 billion as of end-July 2019.

Broken down, 74.09 percent

of the gross borrowings were sourced locally while the remaining 25.91 percent came from external sources.

Grossdomesticborrowingsswelled to P1.376 trillion as of end-July, twice as much as the amount the government borrowed in the same period last year. In 2019, the government’s gross domestic borrowings amounted to only P611.06 billion.

On the other hand, gross external borrowings for the same period also ballooned to P481.15 billion, rising by more than two-fold from P228.69 billion in 2019.

Local borrowings as of end-July comprised Fixed Rate Treasury Bonds (P417.86 billion), Treasury Bills (P347.26 billion), Retail Treasury Bonds (P310.77 billion), do-

mestic loans under the repurchase agreement with the Bangko Sentral ng Pilipinas (P300 billion).

Foreign borrowings of the national government include program loans (P280.04 billion), global bonds (P118.74 billion), Euro bonds (P67.33 billion), and project loans (P15.053 billion).

For July, the government posted P134.53- billion gross borrowings, a reversal of P1.09-billion net redemption recorded a year ago.

Local borrowings for the month reached P66.837 billion. In 2019, the state’s gross local borrowings posted a P4.305 billion redemption.

Redemption means the repayments of a fixed-income security on or before its maturity date.

Continued on A2

’21 budget definition of ‘savings’ questioned

By Jovee Marie N. dela Cruz

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@joveemarie

SENIOR lawmaker on Sunday questioned the new definition of “savings” under the proposed 2021 P4.5-trillion national budget.

In a statement, Bayan Muna Rep. Carlos Isagani Zarate said the new definition of savings is like giving President Duterte a “blank cheque.”

“Savings under the above new

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General Provisions [2021] of the national budget may be declared by the President as savings in case of a state of national security.

This is a new provision,” Zarate said.

“What happens to the savings when there is no state of national emergency? What happened to the savings in the previous fiscal years? Essentially this gives a ‘ blank cheque’ to President Duterte and he can almost do what he wants with the budget

without the benefit of congressional debate or intervention,” he added.

If this is allowed in the GAA, Zarate said, Congress is practically relinquishing its power of the purse.

“It’s like just watch[ing] on the sidelines while the President does as he pleases and wants on the GAA. It erases the concept of separation of powers as well as checks and balances,” said Zarate.

Under the NEP submitted by the Department of Budget and

Management, the President of the Philippines, the President of the Senate of the Philippines, the Speaker of the House of Representatives, the Chief Justice of the Supreme Court, the Heads of the Civil Service Commission, the Commission on Elections, and the COA are hereby authorized to declare and use savings in their respective appropriations to augment actual deficiencies incurred for the current year in any item of

GIVING, OR GRIEVING? HOLIDAY FARE MAY BE BEYOND MOST HOMES

By Elijah Felice E. Rosales

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@alyasjah

IS should be the season of giving, but ‘tis could be the season of grieving, too.

How the Covid-19 pandemic flushed cash out of people’s wallets will show at the dining table on Christmas eve. Families may be slicing luncheon meat instead of ham, carving cheese food instead of queso de bola and sautéing pasta with corned beef instead of ground meat.

Trade Undersecretary Ruth B. Castelo told the BusinessMirror prices of noche buena products, particularly hams, will likely go up this year.

“Prices of some noche buena items are likely to increase by a small percentage like it has been for the past years,” Castelo said. “Supply is not an issue as we have sufficient inventory of both finished products and raw materials.”

Last year consumers had to spend more for their ham during Christmas. Meat processors then were battling the

spread of the African swine fever, a disease that infects and kills pigs and has no known vaccine nor cure yet. As such, manufacturers were struggling to find new sources of pork, as the illness dried up the supply of hogs globally.

Likewise, meat processors had to raise prices of ham to recoup additional costs shelled out on changes in the packaging of their products.

Buyers had to pay nearly P57 more to bring home a kilo of ham last year, as the average price of a 1 kilo shot up 11.35 percent to P558, from P501.08 in 2018, based on the suggested retail price (SRP) list of the Department of Trade and Industry.

They also had to spend an additional P5.5 for an 800 gram variant and P8.17 for the 150 gram option.

Minimum-wage earners of P537 in Metro Manila had to squander all of a day’s pay just to buy a ham last year, and their families may just miss the Christmas staple this year if prices of noche buena items balloon beyond their reach.

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US 48.5320 n japan 0.4573 n UK 64.4651 n HK 6.2623 n CHINA 7.0881 n singapore 35.5572 n australia 35.2876 n EU 57.5201 n SAUDI ARABIA 12.9408

Source: BSP (4 September 2020)

News

BusinessMirror

A2 Monday, September 7, 2020

www.businessmirror.com.ph

Many furloughed Pinoy cruise ship workers seen idle till 2021 PHL frozen pork inventory up 8.1% on bigger imports

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HE country’s nationwide frozen pork inventory as of August 24 rose by 8.15 percent to 41,851.25 metric tons (MT) from the previous week’s level of 38,698.61 MT on the back of higher imported stocks, latest National Meat Inspection Service (NMIS) data showed.

Latest NMIS data showed that the latest pork inventory was also higher than last month’s 40,085.47 MT and the inventory of 36,448.23 MT in 2019’s same period.

NMIS data showed that about 82.56 percent (or 34,555.89 MT) of the current frozen pork inventory was imported, while the remaining volume of 7,295.36 MT was locally produced.

NMIS data also showed that Region 4A held the highest frozen pork inventory in the country at 13,3612.08 MT, of which 11,572.92 MT were imported pork products.

The data covered pork products such as carcass, primal parts and special cuts in accredited commercial and

in-house cold storage, which include slaughterhouses and meat processing plants, according to NMIS.

Dressed chicken NMIS data also indicated that the country’s dressed chicken inventory is slowly declining.

As of August 24, latest data showed that total inventory reached 62,615.93 MT, which was almost 5 percent lower than last week’s 65,750.57 MT. The current volume was also 15.28 percent lower than last month’s 73,906.90 MT, based on NMIS data.

NMIS data showed that more than half of the current dressed chicken inventory or about 38,483.95 MT were imported while the remaining volume of 24,131.98 MT were locally produced.

The NMIS said the data did not include inventory of fresh chilled chicken and mechanically deboned meat or MDM. Jasper Emmanuel Y. Arcalas

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By Recto Mercene

@rectomercene

AJORITY of the furloughed Filipino cruise ship mariners are expected to remain jobless until the end of 2020 going into March of 2021 as major cruise lines operators have cancelled their scheduled operations this year, although some of the ships will start only by March 2021.

The bad news for more than 50,000 Filipino seamen, hoping to return to work this year, is that many ships might not return to service for many months to come, according to recruitment consultant Manny Geslani.

Observing the trend and announcement by several major cruise lines, he said the shipping companies have announced the suspension of departures until mid-March as the coronavirus outbreak continues to grow.

“It’s very likely many major cruise lines will remain mostly shut down at least into the fall of 2020,” he said at the weekend.

While a few cruise vessels, mostly river ships, are sailing, a handful of ocean-going ships have resumed operations in Europe aimed at local vacationers. But, Geslani said, a few places such as French Polynesia and most major lines that cater to North Americans have canceled sailings through the end of October.

Last week, Cunard lines canceled sailings on all three of its vessels through late March 2021.

One of the line’s ships won’t return to service until at least May 2021, while Princess Cruises has canceled most sailings into mid-December.

END-JULY BORROWINGS DOUBLE TO P1.86T—BTR Continued from A1

In July, the government borrowed P36.837 billion through the issuance of Treasury Bills and another P30 billion in Fixed Rate Treasury Bonds.

Foreign borrowings

Meanwhile, foreign borrowings surged 21-fold to P67.695 billion from only P3.215 billion last year.

Making up the bulk or 94.15 percent of gross foreign borrowings for the month are program loans, amounting to a total of P63.73 billion. Project loans for the month reached P3.961 billion.

The government has ramped up its borrowing programs to P3 trillion this year and another P3 trillion next year to finance its spending needs amid the Covid-19 pandemic.

As of end-July this year, the national government’s outstanding debt soared 17.4 percent to P9.16 trillion from P7.8 trillion a year ago.

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

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

By the end of this year, the national government expects its outstanding debt to reach P10.16 trillion, up by 31.42 percent from last year’s amount.

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

In North America, the cancellations are partly being driven by a “no-sail” order for cruise ships issued by the US Centers for Disease Control and Prevention.

The CDC ban currently extends through September 30, while a cruise ship ban by Canada will remain in effect until at least October 31.

Cruise lines also are contending with country-by-country travel restrictions and port closures around the world, Geslani added.

The recruitment and migration expert said almost a thousand Filipino seamen are now in Europe to start work for two of Carnival Corporation’s ships, Costa and Aida cruises.

Carnival’s Italian brand will be followed by Germany-based AIDA Cruises scheduled to resume on November 1.

The Italian brands will begin with six initial ships and limited itineraries, becoming the first two of Carnival’s nine brands to resume operations.

Adhering closely to Covid-19 health protocols, the initial cruises will take place with adjusted passenger capacity and enhanced health observations, developed with government and health authorities to follow shoreside mitigation guidelines, the company said.

Costa Cruises is restarting sailing with two initial ships departing from Italian ports beginning September 6.

The Costa Deliziosa will offer weekly cruises from Trieste on

September 6, 13, 20 and 27, visiting five destinations in southern Italy, including Bari and Brindisi in Puglia, Corigliano-Rossano in Calabria, and Siracusa and Catania in Sicily.

The Costa Diadema will follow on September 19 from Genoa, calling at Italian ports in the western Mediterranean, including Civitavecchia/Rome, Naples, Palermo, Cagliari and La Spezia. The oneweek itineraries are being reserved exclusively for Italian guests.

AIDA Cruises will resume its cruise operations with two of its ships sailing from the Canary Islands in November 2020, followed by an additional two ships departing from the western Mediterranean and United Arab Emirates beginning in December 2020.

In working with global and national health authorities and medical experts, Costa Cruises and AIDA Cruises have developed a comprehensive set of health and hygiene protocols to help facilitate a safe, healthy return to cruise vacations, according to a press release.

Once these initial cruises are proven to be safe for both passengers and crew, both cruise lines operators may expand their cruises with more ships on the line for the next few months and unto 2021.

This is expected to benefit Filipino mariners who are in high demand among all kinds of ships that sail the seven seas, Geslani said.

’21 budget definition of ‘savings’ questioned Continued from A1

their respective appropriations.

It describes savings as portions or balances of any released appropriations in the proposed budget, which have not been obligated as a result of any of the following: completion, final discontinuance, or abandonment of a program, activity or project for which the appropriation is authorized; or implementation of measures resulting in improved systems and efficiencies and thus enabled an agency to meet and deliver the required or planned targets, programs and services approved in this proposal at a lesser cost. Allotments that were not obligated due to the fault of the agency concerned shall not be considered savings.

Also, the NEP said notwithstanding the foregoing, final discontinuance or abandonment of a program, activity or project, whether released or unreleased, allotments for which remain unobligated, may be declared by the President as savings in case of a declaration of a state of national calamity as may be necessary to augment deficient programs, activities or projects in the Executive department or special purpose funds that are necessary to immediately address the existing calamity.

Since 2016, Zarate said the government has had an excess of ten to hundreds of billions of pesos of funds.

“What is the reason for this?

Is it the absorptive capacity of departments and agencies? If we are having problems with the spending capacity of our departments/agencies, why do we keep on increasing the level of our national budget?” he asked.

“Aside from the unreleased and unused portion of the budget, there are also yearly savings. So what is the reason for the yearly increase in the national budget that increases the yearly debt to the present unsustainable proportions?” he wanted to know.

According to Zarate, the DBM web site is replete with the concept of transparency and similar phrases such as “Fiscal openness,” “Promoting transparency,” and “citizen engagement,” and right to participate in governance.

“The DBM is responsible in the formulation and implementation of the national budget and preparation of the Expenditure Program of the government. But is it really open and transparent?” he asked.

In the government’s response to the Covid-19 pandemic, Zarate said a huge bulk of the fund came from the 2019 savings.

“The public only came to know about the 2019 savings when the government was obliged to report the sources of funding for the Covid19 response. If there are savings in 2019, why did the DBM, then, omit the information on the overall savings in the Budget Books from 2016-2019? Is it not contrary to the government’s fiscal transparency?”

For his part, Budget Secretary Wendel Avisado told lawmakers last Friday that the savings provision in the NEP is a similar to the provision of the Bayanihan Law, in the event that a national emergency happens.

Under the Bayanihan law, the Chief Executive has the power to “reallocate and reprogram” funds in the P4.1-trillion 2020 national budget and use the money for combatting Covid-19.

News BusinessMirror

www.businessmirror.com.ph

Editor: Vittorio V. Vitug • Monday, September 7, 2020 A3

Sotto sees quick adoption of COW report on PhilHealth mess

By Butch Fernandez @butchfBM

S

ENATE President Vicente Sotto III is confident the plenary will adopt today (September 7) the Committee of the Whole (COW) report on anomalies in the Philippine Health Insurance Corp.

(PhilHealth), including a proposal to cite Health Secretary Francisco Duque III among those liable for the questionable release of P14.8 billion in Interim Reimbursement Mechanism (IRM) funds during the pandemic even to non-critical health facilities.

In a radio interview with DWIZ over the weekend, Sotto said the COW report will be on Monday’s agenda and, since it was signed by 22 senators, he sees its quick adoption after suggested amend-

ments by about “nine to 10” senators are incorporated.

As for Sen. Panfilo Lacson’s initial reluctance to include Duque among those recommended to be charged, Sotto said Lacson appeared satisfied with the explanation he gave during interpellation last week on the COW report when he reported it out on the floor.

Revised Penal Code

“INITIALLY, Lacson felt that the participation [of Duque] was not clear. But after the period of interpellation, we spoke and he saw for himself that, yes, it’s hard to ignore Article 217 [of the Revised Penal Code, on negligence],” Sotto noted, partly in Filipino.

“So from then on, [it was clear that the] chairman of the board cannot claim ignorance of action taken by

his agency; that all actions must be known to the board [and] therefore, it is impossible for the chairman of the board not to have known. And the whole agency is under your department as chairman of the board,” Sotto added.

The Senate leader pointed it is clear that under Article 217 of the Revised Penal Code, Duque as PhilHealth chairman should have known that the IRM “ initially set up to allow health-care institutions [HCIs] to respond right away to public emergencies like the Covid-19 pandemic” was being abused when the PhilHealth started releasing billions of pesos even to those facilities that were hardly treating Covid patients.

“That cannot be an excuse because if you use that excuse, you are plead-

ing guilty to the Revised Penal Code Article 217 for negligence. I think they better come up with a better excuse… Impossible. If you insist you didn’t know, then you are pleading guilty to 217. You were negligent,” Sotto stressed.

“Yes, 632 counts of negligence,” he added.

No deletions

MEANWHILE, Sotto does not see his peers deleting portions of the report, but adding to it, during the period of amendments when it is tackled in plenary.

He recalled Minority Leader Franklin M. Drilon’s amendment to recommend an actuarial review by relevant agencies of PhilHealth’s financial status. This way, the public will know till when their health insurance costs can be sustained,

Drilon has said.

At the same time, Sotto added, other senators like Cynthia Villar have also indicated intent to introduce other amendments.

“In other words, based on the interpellations on the committee report, 40 percent of which was covered in my sponsorship speech, all the senators had read it. Even before I delivered my sponsorship speech, I sent them copies of the committee report; that is why 22 senators signed. I don’t see any problem in the period of amendments because puro padagdag, walang pa-delete [it will all be additions, no deletions],” the Senate President added.

Asked if he was expecting additional amendments, Sotto replied: “Yes. Correct. I foresee that happening Monday.”

‘Marawi housing projects to prioritize landless IDPs’

By Jovee Marie N. Dela Cruz

the proposed substitute bill for the Marawi Siege Compensation (MSC) Act as well as other measures aimed at aiding those affected by the fivemonth siege laid by Daesh-inspired Maute terrorist group.

@joveemarie

& Cai U. Ordinario @caiordinario

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UEZON CITY—Internally displaced persons (IDPs) who have no land and living in danger areas in Marawi will be the “top priority” of the government’s permanent housing projects in the war-torn city.

This was the statement by Task Force Bangon Marawi (TFBM) Chairman Secretary Eduardo D. del Rosario to members of the House Committee on Disaster Resilience, who approved the report on the bill providing monetary compensation for the loss of residential and commercial properties during the “Marawi Siege.”

Del Rosario, who also heads the Department of Human Settlements and Urban Development (DHSUD), said that following a thorough assessment and coordination with the local government of Marawi, it was determined that 3,500 IDPs within the “most-affected area” (MAA) need housing assistance.

“IDPs without lands and living in danger zones are the priority to be given permanent shelters under our housing program,” Del Rosario said.

Among the priority IDPs were those previously living in the danger zones along the Agus River and in front of Lake Lanao.

A total of 2,000 permanent shelters are now being constructed by the National Housing Authority (NHA) set for completion by June 2021 and had, likewise, produced around 4,800 temporary shelters for IDPs.

Continuous rebuilding

THE Socia l Housing Finance Corp. (SHFC) is also constructing 1,500 units, slated to be completed by March 2021, for a total of 3,500 permanent housing units, del Rosario said.

Rep. Lucy Torres-Gomez and Rep. Mohamad Khalid Dimaporo, who led the hearing, wanted updates from the TFBM on various projects by the

In ruins

TASK Force Bangon Marawi Chairman Secretary Eduardo D. del Rosario briefs members of the House of Representatives Committee on Disaster Resilience on the latest developments regarding the government-led Marawi rehabilitation during an online hearing last September 3.

DEPARTMENT OF HUMAN SETTLEMENTS AND URBAN DEVELOPMENT

implementing agencies in rebuilding the country’s Islamic City following the 2017 siege.

Del Rosario stressed that the massive rehabilitation efforts in Marawi City will be completed by December 2021.

At the same time, he said, the rehabilitation works are not only about rebuilding public infrastructures but equally important is the social intervention necessary to assist Maranaos recover from the conflict and cope-up with the adverse effects of the current coronavirus disease 2019 (Covid-19) pandemic.

Aid dispensed

DEL ROSARIO said immediately after the siege erupted in May 2017, the government started providing livelihood and financial assistance to the affected residents.

“Up to now, the government has been providing necessary help to our Maranao sisters and brothers,” del Rosario said.

Thursday’s hearing was a continuation of the deliberations for

THE Marawi Siege refers to the armed conflict between government troops and terrorists beginning May 23, 2017, and ending October 23, 2017.

The human toll was staggering: 978 militants killed, 168 government forces captured, 1,400-plus government forces wounded and 87 civilians dead. The fighting left Marawi City in ruins with 3,152 buildings completely destroyed and 2,145 buildings partially damaged within 4-square kilometers of the main battle area.

More than 200,000 residents of Marawi fled to nearby cities and provinces.

The national government issued Administrative Order Nos. 3 and 9 creating the TFBM, tasked to craft and implement a Marawi Recovery, Restoration and Rehabilitation (M3R) program.

Juggernaut task

LAWMAKERS said while the government has succeeded in defeating security threats, the restoration of the Islamic City of Marawi appears to be a more daunting task.

Deputy Speaker and Basilan Rep. Mujiv Hataman said an estimated 95 percent of the infrastructure was damaged in the main battle area, which is “definitely one of the greatest challenges” facing the government’s rehabilitation effort in Marawi City.

“The armed fighting not only created housing problems but livelihood issues of the residents, as well,” Hataman said. “It is, therefore, the duty of the State to address the loss and destruction of property of Marawi City residents.”

Open for amendments

BUT some lawmakers said that after

more than three years of the rehabilitation process of Marawi City, “the marginal accomplishment of TFBM has caused disgruntlement in the local population.”

“The prolonged period, when residents of the most affected area remain displaced, adds to the clamor to provide additional assistance to our fellow Filipinos in Marawi City,” the authors said in a substitute bill for the MSC Act. However, Hataman said members of the committee have not yet included the compensation amount as the substitute bill, which consolidated three bills, is still open for amendments in the plenary.

House Bill (HB) 3418 provides for P50 billion for the compensation while HB 3543 and HB 3922 provide for a P30-billion compensation.

Aside from Hataman and TorresGomez, authors of the substitute bill include the following Representatives: Ansaruddin Abdul Malik A. Adiong; Amihilda J. Sangcopan; Yasser Alonto Balindong; Eleandro Jesus Madrona; and, Mohamad Khalid Q. Dimaporo.

Value assessment

THE bill seeks to institutionalize the TFBM and create a Compensation Subcommittee under it to process claims in line with the spirit of Republic Act (RA) 10368. The Compensation Subcommittee shall be attached yet independent from TFBM, according to the bill.

Under the measure, lawful owners or possessors who have become IDPs as a result of the destruction of their private property due to the siege may file a claim with the compensation subcommittee.

The measure also said that, in accordance with Article III, Section 9 of the Constitution, all properties demolished as part of the implementation of the M3R program shall be compensated for.

The measure said private property owners shall be compensated a replacement cost for loss and/ or destruction of property. The replacement cost shall be based on

WWF, Globe to plant 20,000 seedlings in Ipo watershed

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HE World Wide Fund for Nature (WWF) Philippines announced it has partnered with a subsidiary of Globe Telecom Inc. to plant 20,000 seedlings within the Ipo watershed before this year ends as part of an ongoing program to rehabilitate one of the country’s important rawwater reservoir.

In a statement, WWF Philippines said its project, which began June last year, seeks to rehabilitate the watershed, located in Norzagaray, Bulacan, which supplies 96 percent of water to Metro Manila. The planting at Ipo watershed is part of the group’s overall goal to plant 365,000 seedlings across the country, with 120,000 committed to the slopes of Ipo watershed.

The group said restrictions imposed in response to the Covid-19 pandemic have made it difficult to continue with tree-planting activities.

The organization said it is currently exploring ways to proceed without endangering its staff and the local communities. There have been no cases in Ipo watershed so far.

“Now more than ever, we can see that protecting Ipo watershed is vital not just because it ensures that there is a reliable water supply for Metro Manila, but because it keeps foreign diseases at bay. By protecting these forests, we reduce the chances of another pandemic,” WWFPhilippines’s Paolo Pagaduan was quoted in a statement as saying sans citing scientific studies.

Jonathan L. Mayuga

A MAN cleans and disinfects gym equipments for the reopening of gym, sports facility under general community quarantine. NONOY LACZA

the current market value of the improvements and structures as determined by the implementing agency; a government financial institution with adequate experience in property appraisal; and, an independent property appraiser accredited by the Bangko Sentral ng Pilipinas.

Enabling terms

THE bill said the compensation for claims under the TFBM Compensation Subcommittee shall be patterned after RA 10368, or the Human Rights Victims Reparation and Recognition Act of 2013.

Also, the Commission on Human Rights en banc shall be granted the authority to determine the point allocation to victims whose properties have been destroyed as a result of armed conflict, in congruence to Section 19 of RA 10368.

“Provided, that the monetary award for claimants under this act shall be equivalent and shall not exceed the monetary amount granted to the human-rights victims recognized by RA 10368,” the bill said.

The bill added the appropriation required for the operational needs of this act shall be incorporated into the following year’s General Appropriations Act upon ratification into law.

Economically vibrant

DEL Rosario reiterated his support to lawmakers’ push for the new legislations, saying such measures will play a crucial role in helping the TFBM fulfill its mandate of ensuring that Marawi will “rise again.”

“Being the lead agency in the government’s recovery, reconstruction and rehabilitation efforts in Marawi, we fully support the principles and intentions behind the bills, which seek to financially assist owners of residential and commercial properties which were damaged during the Marawi siege and help them rebuild their homes and resume their commercial ventures, towards the full recovery of the once economically vibrant city,” del Rosario said.

Charges to be filed

SOTTO expects charges to be filed within the year against those found liable in the Senate inquiry.

“Yes. I am expecting that. What some people are saying, about deferring this and focusing only on the pandemic, I don’t buy that. Even before the pandemic, plans for it were being laid down,” he said, adding that since February he and Finance Secretary Carlos Dominguez III were talking already.

“So, from March up to now, plans were being laid down; only critics say they were no plans; that won’t be disrupted just by changing the agency head.”

To those asking, “’Why are you changing horses in the middle of the race?’ My reply is, I am not changing the horse; I am changing the rider. If you show the horse your direction, it will go there.”

DENR should’ve used P389M for mangrove forest rehab–Group

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HE Pambansang Lakas ng Kilusang Mamamalakaya ng Pilipinas (Pamalakaya) said the P389 million used in overlaying “white sand” over a 500-meter portion in Manila Bay’s baywalk area along Roxas Boulevard could have been used for the massive rehabilitation of degraded mangrove areas.

Pamalakaya National Chairman Fernando Hicap said that with such money, reforestation of mangroves could have covered at least 13,000 hectares.

Citing a 2018 report, Hicap noted that planting mangrove costs at least $607.7 or P28,881.6 per hectare, which means that the fund for Manila Bay’s “artificial rehabilitation” could plant a total of 13,469 hectares of mangrove forests.

Environmentalists had earlier criticized the project, which they said focused on aesthetics over genuine rehabilitation needs.

T he budget wa s more t h a n enough to install mangrove forests that will serve as fish sanctuary, pollution filter and protection of coastal communities.

“Compared to the ‘white sand’ project along the baywalk, mangroves serve many important purposes to marine environment and coastal communities. Its amenities include community defense against strong waves, storm surges, flood regulation, sediment trapping, marine wildlife habitat and nurseries,” Hicap said in a statement.

“The government’s failure to genuinely rehabilitate the degrading Manila Bay is being white-washed by the dumping of white sand. Instead of a transformative and sustainable environmental intervention, the DENR [Department of Environment and Natural Resources] is more invested in cosmetic surgery,” Hicap added.

The group claimed that thousands of hectares of mangroves were destroyed before to give way for reclamation projects intended for commercial and industrial hubs. From decades ago until 1995, the group further noted, mangrove areas in Manila Bay used to cover 54,000 hectares but have significantly shrunk to 2,000 hectares and at present, only less than 500 hectares are left.

Pamalakaya also warned that the dolomite boulders, the synthetic materials being filled along the baywalk, could pose harm to the marine environment and humans, as it contains heavy metals such as aluminum, lead, and mercury, that could contribute to the pollution and acidity of Manila Bay. Lastly, the group said that several reclamation projects in Manila Bay, particularly in the coastal waters of Bacoor City in Cavite, Navotas City and Bulakan in Bulacan, have been given green light by the DENR, the lead agency of the government’s Manila Bay rehabilitation program. Jonathan L. Mayuga

Agriculture/Commodities

A4 Monday, September 7, 2020 • Editor: Jennifer A. Ng

BusinessMirror

Govt told: Give food subsidy to frontliners, jobless Pinoys

By Jasper Emmanuel Y. Arcalas @jearcalas

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HE Philippine Chamber of Agriculture and Food Inc. (PCAFI) called on the Department of Agriculture (DA) to reconsider its plan of giving planters food subsidy to stimulate demand for farm produce like chicken.

PCAFI President Danilo V. Fausto said it would be better if the food subsidy in the form of vouchers would be given to frontliners as a way of boosting their morale and expressing gratitude for their work during the Covid-19 pandemic.

Fausto added that this would also boost the consumption of frontliners since they are in the epicenter of the Covid-19 pandemic. Lockdown restrictions to contain the spread of Covid-19 caused the shutdown of

industries and restaurants and the decline in food demand.

He said the vouchers could be issued individually to frontliners, such as the military, police, and barangay officials or may be coursed through local government units (LGUs) which would purchase locally produced food.

Fausto also said the government could accredit or certify certain businesses that are selling locally produced food and agricultural commodities where the voucher could be used.

Under the Bayanihan 2 Act, the DA has an allocation of P24 billion.

Of the amount, the DA is eyeing to use P4 billion for the provision of food subsidy worth P5,000 to over 800,000 farmers and fishermen.

Agriculture Secretary William D. Dar said P3,000 of the food sub-

sidy would be given in cash while the P2,000 would be in the form of chicken and rice which is expected to help ease the glut in poultry supply (See “DA chief urges LGUs to include dressed chicken in relief packs,” in the BusinessMirror, August 28, 2020).

“It is only right to provide vouchers to our frontliners who are doing their best during this pandemic and sacrificing their lives for us. The government has a ‘Plant, Plant, Plant’ program, but we do not have demand right now, hence, we need a ‘buy, buy, buy’ program,” Fausto told the BusinessMirror on Sunday.

“It is wrong to give the farmers the food subsidy. What you need to give them is subsidized inputs. On the other end, the government must stimulate demand in order for farm-

ers to have an available market for their produce,” he added.

Fausto said the government should also consider giving food vouchers to the middle class and workers who lost their job during the pandemic. Citing the latest government data, he noted that about 4.5 million Filipinos are currently unemployed.

The PCAFI chief said the distribution of food vouchers is the “easiest” program to implement this year. The program, he said, will benefit farmers as this would create a steady market for their products.

He also said using the stimulus fund under Bayanihan 2 for infrastructure projects may not be feasible as this would have to go through the bidding process.

Bayanihan 2 is in force and in effect until December 31.

Manila, US-Asean Business Council ink MOU to fortify agri cooperation

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HE Department of Agriculture (DA) and the United States-Asean Business Council (USABC) recently signed a memorandum of understanding (MOU) on partnerships to strengthen agricultural cooperation in the Philippines.

The MOU was signed by Agricultural Secretary William D. Dar and USABC Chairman, President and CEO Alex Feldman during a virtual meeting between the DA and 25 companies of the USABC on September 3 (Manila time).

According to to Dr. Josyline C. Javelosa, Philippine Agriculture Attaché in the US, the MOU aims to determine agricultural priorities in the Philippines in which the participants share mutual interests and will cooperate to create an environment that fosters collaboration and regular communication between the member companies of the Council’s Food

and Agriculture Committee and the Department of Agriculture.

These priorities include collaboration to:

Increase two-way agricultural trade, encouraging agricultural investment and enabling inclusive growth between the Philippines and the US;

Enhance public informationsharing of policies, regulations and potential investment opportunities in both countries regarding agricultural trade and investment, including industry development programs, research and development programs, science-based decision making, international approaches to transparency, standards-setting, and agriculture regulations and policies;

Enhance the Philippines-US agricultural economic relationship and promote the role of international trade and foreign investment in improving food security and strength-

ening the role of agricultural sector as an engine of growth in the broader economy; and

Leverage the digital transformation and support the promulgation of new technologies supporting agriculture, including but not limited to ICT, data analysis, biotechnologies, farm or agriculture mechanization, and other climate smart technologies to address food security and climate change simultaneously.

A total of 16 member food and agriculture companies identified in the MOU as USABC participants are Abbott, Archer Daniel’s Midland, Bayer, Cargill, Coca-Cola, Corteva Agriscience, Elanco Animal Health, Herbalife Nutrition, John Deere, MSD Animal Health, Nestlé Purina, PepsiCo, Reckitt Benckiser, Scoular, Tyson, and Yum! Brands.

Identified cooperation areas are on livestock production and animal

health, agricultural trading and investment, plant science, agricultural technology and digital agriculture, food safety, inclusive business and sustainability.

During the meeting, Dar encouraged the USABC member economies to invest in Philippine agriculture. He also invited the American companies to support acceleration of the Philippines’s digital transformation to help generate new revenue streams and improve the livelihoods of rural communities.

The DA said the implementation of the MOU will be through a Joint Working Group (JWG) to be co-led by a DA Representative and the chairperson of the USABC’s Food and Agriculture Committee.

Dar has designated Agriclture Undersecretary Rodolfo Vicerra to be the DA representative to co-lead this JWG with the representative of Elanco.

House bent on bigger stimulus package Bayanihan 2 aims to strengthen the Covid-19 response capabilities of both national government and local government units (LGUs) and hasten the recovery of businesses hit hard by the coronavirus-induced global economic crisis.

Answering Lagman, Secretary Dominguez said the Office of President is still asking relevant agencies for their comments on the Congress ratified-version of Bayanihan 2.

“We [Economic Development Cluster] were advised that the Office of the President [OP] has requested for comments on the [Bayanihan 2] bill. As chairman of the cluster, I asked relevant agencies to submit their comments [Friday, September] so that the OP would review them,

and if there is any comment that would relevant to the decison [of the President] whether to sign it or not. So I suppose that the process is ongoing,” said Dominguez.

Budget Secretary Wendel E. Avisado has said P140 billion of P165.5-billion Bayanihan 2 fund is now ready for release as soon as the President signs it into law.

Welcome move–Social Watch

MEANWHILE, public budget watchdog Social Watch Philippines (SWP) welcomed the House leadership’s move to allow the active participation of people’s or civil society organizations (CSOs) in deliberations on the 2021 national budget.

The SWP made the statement over

the weekend as the House prepared to start the deliberations of the P4.5-trillion National Expenditure Program.

The group also encouraged the Senate to do the same.

“Aside from bolstering the transparency effort of the government, the window of participation can actually assist in formulating more responsive budgeting, by increasing budget allocations for social developments, in which the group has considerable years of experience,” it said.

Recently, the SWP formally asked House Committee on Appropriations Chairman Eric Yap to allow the SWP to actively observe deliberations on the Fiscal Year 2021 Proposed National Budget.

The group is appealing to open

continued from a8

committee-level and plenary budget hearings on all agency budgets for public livestreaming to be available through the House of the Representatives social-media accounts.

The SWP is also requesting that committee provides a venue for CSO participation by giving the group access to the 2021 NEP budget documents, allowing SWP together with the ABI Cluster representatives to join in the Zoom meeting of the virtual budget deliberations of the House Committee on Appropriations of key agency budgets.

According to the group, the process will also allow them to formally present and submit position papers and alternative budget proposals for social development.

Giving, or grieving? Holiday fare may be beyond most homes continued from a1 Intervention needed

STEVEN T. CUA, president of the Philippine Amalgamated Supermarkets Association Inc., argued the government has to step in to force people to buy during the holidays.

Without intervention, families will keep their cash in their pockets and spend only for basic needs, he added.

“Technically speaking, it looks like we’re headed for bleak Christmas sales,” Cua admitted in an interview with the BusinessMirror.

Cua suggested the government distribute a Christmas round of social amelioration funds to encourage consumers to spend for their noche buena. He emphasized the economy depends on consumption spending; therefore, he said it’s just right to in-

ject cash in households.

“This may be helped if the government is able to schedule another round of social amelioration program or a form of soft loan nearing Christmas Day to inject some life into our consumer-led economy,” Cua explained.

If the government lacks the funds to do so, business owners and families alike may need to get creative during the holidays just to get by.

“The latter [buyers] will have to highlight substitute products for Christmas celebration: canned luncheon meat vis-a-vis ham, cheese food for real cheese, mayo substitute for real mayo,” Cua said. “Retailers have to showcase items/recipes with value for money.”

Frabelle Corp. President Fay T. Bernardo also disclosed the firm is expecting holiday sales this year to decrease from last year’s due to the economic impact of the pandemic and the protocol for physical distancing.

“As to our market forecast for this Christmas season, we continue to believe that there will be a strong demand,” Bernardo explained. “Admittedly, maybe not quite as strong as previous years due to the challenges brought about by Covid-19 and the need for social distancing.”

Frabelle projects demand for hot dogs to increase in the days leading up to Christmas eve, as the meat product’s versatility—can be eaten on its own, can be topped on spaghetti, can

be fused in tomato-based dishes— bring value to a buyer’s money.

According to Bernardo, there are no plans yet on Frabelle’s end to raise prices. She is keeping her fingers crossed on their demand outlook, praying the Filipino’s love for Christmas will boost consumption during the holidays.

“Family and a love of food have always been at the core of our culture. With that in mind, we believe that Filipinos will still find a way to celebrate the season in a meaningful and safe way,” Bernardo told the BusinessMirror. “This will keep demand strong.”

Is Bernardo’s optimism a misplaced hope? In three months she can tell.

www.businessmirror.com.ph

Digital agri sector to benefit local farmers, consumers–DA

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HE Department of Agriculture (DA) said it would push for the digitalization of the country’s agriculture sector under the “new normal” to achieve its goals of reducing poverty and attaining food security.

Agriculture Secretary William D. Dar told the recent 35th United Nations’ Food and Agriculture Organization (FAO) Regional Conference for Asia and the Pacific (APRC35) virtual meeting that it is important to teach farm families to capitalize digital agriculture to increase their productivity and incomes.

“It is important that we continuously empower vulnerable groups —smallholder farmers, fisherfolk, rural women, the youth, indigenous communities and farm families, in general—by providing them the needed technical, marketing and financial support, especially in the midst of the Covid-19 pandemic,” Dar said.

“Now, more than ever, we should reinforce this by teaching farm families to take advantage of data-driven or digital agriculture to further increase their productivity and incomes,” Dar, who was elected APRC35 Vice Chairman, added.

The FAO Regional Conferences play an important role in governance for policy coherence for regional development; discussion of global priorities as they relate to the region; providing inputs to the Council and

Conference on FAO priorities, and discussing issues such as Covid-19 and intra-regional trade and investment, according to the DA. Dar said during the meeting that the DA is “fast-tracking” the development of a digital road map for the agriculture sector to promote and integrate precision agriculture and digital technology in local farming practices.

“We aim to integrate digital technologies in the food value chain and logistics, benefiting both producers and consumers,” Dar said.

The DA said it aims to have “real-time access to ICT-driven crop production and risk and damage assessment information with the use of drones and dynamic cropping calendar.”

The DA disclosed that it recently installed a dashboard at Dar’s office, where real-time and updated critical policy-making information is available to the secretary at his fingertips and is updated daily.

These information include farmers’ registry, farm machineries distributed, and farm-to-market roads constructed, among other infrastructure and major DA initiatives, according to DA. The DA said it is also pursuing partnerships with the private sector, civil society, and international research institutions to digitize Philippine agriculture.

Jasper Emmanuel Y. Arcalas

Top US chicken producers sued on price-fixing claims by buyers

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MERICA’S top chicken producers were accused of inflating prices for over a decade, according to lawsuits filed by refrigerated-meal supplier in the United States, a supermarket chain and a convenience store operator.

Bob Evans Farms Inc., Fresh Market and Wawa Inc. said producers including top three Tyson Foods Inc., Pilgrim’s Pride Corp. and Sanderson Farms Inc. curtailed supplies to boost their profits, according to separate lawsuits filed Friday in federal court in Chicago. Buyers are now seeking damages for chicken purchased from as early as 2008 to at least late 2017.

The lawsuits are the latest against chicken companies and other meat producers over how their product is priced and workers are treated in the slaughterhouses that turn animals into food. The US Department of Justice earlier this year indicted Pilgrim’s Pride top boss for price-fixing.

“Historically, the chicken indus-

try was marked by boom and bust cycles,” the chicken buyers said in their lawsuits, filed by the same law firm. “By their wrongful conduct as alleged in this complaint, defendants not only materially reduced or eliminated the historical boom and bust cycle of the chicken industry, they propped up chicken prices during periods of rapidly falling input costs.”

The suits, which also target Koch Foods Inc., Perdue Farms Inc. and Wayne Farms Llc, alleged producers inflated costs through methods including cutting production to manipulating price indices.

Like a probe of the beef industry, the complaints also cite the highly concentrated nature of the chicken industry, with a few large players controlling supply.

Tyson, Pilgrim’s Pride and Sanderson Farms did not immediately reply to requests for comment, nor did the trade group National Chicken Council. Bloomberg News

‘PHL still attractive haven for investors’ continued from a8

“The ones that are going to be unfortunate—it will take at least two years to see any recovery—are travel and tourism, except for domestic tourism [and] anything to do with restaurants, dining out, etc., I think as long as the virus is there,” said Villegas.

Other industries that will likely have an “L” shaped recovery are fashion, as well as luxury goods and cars.

Another reason he thinks the Philippines is a good place for FDI in the next 20-30 years is the economy’s “transition from a low, middle-income [$4,000 to $10,000 per capita] to upper, middle-income level,” thus expanding the discretionary funds of the consumers and allowing them to buy goods and services other than their basic needs.

Another is the country’s abundant natural resources especially for tourism, government’s “Build, Build, Build” program that expands infrastructure to the regions, and the faster growth in the regions.

“Manila is no longer the center of industrialization and growth in

our country. You have areas south of Manila like Batangas with a good port, Clark and Subic [in the north] with airports, [and] in the Visayas you have Iloilo, which is a smart city in terms of infrastructure. In fact, all big real-estate developers are busy putting up projects there,” said Villegas. “In Mindanao, you have Davao and Cagayan de Oro. That is definitely a great advantage that investors will no longer have to come to Manila; they can spread out because of the Philippines, and find a better environment for investment.”

Meanwhile, he welcomed the presence of Chinese workers in the Philippines, especially in the online gaming industry, “because they do not really take jobs from Filipinos, because we have to be excellent in Mandarin to be able to service the clients in China. They do add to the economy by renting a lot of these offices. In fact, there will be a crisis in real estate if they all disappear.

As long as we’re able to address the criminal elements among them.”

The World BusinessMirror

Editor: Angel R. Calso

France leads Europe’s virus surge just as schools reopen

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he surge in new coronavirus cases in France is far outstripping increases in other European countries and is coming just as millions of children return to school, leaving the government weighing ways to respond.

New cases jumped by almost 9,000 on Friday, the biggest daily increase since the start of the pandemic. That was almost twice the advance in Spain and about four times Italy’s, with daily cases in both countries at or near the highest gains in months. Infections are also surging in Germany and the UK. Part of the French spike is linked to testing increasing to more than 1 million a week, and policymakers can take some comfort from the fact that hospitalizations and fatalities are contained. The number of patients in intensive care was at 473 Friday, compared with about 7,000 at the peak. Still, the surge is coming just as 12 million students return to school, creating pressure for action on a government reluctant to consider a new, national lockdown.

“I can’t imagine a total reconfinement and the president doesn’t want to consider a general re-confinement,” Health Minister Olivier Veran said on BFM TV Saturday. “The lockdown was a lid on a cauldron that was spilling over. Today, we have other means to fight against the spread of the virus, and above all we’re able to track it.”

New measures did go into effect this week. Masks are now mandatory for companies with groups working in enclosed spaces and cities from Paris to Marseilles are making masks compulsory, even outside. Children older than 11 also have to cover their faces.

Some things remain sacrosanct.

The Tour de France started in Nice last week after a two-month delay.

Still, with strict health protocols in place, the cyclists’ Grand Depart was watched by just 100 people.

Across Europe, cases have been jumping due to a combination of stepped up testing and an easing of lockdown measures that permitted millions to travel this summer. Reviving broad lockdowns may not be an option for leaders struggling to revive crippled economies who are facing growing public fatigue, and even open opposition to restrictions that have triggered protests in places like Germany, the UK and Italy.

The economy may continue to take priority over lockdowns as long as hospitalizations and fatalities remain constrained. Many of the new infections have been among younger, healthier people, who tend to recover more quickly and with fewer complications.

President Emmanuel Macron’s government announced a 100 billioneuro ($118 billion) stimulus plan on September 3, as France tries to revive an economy that’s forecast to contract 11 percent this year.

Bloomberg News

China: US visitors will need negative virus-test results

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hina will require passengers arriving on direct flights from the US to provide negative Covid-19 nucleic-acid test results taken within 72 hours of the flight.

Passengers traveling from the US to China, and those transiting in any country that the Chinese government has listed as requiring the screening, must have negative Covid-19 results from a test done within three days of boarding at the last layover destination, China’s embassy in America said in a statement on Friday. Both sets of rules will take effect September 15.

Passengers who transit in the US before flying to China will be required to submit a health declaration to the airlines or hold a green health code, according to the statement.

China’s new requirement is the latest in a series of restrictions imposed on US citizens

by Beijing, and counter measures taken by Washington, because of the pandemic and a deterioration in relations between the world’s

two biggest economies.

In early June, China barred US airlines from restarting service to the Asian nation, prompting the Trump administration to threaten a suspension of passenger flights to the US by Chinese carriers. While Beijing eased its ban, allowing US airlines to each operate one flight a week to China, the American Administration said China was continuing to violate its airlines’ rights and would only permit two flights a week in total from Chinese carriers.

At the end of January, US President Donald Trump signed an order that temporarily barred foreign nationals who had visited China unless they were immediate relatives of US citizens or permanent residents, and said that flights from China would be restricted to just seven US airports.

Coronavirus cases in the US increased to 6.18 million on Friday, with the number of deaths rising to 187,200. Bloomberg News

Taliban return to Doha set stage for Afghan peace talks

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slamabad — Taliban officials say a senior delegation returned early Saturday to Qatar, paving the way for the start of peace talks with the Afghan government that are expected to take place in the tiny Gulf state.

The officials spoke on condition of anonymity because they were not authorized to speak to the media.

The delayed negotiations are the second, critical part to a peace deal the US signed with the Taliban in February in Doha.

The Taliban delegation's arrival in Qatar, where the group keeps its political office, came as a top Afghan government body blamed the militants for delays in starting talks.

In a tweet on Saturday, the spokesman for Kabul's High Council for National Reconciliation, Faraidoon Khwazoon, said the government was ready to start direct negotiations.

"The process of releasing the prisoners is over and there is no excuse for delaying the talks, but the Taliban are still not ready to take part in the talks, " he said, without further elaboration.

In a surprise late night Saturday tweet, Taliban spokesman Zabihullah Mujahed announced a shakeup in the Taliban negotiation team. The Taliban's Chief Justice Abdul Hakim has been named the lead negotiator replacing Sher Mohammad Abbas Stanikzai, who will be deputy negotiator. The appointment of Hakim,

who is close to the Taliban leader Hibatullah Akhunzada, brings the Taliban's negotiating team to 21. There was no explanation for the sudden changes.

Until its February deal with the US, the Taliban refused to directly negotiate with the Afghan government. The current Kabul negotiating team is a collection of government and opposition officials. The US State Department said in a statement Saturday that its envoy Zalmay Khalilzad who brokered the February peace deal left for Qatar on the previous day to press for an "immediate" start to negotiations between the warring Afghan sides.

Washington has ramped up pressure on Afghans on both sides of the conflict to open up negotiations over what a post-war Afghanistan might look like, how rights of women and minorities would be protected, and how the tens of thousands of armed Taliban and government-allied militias are disarmed and re-integrated.

"The Afghan people are ready for a sustainable reduction in violence and a political settlement that will end the war," the State Department statement said.

The US Security Adviser Robert O'Brien had a long call with Afghan President Ashraf Ghani last week. American officials have also pressed neighboring Pakistan to get the Taliban to the table. AP

Monday, September 7, 2020

A5

US virus cases climb amid specter of Labor Day surge

U

S coronavirus cases trended higher heading into the Labor Day weekend, which has triggered concern in President Donald Trump’s administration and among state officials about another potential surge.

The US added 50,859 cases, a 0.8 percent increase compared with the average 0.7 percent daily rise of the previous seven days, data from Johns Hopkins University and Bloomberg show. Total cases were 6,200,375.

Another 965 deaths were reported nationally, after three straight days of increases over 1,000. Total fatalities reached 187,750.

New cases in Texas climbed 0.7 percent to 635,315, the Department of State Health Services said on its website. That matches the nationwide average daily increase over the past week based on data compiled by Johns Hopkins University and Bloomberg.

The seven-day positive-test rate declined slightly to 9.6 percent on Friday, which compares with a level of 16.2 percent two weeks ago, according to Texas state data released on Saturday. Deaths increased by 177 to 13,408.

Maine wedding cited in outbreak

A wedding in Maine last month has been traced to 147 virus cases and three deaths, CNN reported on Saturday, quoting a local spokesman for the Centers for Disease Control and Prevention.

C a s e s f ro m t he w e d d i n g branched out to a nursing home and a prison, the CDC was quoted as saying. The wedding was attended by 65 people though state law has capped such indoor events at 50 people, CNN said.

Maine reported 4,197 con-

firmed cases and 134 virus-related deaths as of Saturday, according to the Department of Health and Human Services.

Wisconsin record called ‘reporting’ problem

Wisconsin’s state health department blamed “a problem with reporting that has been fixed” for a record 1,498 new coronavirus cases reported on Friday. While the seven-day average daily increase in cases of 767 was high compared with early this summer, it’s less than a peak in late July, the agency said on Twitter.

As cases on US campuses explode, the University of Wisconsin-Madison said Friday it had ordered members of nine fraternities and sororities to quarantine in response to an unspecified number of cases among members.

“Our goal is to stop any further spread of the virus among our students and the broader community,” Jake Baggott, executive director of university health services, said in a statement.

Other developments:

Mexico orders more death certificates

Mexico’s government had ordered 1.1 million extra death certificates after parts of the country ran out amid the Covid-19 pandemic, Deputy Health Minister Hugo Lopez Gatell said.

The regions include Mexico state, which surrounds most of Mexico City, Gatell told reporters late Friday.

Mexico has registered more than 66,000 coronavirus-related fatalities, putting it fourth worldwide behind the US, Brazil and India.

Australia’s virus epicenter to ease lockdown

Victoria state, the center of Australia’s worst coronavirus outbreak, is set to begin a gradual easing of strict lockdown measures from Sept. 14 following a decline in new cases in recent weeks.

The first changes will be a lengthening of permitted outdoor exercise time to two hours, and gradual increases in the number of people that can gather together outdoors, The Australian paper reported, citing a leaked document from the state government.

Premier Daniel Andrews is set to outline the state’s path out of lockdown on Sunday, but has said any changes would be made in a “steady and safe way.”

Brazil’s cases, deaths slow

Br a zil reported 30,168 cases, fewer than 51,194 reported the previous day, for a total of 4,123,000. Another 682 fatalities were reported, down from the 907 reported the day before. Total deaths are 126,203.

The nation has been hit hardest by the virus after the US, though India’s cases are expected to surpass Brazil’s in the next few days.

Nigeria asks for fair vaccine distribution

Europe should work with African countries to ensure equitable access to an affordable Covid-19 vaccine once it’s available, Nigerian Vice President Yemi Osinbajo said.

Speaking at a joint EU-Africa forum, Osinbajo urged the European Union to support the global non-profit group Gavi, the vaccine alliance, to help developing countries obtain vaccines at the same time as the rest of the world.

“This is a matter that should not be taken for granted,” Osinbajo said in a statement on Saturday.

UK cases remain above average

The UK reported another 1,813 cases on Saturday, after infections reached the highest level since May on Friday. The previous seven-day average was an increase of 1,529. A total of 344,164 people have tested positive and 41,549 have died.

Portugal reports most cases since May

Portugal reported on Saturday the largest daily increase in the number of cases since May. There were 486 new cases, above 400 for a third day for a total to 59,943, the government said. The number of patients in intensive care units rose by 1 to 41.

Italy cases high before schools open

Italy reported 1,695 new coronavirus cases on Saturday, a number close to the four-month high recorded on Friday. Infections have been inching up all week amid vastly expanded testing, as Italians return from holiday where social distancing was lax and less than 10 days before the planned reopening of schools.

Italian Prime Minister Giuseppe Conte said earlier Saturday that coronavirus outbreaks this autumn may prompt local restrictions but not a nationwide lockdown.

UN warns famines are imminent: NYT

Famines are looming in Yemen, South Sudan, northeast Nigeria and the Democratic Republic of Congo, the first of the pandemic era, the New York Times reported, citing a letter from the top humanitarian official of the United Nations.

The risk of famines in these areas had been intensified by “nat ura l d isasters, economic shocks and public-health crises, all compounded by the Covid-19 pandemic,” the official, Mark Lowcock, wrote in a letter to members of the UN Security Council.

Millions of lives are endangered in the areas, the newspaper said.

Bloomberg News

California grid operators warn of more blackouts

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alifornia grid operators said they expect to order rotating blackouts on Saturday as power reserves had fallen below critical levels during a record-breaking heat wave.

Shortly before 6 p.m. local time on Saturday, the state’s grid operator declared a stage-two grid emergency—one step away from a blackout order. Wildfires caused a generator and a solar farm to trip offline, the California Independent System Operator, which runs most of the state’s grid, said on Twitter.

Temperatures topped 100 degrees Fahrenheit (38 Celsius) across the state with Los Angeles expected to reach a high of 109. The extreme heat is expected to push electricity demand even higher than the heat wave three weeks ago, when millions of people were plunged into darkness in the first rolling outages since the 2001 energy crisis.

“This heat is even going to outdo what we saw in August,” said Jim Rouiller, lead meteorologists at the Energy Weather Group. “More than 100 high-temperature records are at stake across the West.”

The ISO issued a statewide grid alert for Sunday from 4 p.m. until 9 p.m., warning that it might not have sufficient power reserves. The grid operator expected Sunday demand to top 49 gigawatts, above the peak of 46.8 gigawatts hit on Aug. 14 when the ISO called for rotating

outages. “If that forecast is realized, Sunday would be the highest-load day we’ve seen so far this summer,” said BloombergNEF analyst Brian Bartholomew.

Electricity prices for delivery on Saturday evening into Southern California jumped to $800 a megawatt-hour, according to data from the grid operator. That’s an indication of tightening supplies as solar production tapers off.

California Governor Gav in Newsom on Thursday signed an emergency order freeing up extra electricity supplies.

Cooling degree-days—used to estimate energy demand—over this weekend are forecast to reach record highs, according to BloombergNEF analyst Jade Patterson. If that happens, electricity consumption could breach last month’s heat wave that sent natural gas prices to $13.27 per million British thermal units.

Many heat records for the date could fall across California, Arizona and Nevada through the weekend before the worst of it begins to subside Tuesday and Wednesday, said Rich Otto, a forecaster with the US Weather Prediction Center. A front from Canada bringing cooler air will dive into the western US breaking the worst of the heat but bringing wind with it that can raise the risk of wildfires, Otto said.

Bloomberg News

A6

Monday, September 7, 2020 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

A walk through the mall

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etro Manila has been back to a slow and gradually easing general community quarantine for a week now. Again we believe that going back to modified enhanced community quarantine (MECQ) last month was the wrong decision.

IHS Markit Ltd. is a British information provider known for its PMI or Purchasing Managers Index. “The IHS Markit Philippines Manufacturing PMI is compiled from responses to monthly questionnaires sent to purchasing managers in a panel of around 400 manufacturers.” This real-world data from the private sector is not filtered through government sources.

The latest report was released on September 1: “The Philippines manufacturing sector headed into a steeper downturn in August as quarantine measures were tightened. New orders fell sharply, as data indicated a second consecutive drop in production. Employee numbers were reduced for the sixth month running.” Note this carefully. “Data were collected on August 12 to 21, 2020,” which means the results were from the MECQ period.

“The IHS Markit Philippines Manufacturing PMI fell for the second month running from 48.4 in July to 47.3 in August, to signal a stronger deterioration in operating conditions.” We hope the number of Covid cases fell as much as the economy did from the two-week MECQ in the National Capital Region from the suggestion by the medical community.

We decided to take a firsthand look at one of the important engines of economic activity in the Philippines—The Mall. What we found was not pleasant.

Standing in line to pass from the parking garage was tolerable but depressingly slow. The critics are correct. The “sign-up” sheet for the contact tracing is about as accurate and reliable as the Commission on Elections voter registration from decades ago. Depending on that to stop the spread of Covid-19 will definitely result in the zombie apocalypse.

But it gets more ridiculous. After entering the mall, you go through the “take temperature/sign sheet” when entering the department store, 100 meters from the first check point. And you must go through this process again at the appliance store, the Italian restaurant, the barbershop, the coffee shop, the food court, the music store, the fast-food restaurant, and the convenience store.

If you leave the department store to go to the coffee shop and then go back to buy your new socks, you are checked again. Is there any wonder why people around the world have very little faith in the governments’ Covid information and response?

The number of stores that were not open is dramatic. Further, with malls being lenient of rental payments, it seemed like some stores were open—maybe upon the ”encouragement” of the mall operator—just to give the appearance of “all is well.” Showing once again that eating is a critical part of our “malling,” less than 10 percent of the former stalls and kiosks in the food court were still operating.

We observed that it appeared that almost the same percentages of people as before are buying milk tea, canvassing for a new refrigerator, and trying on shoes. The problem is that average daily mall foot traffic is probably at a realistic 10 percent of pre-Covid traffic.

This is the good news. It will take months but eventually we will be at 70-80 percent of pre-Covid levels. And hopefully both businesses and consumers—as happened after the Asian Financial Crisis—will come back stronger, leaner, and “meaner” to the betterment of the Philippine economy.

Awareness, survival tool in the time of Covid Atty. Jose Ferdinand M. Rojas II

RISING SUN

S

ix months into this madness and we are still struggling with the changes brought about by the pandemic. Everything from our children’s schooling, our relationships, social connections, business, career, entertainment, mobility, communication, health, etc. are being affected drastically. Covid-19 surely has turned our world upside down.

Even for a few minutes I would like to shift the focus from the difficulties into things that are more positive and helpful. Because while we can’t go to restaurants like usual, more people are eating healthier home-cooked meals, or while we can’t see our friends or relatives like we used to, we are spending more time at home with our loved ones. Good things can come out of this situation if we become more aware of our

Transport wish list 2022

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much time at our desks and less time walking outdoors. Again, many health experts are saying it would be wise to actually be aware of how much time we spend sitting down, and to take measures to reduce this. One way is to install a standing desk where we can work some of the time. Another is to set our alarm at intervals so we get reminded to stand up, walk around, and stretch our bodies.

ur attention is so focused on the pandemic, but we must not forget that we are less than two years away from the next elections and just a year before the deadline of the filing of the certificate of candidacies for those who intend to run for public office, including the presidency. It goes without saying that we need to begin thinking already, not so much on our choices in 2022, but, more importantly, what areas of governance that need to be covered and answered by those we will elect into office.

We know that transport and mobility are but a part of the many concerns that we as voters need to hear from our presidential candidates. Maybe not even the most important one, but definitely very essential; one that can spell the difference if we want our country to move forward or stagnate. Let’s remember that inaction will result in the country being left behind in six years that the winning candidate will sit in that office.

For this column, we reiterate our quest for better, more inclusive and sustainable mobility for Filipinos that we hope our 2022 national candidates will include in their agenda.

My wish list includes what our presidentiables have to say about transport and mobility come 2022: To begin, it will be a welcome change for candidates to deviate from the usual practice of criticizing and blaming everything that was wrong with the outgoing administration and then promising an end-all solution to the current state of affairs. Yes, there are policies that need to be overturned and taken out but there are also programs that need to be pursued.

One problem that beset us is continuity of good programs simply because of a change of administration. Also, discernment is needed as building the proper transport

Besides, this should not be difficult for presidential candidates as they are surrounded by their own group of experts, including past and present policymakers and members of the academe. A sound transport program is what we want to hear and what we deserve.

Third, there are mandatories.

We need to learn from these candidates their views on certain transport concerns and matters.

What to do with the lack of public transport? What about the plight of the jeepney drivers or our maritime workers? Traffic congestion?

Pollution? Road accidents? Pursuing modernization or phase out of jeepneys? What about the expansion of rails to the countryside? Rationalization of maritime and aviation? Is the solution having more airports and seaports or streamlining services to be more cost efficient and effective? We definitely need to

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actions and decisions.

Medical experts say it will be helpful if we look back to our prepandemic routine and try to list down the things that made us happy. Then, decide to do more of these things while we are in the midst of this global crisis. It’s supposed to help ease some of the stress brought about by Covid-19.

Another important thing to note is that we are all spending so

Awareness about what we eat and drink is also crucial to staying healthy at a time when we can’t be sick! For example, it would be so helpful to be aware of how much water we drink every day.

Women should finish about 2.7 liters, while men should be downing 3.7 liters of water daily.

According to the experts, these numbers already include other forms of fluid intake like juices, soups, fruits and veggies.

Thomas M. Orbos

STREET TALK

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infrastructure and transformational change do not happen overnight. So, rather than a blanket criticism on previous programs, it would be proper for candidates to give the electorate an honest assessment of the programs of the outgoing administration, a promise to weed out the wrong ones and a commitment to continue or finish those that merit support.

Second, it is primordial for the presidentiables to present their master plan on transport and mobility for their six years in office. Let us see them come prepared. Forget the motherhood statements. Let them show us their road map—not necessarily the details, but show us in broad strokes how they intend to make our lives on the road better.

Let us hear their 10-point agenda on transport and mobility; their vision, and their policy insights.

When routine is getting to us and we don’t feel motivated or energized enough to go through the same motions one more day, one possible solution we can try is to do something nice for ourselves in the morning, to greet the day. Whatever it is, it needs to be something outside of our usual routine. For example, eating or drinking something special for breakfast or spending extra minutes in the shower to really pamper our body or lighting a candle and a stick of incense while journaling or reading a Bible passage. Start by making the day special—I think it’s a great idea.

Awareness about what we eat and drink is also crucial to staying healthy at a time when we can’t be sick! For example, it would be so helpful to be aware of how much water we drink every day. Women should finish about 2.7 liters, while men should be downing 3.7 liters of water daily.

According to the experts, these numbers already include other forms of fluid intake like juices, soups, fruits and veggies.

hear their take on this. Maybe not as part of a master plan but ready answers during the mandatory Q and A among presidentiables.

Again, not the details but more the thought processes. This will show the deep dive and how on-ground the candidate is on relevant issues relative to transport.

We know that transport and mobility are but a part of the many concerns that we as voters need to hear from our presidential candidates. Maybe not even the most important one, but definitely very essential; one that can spell the difference if we want our country to move forward or stagnate. Let’s remember that inaction will result in the country being left behind in six years that the winning candidate will sit in that office. We need to extract from our presidentiables what they intend to do to make the state of transport better for us, ordinary Filipinos. We deserve a president that comes prepared. We cannot afford to be taken in for a ride of trial runs. And just like a good driver, we need a president who knows the road, comes prepared and assures us that we will indeed reach our destination as he or she has promised.

2022 is just around the corner and preparing for that journey needs to happen now.

Thomas “Tim” Orbos was formerly with the DOTr and the MMDA. He has completed his graduate studies at the McCourt School of Public Policy of Georgetown University and is an alumnus of the MIT Sloan School of Management. He can be reached via e-mail at thomas_orbos@sloan.mit.edu

Opinion BusinessMirror

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Banking under the new normal

Unmasking the numbers Siegfred Bueno Mison, Esq.

THE PATRIOT

Razzel Ann Vergara

DEBIT CREDIT

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here is no doubt that this pandemic will have strong economic impact on every financial institution, specifically on loan demand, deposit growth, credit quality and much more. In the context of the ongoing health crisis here and abroad, a new business model involving high levels of automation and less physical interaction has evolved in the banking and financial services sector. While a lot of businesses and industries are closing or slowing down their operations, the industry for digital companies is growing too fast.

Even before the lockdown, most banks already provide online banking channels. There are also a lot of fintech companies that offer automated delivery and use of financial services including payments, remittances, investments and the like.

However, these electronic facilities are not widely used before as it is nowadays.

People are rapidly adapting to the new normal. The regulation to stay home as much as necessary caused the accelerated migration of consumers to digital channels in banking and financial services for their convenience and safety. These led banks and financial institutions to digital adaptation and transformation in their business processes to maintain relevance and ensure operational resilience, since the dependence on these digital channels is expected to continue after the crisis.

Virtually, each banking institution has some form of online banking, available in desktop versions or through mobile apps that offer services traditionally available in local branches. These include but are not limited to deposits, transfers and bill payments. At the consumers’ own comfort and without having to visit a bank branch, they will be able to conduct banking transactions through computer or smart phone and an Internet connection, subject to the usual registration required by the applicable bank, certain limit of amount transacted daily and payment of minimal fees.

Through these facilities, we can transfer funds from and to different bank accounts of the same bank (interbank) or to another bank (intrabank). We can also pay our bills electronically such as electricity, water and telco. There are also some banks that offer online check deposits. Credit card limits, transactions and billing statements can also be viewed as long as enrolled in the online/mobile banking channel.

Account opening and loan applications are also made available online with application and identification

A functioning banking and payment system is very vital in the global economy. Despite this difficult situation, the financial services industry could contribute a lot of innovative and constructive ideas to boost recovery from this crisis such as using data analytics and enhancing procedures on fraud prevention, cybersecurity and data privacy. documents being sent electronically, and phone/web calls (sometimes videoconferencing) conducted for verification and control purposes.

Aside from these services, there are also companies (banks or fintech) that offer online investment opportunities. We are now able to buy and sell shares of stocks and mutual funds online.

Going digital is fast and efficient. However, enjoying these services poses risk to consumers, such as online theft of user identity and password, virus attacks, hacking, unauthorized access and fraudulent transactions. This is why we need to be more vigilant. One way of keeping safe is monitoring your account transactions and balances.

It is also advisable to keep your records with the bank updated especially contact details and e-mail address. If any unauthorized transaction has been noticed, it is very important to report immediately to the bank.

A functioning banking and payment system is very vital in the global economy. Despite this difficult situation, the financial services industry could contribute a lot of innovative and constructive ideas to boost recovery from this crisis such as using data analytics and enhancing procedures on fraud prevention, cybersecurity and data privacy.

Razzel Ann Vergara is a graduate of BSA at Polytechnic University of the Philippines-Lopez, Quezon and a Certified Public Accountant. She is currently working as internal auditor at the Provincial Government of Camarines Norte.

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hen asked to contribute to this column, Elaine Tan, my former colleague in a Malcolm Law, in the Bureau of Immigration, and in Philippine Airlines, did not hesitate to share her insights on statistics shared by the Department of Health.

Below is how she looks at the current government response—or lack of it—to the pandemic.

“Six months into the community quarantine, much of this administration’s strategy to address the pandemic is for everyone to continue to lock themselves up while waiting for a vaccine. Continued self-isolation while hearing depressing news of a drastic drop in the economy with an unprecedented unemployment rate, is not much of a strategy to curb the spread of the virus. In my Facebook feed, about 70 percent is related to the pandemic (this includes reactions to supposedly unrelated government policy), 20 percent is on popup online businesses of friends and others that were mostly established as a result of the lockdown, and the remaining 10 percent is the regular FB news of family and friends. Even in conversations, the main topic is always about how each person manages the situation, comparisons with other countries, and the increasing frustration on how our government is addressing the pandemic.

According to the web site endcoronavirus.org, the Philippines belongs to the “countries that need to take action” along with India, Indonesia, and the United States. As of this writing, there are 65,240 active cases and 3,688 deaths due to the coronavirus in our country, based on the data of the Department of Health. Apparently, the number of active cases serves as the sole basis

By Julian Lee | Bloomberg Opinion

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S the summer driving season fades in the rearview mirror, oil markets are taking on a distinctly chilly air.

The recovery in demand has officially stalled, just as the Opec+ countries are starting to taper their record output cuts. With spare capacity rife throughout the supply chain and huge stockpiles of crude and refined products, it may be some while yet before oil prices resume their upward path.

After a strong initial rebound from the depths of the pandemicinduced slump, the comeback in demand slowed dramatically. This is most obvious in those countries that publish detailed data at high frequency, such as the US, the UK and some other European nations.

That oil demand in India remains muted is particularly bad news for those wishing oil prices higher. Before Covid-19 struck, it had joined China as one of the major centers of growth in liquid fuel consumption.

Sales of transport fuels by the country’s three biggest fuel retailers—

Indian Oil Corp., Bharat Petroleum Corp. and Hindustan Petroleum Corp.—were still down year-on-year by more than 20 percent in July and August.

The one potential bright spot is China, which may yet prove a lifeline for the flagging demand. July’s apparent oil use in the world’s biggest importer was up by a whopping 19.5 percent year on year, according to Bloomberg calculations on data from the nation’s Customs General Administration. Air travel in the country’s vast domestic market is picking up. Passenger numbers

Philippines, our database had fairly improved to include demographic data by age, where we can see that the bulk of the infected age groups fell under the 25-29 bracket, with almost an equal number between males and females. This group likewise comprised the highest rate of recoveries. On the other hand, while the 60-69 age group comprised only 7.6 percent of the total cases, this group accounted for 28.1 percent of deaths due to the virus. This data justifies the stricter measures enforced upon the senior members of the population. There are also other “comforting” statistics such as the number of individuals tested (2,539,354) with a positivity rate of only 10.6 percent, which may, however, give rise to a false sense of security in that this may be interpreted as only 10 percent of “suspect” individuals turn out to be actually infected. This is far from the truth, considering that these tests were mostly voluntary in that these were given to those who had money to pay for tests, regardless of the presence of symptoms or being exposed to an infected person. Unless mass testing can be carried out, and a truly representative number of residents can be tested, the accurate number of infected persons in the country, particularly those who are asymptomatic, cannot be determined.

Some factors relating to travel restrictions include data on infected persons who came from abroad, or who took part in the Balik-Probinsya Program, or the number of persons who turned out to be infected (positive cases) during the quarantine period. Also, while our government had recently mentioned that most infections were transmitted inside workplaces during meal breaks, no data had been presented to support this claim. The recent requirement on mandatory wearing of face shields also do not have supporting data except the claim that it “reduces” the risk of transmission, and that ‘excessive’ protection is better than less.

A7

On the contrary, recent articles show that the incorrect wearing of face shields actually increases the risk of infection. (Note that no instructions to care for face shields have been issued by government authorities).

The same holds true for plastic barriers in jeepneys and establishments such as restaurants and banks, and most notably, the required motorcycle barriers between driver and passenger, which has been shown to be more dangerous for the safety of passengers, from causes other than the Covid virus that it will supposedly guard against.

So six months into the pandemic, and the government’s only proposed solution is to wait for the vaccine, which no one knows when this will happen if it will happen at all. As no one has a monopoly of knowledge and solutions, I believe it is never too late for our government to regroup, and to consult especially the brightest and the best, and consider more science-based approaches in curbing the spread of the coronavirus.”

In the Bible, Proverbs 11:14 tells us, “Without wise leadership, a nation falls; there is safety in having many advisers.” Anyone can be an adviser, especially from a well-meaning Filipino like Elaine Tan, who, incidentally, has a degree in law from Ateneo and a degree in statistics from the University of the Philippines. Leaders should listen to comments, criticisms, and suggestions, as no one has the monopoly of knowledge, except, of course, our Almighty God.

A former infantry and intelligence officer in the

Army, Siegfred Mison showcased his servant leadership philosophy in organizations such as the Integrated Bar of the Philippines, Malcolm Law Offices, Infogix Inc., University of the East, Bureau of Immigration, and Philippine Airlines. He is a graduate of West Point in New York, Ateneo Law School, and University of Southern California. A corporate lawyer by profession, he is an inspirational teacher and a Spirit-filled writer with a mission.

For questions and comments, please e-mail me at sbmison@gmail.com.

Permanent job losses pose trouble for economic recovery

By Brian Chappatta Bloomberg Opinion

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T what point does a recession caused by a global pandemic become just a straight-up recession? The American economy is figuring that out. Labor Department data released on Friday showed that US payrolls in August increased by 1.37 million (including 238,000 temporary Census workers) and that the unemployment rate plunged from 10.2 percent to 8.4 percent, blowing away analysts’ estimates for a drop to 9.8 percent. Just looking at that headline figure alone, one might conclude that the job market is completing a V-shaped recovery, much like financial markets and other economic data published as of late.

However, the underlying figures are potentially more sinister. In particular, the number of job losses considered “permanent” surged again in August by 534,000 to 3.4 million, the highest since

Oil prices face a chill autumn wind

for the decision on whether to shift to a stricter or more relaxed community quarantine classification for specific areas. It is interesting to note that despite the strict lockdown measures imposed among residents, our borders remained open and we continued to allow the entry of repatriated individuals without enforcing quarantine measures. In the most recent modified enhanced community quarantine in National Capital Region, the travel restrictions were even eased to allow immigrants into the country. This is possibly the reason why our numbers struggled to improve despite the longest lockdown in the entire world that lasted from mid-March to May. This theory is supported by the failed outcome of the Balik-Probinsya Program, which led to the spread of the infections in provinces that had previously no cases prior to the implementation of the program. Arguably, there is a high correlation of infections to strict border control and quarantine measures.

Strict travel restrictions had been the key factor of “successful” countries like New Zealand, Taiwan, Vietnam and Sri Lanka. These countries also had an effective database that recorded statistics of key factors such as age, sex, special populations (i.e., pregnant, race, whether the subject is a foreigner or not, etc.). Here in the

Monday, September 7, 2020

for China’s biggest airlines—Air China Ltd., China Eastern Airlines Corp. and China Southern Airlines Co.—were up by about 25 percent month on month in July. Travel analytics company ForwardKeys predicts air travel in China will fully recover this month.

But China’s already got plenty of oil on hand. It took advantage of rockbottom prices in March and April to make purchases, leaving the country’s stockpiles brimming, both on land and in tankers anchored off its coast. The volume in so-called floating storage is coming down, but there are still some 50 million barrels of crude that have been in tankers off China’s Shandong province for more than 15 days, according to Londonbased consultants Energy Aspects.

Even when demand does begin to pick up again, in China or elsewhere, there may be little immediate impact on crude prices. The devastation wrought by the coronavirus pandemic has left ample spare capacity

2013. The sharp growth in permanent job losers screeched to a halt in July, in what was seen as an encouraging sign about the path forward for the labor market. Friday’s figures are a stark reminder that the damage caused by the coronavirus pandemic is still making its way through the economy. The US has yet to reach an equilibrium.

For reference, there were 13.55 million unemployed workers in the US labor force in August, meaning about 25 percent consider themselves permanently jobless. By contrast, when unemployment peaked after the last recession in late 2009 at 15.35 million, about 6.82 million were deemed permanent job losers, or roughly 45 percent. On a percentage basis, August marked the sharpest increase in that ratio on record.

This relationship will be worth watching in the months ahead as the US claws out from the pandemic. Already in the past few weeks, companies including large airlines, Ford Motor Co. and Bed

Bath & Beyond have announced plans to cut workers. At its current pace, the US would approach 2009-level permanent unemployment, at least relative to the total jobless, by the end of the year.

That’s when the hardest part of building back the American economy will begin in earnest. Of course, the jobs data as a whole was encouraging and trending in the right direction, which explains why Treasuries sold off, with the benchmark 10-year yield increasing by 5 basis points to 0.68 percent. Still, if the worst rout in US equities since June can be called a “healthy correction,” I’d say the same thing for the world’s biggest bond market. The 10-year yield is still poised to end the week about 4 basis points lower than it started it. Shorter-term notes still indicate that traders expect the Federal Reserve to keep interest rates near zero for many years to come.

More urgently, however, the increase in the permanently unemployed keeps the pressure on Washington lawmakers

who are still squabbling over another fiscal relief bill. The supplemental $600 in weekly unemployment benefits and small-business aid from previous legislation has expired. If the sudden spike in unemployment was only temporary, and permanent job losses leveled off, then it’s possible the first stimulus might have been enough. Friday’s data makes clear that the US labor market is not yet on solid footing. At what point the fallout ends is anyone’s guess—but additional aid would undoubtedly soften the blow.

“The end of most pandemic aid is one wrinkle to closely watch going forward,” Chris Low at FHN Financial wrote. “In August, it may have boosted job growth as people had a strong incentive to find work. Later this year, it may have the opposite effect if spending weakens.”

Only in the throes of a worldwide pandemic can a significantly lower-thanexpected US unemployment rate raise so many questions. It’s not an all-clear by any stretch.

Even when demand does begin to pick up again, in China or elsewhere, there may be little immediate impact on crude prices. The devastation wrought by the coronavirus pandemic has left ample spare capacity throughout the oil supply chain. Take the US, for example.

Refinery utilization was running at about 81 percent of operable capacity before Hurricane Laura tore through Louisiana.

may be even bigger.

While US shale oil production may never recover fully to its previrus peak, there is still plenty of room for output to pick up from current depressed levels. In the seven shale basins covered by the Energy Information Administration’s Drilling Productivity Report, there were still more than 7,600 drilled but uncompleted wells at the end of July, a number that has barely changed since February. That may reflect a lack of activity in the shale patch, but the wells provide a buffer from when demand picks up to the point that drilling crews return to the Permian and other shale basins.

But the greatest concentration of spare crude production capacity lies far away in the Persian Gulf and beneath the tundra of northern Russia.

The Opec+ group of 23 countries had reduced their collective production by 9.7 million barrels a day as of May. They’ve since begun easing back on those cuts, raising the combined out-

put target by 2 million barrels a day from the start of August.

Some of that should initially be offset by several countries’ commitments to additional reductions after failing to meet their obligations in full in the early months of the deal.

More oil will also be consumed domestically in the Persian Gulf countries to meet soaring summer electricity demand. But neither of those factors will constrain supply for long.

Saudi Arabia’s hard line towards Opec’s perennial quota cheats succeeded in eliciting promises to make up for earlier shortcomings, but Iraq, the biggest over-producer, is seeking to reduce the severity of its compensatory cuts by extending their duration. And Persian Gulf electricity demand will soon retreat from summer peaks, as temperatures come down, freeing up more of the extra production to be exported.

The chill of approaching autumn may yet make itself felt through oil markets before they rebalance.

throughout the oil supply chain.

Take the US, for example. Refinery utilization was running at about 81 percent of operable capacity before Hurricane Laura tore through Louisiana. That compares with about 95 percent at the same time last year.

The difference represents about 2.6 million barrels a day of idle refinery capacity in the US alone. Plants in Europe may be running at even lower levels. When it comes to getting oil out of the ground, the spare capacity

A8 Monday, September 7, 2020

Online trade protection bill on track –Gatchalian

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AWMAKERS are on track to push passage of timely legislation to protect the growing number of buyers and sellers engaged in legitimate online trading.

“It aims to protect buyers, consumers and online traders given the number of reported cases of abuse,” said Sen. Sherwin Gatchalian, in a mix of English and Filipino, in a radio interview with DWIZ at the weekend.

Gatchalian, chairman of the Senate Committee on Economic Affairs, observed that buying and selling online is now the “new normal” even as he noted that while it is gaining popularity and providing opportunities for small business, other abusive traders are taking advantage of the “convenience and easy selling.”

He recalled that in the recent Senate hearing on the bill, the presentation of the Optical Media Board (OMB) confirmed the proliferation of “illegal software, illegal music, illegal videos being sold in online platforms like Lazada and Shopee.”

In our hearing, I was also surprised when I searched the Internet and found out many forms of food are sold in online platforms without having been reviewed by the Food and Drug Administration. The FDA itself has issued health warnings, these supplements should not be taken because they did not pass scrutiny.”

The point, he stressed, “is that this should not be allowed to happen because the people will be fooled, believing it is good for their body, but is actually dangerous.”

As envisioned in the bill, Gatchalian said the remedial legislation provides for the creation of an “ecommerce bureau” in the Department of Trade and Industry (DTI) to monitor these transactions and hear complaints against online platforms.

He said platforms “like Lazada and Shopee”should be answerable because the goods sold on their platforms are not available in the Philippines and, therefore buyers cannot run after the manufacturers if there are product flaws.

Conversely, Gatchalian said, the bill also seeks to address the accountability of online sellers from abroad to their “victim-buyers” in the Philippines.

Gatchalian cited the OMB presentation showing “fake CD, fake videos, fake movies” being sold in the black market. Butch Fernandez

‘PHL still attractive haven for investors’

By Ma. Stella F. Arnaldo

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@akosistellaBM Special to the BusinessMirror

HE Philippines is still the best place to be for long-term foreign and local investors.

This was the assessment shared

by University of Asia and the Pacific economics professor Bernardo Villegas at the recent Asia CEO Forum, citing various foreign studies and reports that show, “the Philippines as one of the most promising emerging markets in the world in the next 20-30 years.”

The Philippines, he noted, is at the “epicenter of the most dynamic economic region in the world— Asia Pacific—which fortunately is not suffering from the economic

diseases of protectionism, such as ‘America First’ and Brexit.” Several independent studies and reports from HSBC, Oxford Economics, and The Economist, indicated the region’s strong economic prospects, with VIP—Vietnam, Indonesia, and the Philippines—among the major winners, he said. The studies, he admitted, were made before the Covid-19 outbreak but continued to be relevant.

For one, he said, the country’s young, growing and English-speak-

ing population “gives us a tremendous leeway to send million of our workers to service aging populations,” such as South Korea, Taiwan, Japan and China. This will help bring in more overseas remittances to the country.

The youth are also strong consumers, and considering much of the country’s growth is consumptiondriven, the lifting of restrictions on movement will help boost the economy, as they go back to malls or spend on domestic holidays.

Villegas, dubbed “the prophet of boom” for his often optimistic outlook on the economy, underscored, however, the need for a shift in the Filipinos’ mindset about blue-collar work. “The irony of our manpower situation is that despite our having many young people, we have a shortage of technical skills.

We have a shortage of carpenters,

plumbers, electricians, mechanics...the reason is sociocultural.

Parents and young people here are still so obsessed with a college diploma,” he said. This, he said, is among the long-term challenges in the Philippines’s bid to attract foreign direct investments.

Other challenges include the low agricultural productivity, bureaucratic red tape, high power rates, corruption and poor governance and the high frequency of natural calamities.

But he also projected post-Covid “sunrise” industries: food and agribusiness (including post-harvest, cold storage, processing and logistics); digital technology, BPOs; health and wellness (pharmaceuticals, clinics and hospitals, gyms); and skills development as well as formal and non-formal education.

Continued on A4

A VW beetle protrudes from a fine-dining restaurant, which has since been closed because of the lockdowns, on Sumulong Highway in Antipolo City. Businesses are reopening with great caution, amid continuing restrictions imposed by the Covid-19 pandemic, and the slow foot traffic from a still-wary public. BERNARD TESTA

Hospital modernization, Virology Institute priorities in ‘21 outlay

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ODE R N I Z AT ION o f more hospitals and the creation of the Virology Institute of the Philippines will be included in the proposed P4.5trillion national budget next year.

House Committee on Appropriations Senior Vice Chairman Joey Sarte Salceda said the funding for the establishment of the Virology Institute of the Philippines, which he first proposed in House Bill No. 6793, is included in the 2021 National Expenditure Program (NEP).

Under the NEP, P283 million is allocated to set up the institute, the country’s research center for cures and preventative methods and products for viruses.

Salceda said this budget is “preliminary,” and that he will ask the Department of Budget and Management (DBM) to clarify whether these are merely for capital expenses or will already include organizational expenses.

“The estimate is that construction of facilities might take five years. I think the organization should be established soon, so that we can already begin secur-

ing funding commitments and partnerships. By the time the facilities are ready, we can also get to work with research,” Salceda said.Salceda added that the Virology Institute also needs to start being integrated into industry development plans.

“Research and development is the future of the Philippine economy. We see much industry development potential in the virology institute. Abaca is apparently the best surgical mask filter. Virgin coconut oil apparently has potential as a therapeutic for throat viruses.

Of course, our metals extractive industry could also see plenty of value-added if used in virus-combatting technology. This could be game-changing for many industries,” Salceda said.

“That’s why we need to get the organization ready now for planning, even when the facility is still under construction.”

Cebu hospitals

Meanwhile, four Department of Health (DOH) hospitals in Cebu province are getting a combined

budget of P2.5 billion for their operations in 2021 and another P196 million to further modernize their facilities, Cebu Rep. Eduardo Gullas said on Sunday.

Gullas, a House appropriations committee member, said the operating budgets of the four national government hospitals in the province include: Vicente Sotto Memorial Medical Center in Cebu City with P1.9 billion; Cebu South Medical Center, formerly the Talisay District Hospital with P380 million; Eversley Childs Sanitarium in Mandaue City with P128 million; and St. Anthony Mother and Child Hospital in Cebu City with P90 million.

“The aggregate operating budget of the four DOH hospitals in Cebu in 2021 is P400 million, or 19 percent, higher than the P2.1 billion that they are getting this year,” Gullas added.

Gullas said the four national government hospitals in Cebu are also receiving a total of P196 million from the DOH’s Health Facilities Enhancement Program (HFEP).

Gullas said the HFEP provides

additional funding allocations “for the construction, upgrading, or expansion of government health-care facilities and purchase of hospital equipment for such facilities, including the upgrading of facilities for Covid-19 response and equipping and construction of ongoing projects.”

Under the HFEP, Gullas said the DOH hospitals in the province are obtaining the following extra provisions to build up their facilities: Vicente Sotto Memorial Medical Center (P80 million); Cebu South Medical Center (P49 million); Eversley Childs Sanitarium (P48 million); and St. Anthony Mother and Child Hospital (P19 million).

Under the HFEP, Gullas said the Cebu provincial government hospitals in Carcar City, Danao City, Bogo City and in the Municipality of Balamban are also receiving a subsidy of P4 million each, or a combined P16 million, to improve their facilities.

He said RHU in the Municipality of Argao is likewise getting P3.5 million from the HFEP.

AFP modernization

Also, Deputy Speaker and Surigao del Sur Rep. Johnny Pimentel said the Armed Forces of the Philippines (AFP) modernization program is getting an extra P8 billion in 2021 to restore the bulk of funds earlier “repurposed” for the fight against Covid-19.

“Considering the foreign threats we are facing in the West Philippine Sea, we are assuring the AFP of sustained funding support for its modernization projects, despite the coronavirus pandemic,” Pimentel said.

In the proposed 2021 budget, Pimentel said the AFP modernization program is getting P33 billion in fresh funding, or P8 billion higher than the usual P25-billion annual allocation.

The AFP modernization program was earmarked P25 billion this year, but the Department of National Defense (DND) earlier returned P9.4 billion in “unobligated” (program) funds to the National Treasury to help the government’s fight against Covid-19.

Jovee Marie N. dela Cruz

House bent on bigger stimulus package

By Jovee Marie N. dela Cruz @joveemarie

T

HE leadership of the House of Representatives is now looking for resources to fund a bigger stimulus package to continuously assist critically impacted industries.

Speaker Alan Peter Cayetano asked House Committee on Ways and Means Chairman Joey Sarte Salceda to look for sources of revenue to fund “the stimulus that we need.”

In June, the chamber approved House Bill (HB) 6709 or the P1.5trillion Covid-19 Unemployment Reduction Economic Stimulus (CURES) Act and HB 6815 or the P1.3-trillion Accelerated Recovery and Investments Stimulus for the Economy (ARISE) bill to help Covid19-affected industries.

Salceda, for his part, said Congress will find ways to fund the stimulus package by approving several revenue measures, which will provide the government the much-needed revenue to support the economy amid the fight against Covid-19.

These measures include the proposed motor vehicle road users’ tax, tax on compensation and tax on revenues of Philippine Offshore Gaming Operator (POGO), tax admistration reforms on proposed digital taxation.

“These proposals will yield about P591 billion in five years, more than enough to cover the period’s incremental debt payments due to our Covid-19 response and new programs to boost the economy.

He said other reforms that would provide additional revenue to the government are implementation of oversight into customs-bonded warehouses, full digitalization of the taxpayer filing and payment in the Bureau of Internal Revenue, and application of zero tax for some period and tax base expansion after for the MSMEs. However, Finance Secretary Carlos Dominguez III, at last Friday’s budget hearing, said the Philippine should look at the experience of other countries in providing stimulus.

“I think it’s better to be conservative at this point and prepare for the long fight that is coming.”

Asked by Deputy Speaker Luis Raymund Villafuerte on the possibility of Bayanihan 3 or a bigger stimulus package, Dominguez replied: “It does not mean that spending a lot of money is going to save your productive capacity. What we want to do is support the productive part of the economy while also supporting the poorest.”

Dominguez continued: “If there is one thing about this pandemic, it is uncertain of how it’s going to develop. Not knowing that we have to preserve all our assets to make sure that we have enough stamina to run this marathon.”

Bayanihan 2

Albay Rep. Edcel Lagman, meanwhile, asked the economic managers why President Duterte is taking too long to sign the proposed “Bayanihan To Recover As One Act” or Bayanihan 2 despite the urgency of its enactment.

Lagman said the Bayanihan 2 enrolled bill was received on August 27, 2020, by the Presidential Legislative Liaison Office (PLLO) for immediate transmittal to the Office of the President.

“Although the P165.5-billion appropriated under Bayanihan 2 is meager and already delayed as a response to the ongoing pandemic, the failure of the President to sign it into law further stalls the release of the miniscule relief to affected citizens and distressed businesses,” he added.

Continued on A4

www.businessmirror.com.ph

Companies BusinessMirror

Monday, September 7, 2020

B1

Meralco set to hold auction for additional power supply

T

By Lenie Lectura

@llectura

HE Manila Electric Co. (Meralco) assured the Department of Energy (DOE) that it will start within the month the competitive selection process (CSP) for the auction of 1,800megawatts (MW) of power capacity requirement.

“We are preparing to commence the 1800MW CSP within the third quarter, as mentioned by the DOE in its letter,” Lawrence Fernandez, Meralco utility economics head, said in an interview.

Meralco earlier asked the DOE if it could delay the auction to October this year. However, the DOE told Meralco to proceed at the soonest time possible the competitive auction for the 1800MW. It advised Meralco

to explore other ways by which it can conduct the CSP amid the quarantine imposed by the government.

Fernandez said the publication of bid invites is expected to happen mid-September. “There is no fixed date yet, but we are targeting second half of September to publish the invitation to bid. Before that, we need to publish Meralco’s updated Power Supply Procurement Plan (PSPP) on DOE's portal, as soon as DOE approved the PSPP." The 1,800MW greenfield baseload capacity will supply Meralco’s requirements in 2024-2025.

The 1,800MW consists of the 1,200MW capacity from the failed CSP in 2019 and an additional 600MW from the target 1500MW baseload capacity supposedly scheduled for bidding in 2020.

The company was supposed to conduct 3 CSPs this year. These are 1,000MW baseload for 2025, 500MW baseload for 2027 and 600MW mid-merit for 2023.

Last year, Meralco conducted three CSPs. These are the 1,200MW baseload capacity starting 2020, 500MW mid-merit starting 2020 and the 1,200-MW baseload starting 2024.

SMC Global Power Holdings Corp., the power unit of conglomerate San Miguel Corp. earlier said it may participate in the 1,800MW CSP, based on a report to the Philippine Dealing and Exchange Corp.

Fernandez said Meralco expects more power firms to participate in the auction. He said their interest will be known after the utility firm has published the bid invite.

PCC greenlights sale of PLDT buildings

By Elijah Felice E. Rosales @alyasjah

T

he country’s antitrust agency has approved a real estate firm’s buyout of infrastructure assets owned by PLDT Inc. in Makati and Bonifacio Global City (BGC).

In a decision, the Philippine Competition Commission (PCC) authorized DMC Urban Property Developers Inc. (DMCUPDI) to acquire PLDT buildings. The PCC said it found no reason to prohibit the acquisition, as it will not result in a substantial lessening of competition in the office leasing space market in Makati and BGC. Under the transaction, DMC-UPDI is purchasing two parcels of land with an aggregate area of 2,400 square meters with improvements comprising of two buildings from PLDT.

The two buildings, Smart Towers I and II, are located along Ayala Avenue in Makati City. The PCC said there remains to be sufficient competitive constraints posed by large competitors in the office leasing space market in spite of the acquisition.

Further, the buyout of the two buildings is secondary only to PLDT’s main business, which is on telecommunications, and as such there will be no changes in either the ownership or control of either party.

The acquiring entity DMC-UPDI is a domestic real estate company involved in the leasing and development of properties. It leases office spaces in Makati and BGC, lands in Davao and Antique, and land and improvement in Makati, Taguig and Manila.

DMC-UPDI is also engaged in putting up subdivision housing and condominium projects in Davao and Bataan.

SEC gets good marks from COA

BusinessMirror file photo

T

he Securities and Exchange Commission (SEC) has received good marks from the Commission on Audit (COA) for the second consecutive year for the 2019 financial statement.

“In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Securities and Exchange Commission as of December 31, 2019, and its financial performance, changes in net assets/equity, cash flows, comparison of budget and actual amounts for the year then ended, and notes to the financial statements, in accordance with the International Public Sector Accounting Standards [IPSASs],” the COA report read.

Under the IPSASs, auditors issue an unqualified or unmodified opinion when they conclude that financial statements, as a whole, are free from material misstatements, which could arise from either fraud or error.

The SEC also received an unqualified opinion on the fairness of presentation of

its financial statements for 2018.

“The unqualified opinion rendered by COA affirms our commitment to honest, sound and prudent use of public resources to improve our operations for the benefit of the people we serve,” SEC Chairman Emilio B. Aquino said.

“The audit rating also strengthens our position to lead by example, as it speaks of our adherence to the highest standards of transparency, accountability and good governance that we likewise require of corporations, capital market participants and other entities under our supervision in the best interest of their investors, clients and other stakeholders.”

The SEC, which recently secured its ISO certification for its quality management system covering all core services across its main and extension offices, has received several recognitions for its initiatives to improve the ease of doing business in the country by eliminating red tape and other opportunities for graft and corruption, among others. VG Cabuag

PLDT is a telecommunications company providing fixed-line, wireless and other information technology and communication services. PLDT also owns commercial properties primarily for its own use and use of its subsidiaries,

while properties not for its own use are leased to third parties.

The Smart Towers in Makati currently houses PLDT’s fullyowned subsidiary Smart Communications Inc. and leases a portion of the property to retailers.

Jollibee opens CBTL store in New York

By VG Cabuag @villygc

J

ollibee Foods Corp. said it has brought back the Coffee Bean and Tea Leaf (CBTL) brand to New York in the United States through its franchisee Hudson River Coffee and Tea, while opening a new store concept for its Smashburger brand in Boston.

“We are thrilled to bring back The Coffee Bean and Tea Leaf to New York and debut our latest store design for Smashburger in Boston. We are happy to see that these two openings were met with very strong reception from local patrons despite the pandemic. This is a good indication that consumers will continue supporting brands that serve quality, great-tasting food and beverages,” Jollibee CEO Ernesto Tanmantiong said.

The company said its North America business continues to outperform the US quick service restaurant industry. Smashburger has been double-digit positive for the past 3 months across company-owned stores with its online sales growing by close to five folds, while the CBTL brand has grown since April despite the impact of the pandemic.

“The Philippine brands—Jollibee, Chowking, and Red Ribbon—have also performed well with Jollibee even seeing long queues with its recent openings. We thank our customers for patronizing our brands and we hope they'll continue to support our future openings,” the company said.

A CBTL shop was opened at 5 Green Avenue in Brooklyn last August 28. This is the first of many planned openings through its New York-based franchisee Hudson River Coffee and Tea, a venture of outstanding operators, developers, and real estate experts, it said.

“New York City is a competitive and highly desirable market for any coffee retailer and our opening in New York underscores our commitment to bringing our beloved beverages to more guests, and demonstrates our strength as a leading roaster and retailer of coffee and tea,” Peter Vavra, CBTL director of franchise operations, said.

Also in August, Smashburger opened its latest location at 545 Boylston St. in the Back Bay of Boston, Massachusetts, the first store to showcase the brand’s new branding and interior design, along with being one of the first Smashburgers around the country to offer their breakfast menu.

“For years, Boston has been known as one of America’s greatest food towns, which is why it made perfect sense to bring our newest design to the city,” Smashburger CEO Carl Bachmann said.

“Our Boylston location is designed with food at the forefront. The restaurant layout is a stage for our skilled culinarians, and gives a nod to the local culture we know our Boston Smashburger fans appreciate."

Jollibee earlier said it will still open some 338 stores worldwide on a very selective basis and in strategic locations across its brands to strengthen the business.

B2

Companies BusinessMirror

Monday, September 7, 2020

PSE STOCK QUOTATIONS

September 4, 2020

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

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

44.65 87 65 20.8 8.25 33.6 8.25 17.1 19.7 49.3 15.6 93.5 54 0.78 21.15 7.06 0.95 0.285 0.59 158

45.95 87.8 65.15 20.85 8.26 33.95 8.79 17.46 19.72 49.7 16 93.6 54.2 0.83 22.4 8.3 0.97 0.295 0.6 160

45.8 86.25 67.35 20.8 8.15 33.8 7.9 17.44 19.7 49.75 15.76 94 54.2 0.76 22 8.5 0.95 0.305 0.63 157.9

45.8 87.8 67.35 20.8 8.27 33.95 8.8 17.44 19.72 49.75 16.3 94.5 54.2 0.83 22.3 8.5 0.95 0.305 0.63 160

44.45 86.15 65 20.65 8.06 33.35 7.9 17.44 19.62 49.7 15.5 92.85 54 0.76 22 8.5 0.95 0.295 0.59 157.9

45 87.8 65 20.8 8.25 33.95 8.79 17.44 19.72 49.7 15.6 93.6 54 0.83 22.3 8.5 0.95 0.295 0.6 160

1200 3727210 1978600 28100 369400 1620400 12800 600 15100 200 6800 476850 2530 15000 4600 100 11000 920000 94000 20090

54155 -4500 323199748.5 1320557.5 128,947,997( 53,421,763.5002) 583370 4130 3017137 -634017 54615220 -25408245 109614 17580 10464 297372 1966 9945 106398 -71648 44498996.5 -14452998.5 136667 -61583 11660 101530 850 10450 272000 56450 3213550 3199171

INDUSTRIAL AC ENERGY 2.7 2.71 2.7 2.7 2.67 2.7 4546000 12207960 1.24 1.25 1.26 1.26 1.2 1.24 4097000 5025680 ALSONS CONS ABOITIZ POWER 25.95 26 26.5 26.5 25.9 26 1145500 29783280 0.179 0.182 0.187 0.187 0.179 0.182 890000 161230 BASIC ENERGY FIRST GEN 23.8 24.2 24.7 24.85 23.8 23.8 1268700 30828255 60.1 61.45 60.1 61 59.75 60.1 2720 164402.5 FIRST PHIL HLDG MERALCO 259.6 262.8 260.8 264 259.4 259.6 451330 117685980 13.98 14 14.2 14.28 13.86 14 1133000 15932692 MANILA WATER PETRON 3.01 3.02 3.02 3.03 3.01 3.02 870000 2627600 10.78 11 10.64 11 10.64 11 148100 1622908 PHX PETROLEUM PILIPINAS SHELL 17.74 17.76 17.84 17.86 17.72 17.74 204400 3637122 9 9.1 9 9.13 8.97 9.08 120100 1090488 SPC POWER AGRINURTURE 7.95 8.02 8.08 8.08 7.95 8.02 63500 508048 2.51 2.52 2.58 2.6 2.48 2.51 1482000 3747630 AXELUM CENTURY FOOD 17.26 17.3 17.58 17.58 17.1 17.3 3808000 65611102 4.8 4.89 4.88 4.94 4.8 4.8 136000 662580 DEL MONTE DNL INDUS 5 5.01 5.01 5.06 4.91 5.01 1289400 6458076 9.98 9.99 9.9 9.99 9.76 9.99 1062200 10530272 EMPERADOR SMC FOODANDBEV 64.65 66.5 66 66.5 64.5 66.5 36510 2411689.5 0.65 0.66 0.65 0.66 0.65 0.66 649000 422020 ALLIANCE SELECT FRUITAS HLDG 1.16 1.17 1.16 1.18 1.14 1.17 5441000 6288210 44 44.1 43 44.4 41.85 44 102600 4511405 GINEBRA JOLLIBEE 135.8 136 137.2 138.6 133.5 136 2670630 362101429 7.68 7.95 7.85 7.97 7.85 7.97 1000 7903 MACAY HLDG MAXS GROUP 4.8 4.83 4.71 4.85 4.71 4.8 253000 1210520 0.124 0.132 0.128 0.128 0.128 0.128 10000 1280 MG HLDG SHAKEYS PIZZA 5.61 5.65 5.6 5.7 5.58 5.61 1228500 6887894 1.13 1.14 1.13 1.16 1.1 1.14 3607000 4060230 ROXAS AND CO RFM CORP 4.59 4.65 4.53 4.59 4.53 4.59 3000 13710 1.61 1.72 1.56 1.72 1.48 1.72 741000 1170800 ROXAS HLDG SWIFT FOODS 0.105 0.106 0.106 0.106 0.106 0.106 10000 1060 138.9 139 138 140.7 136.5 138.9 1083630 149486918 UNIV ROBINA 0.76 0.77 0.77 0.77 0.76 0.77 7908000 6084060 VITARICH CONCRETE A 51 51.85 51 51 50.8 51 870 44332 52.1 52.9 52 52.9 52 52.9 1010 52898 CONCRETE B CEMEX HLDG 1.49 1.5 1.49 1.53 1.49 1.49 24595000 36902210 3.07 3.49 3.3 3.3 3.3 3.3 1000 3300 DAVINCI CAPITAL EAGLE CEMENT 12.36 12.4 12.1 12.4 12.1 12.4 106400 1314614 6.42 6.43 6 6.46 6 6.42 1417100 8837035 EEI CORP HOLCIM 5.91 5.92 5.61 5.98 5.5 5.92 3651100 21194759 7.16 7.18 6.99 7.22 6.85 7.16 2427800 17304854 MEGAWIDE PHINMA 8.9 9 8.9 9 8.9 9 700 6280 0.71 0.73 0.71 0.73 0.71 0.72 266000 189730 VULCAN INDL CHEMPHIL 112 137.8 110.8 110.8 110.8 110.8 20 2216 1.92 2 1.95 2 1.92 2 51000 99520 CROWN ASIA EUROMED 1.88 1.89 1.85 1.89 1.83 1.88 325000 608220 4.5 4.95 4.45 4.5 4.4 4.5 7000 31050 LMG CORP MABUHAY VINYL 4.01 4.2 4.2 4.2 4.2 4.2 6000 25200 4.1 4.12 4.1 4.1 4.1 4.1 137000 561700 PRYCE CORP CONCEPCION 18.5 19.48 19 19 19 19 600 11400 2.04 2.05 2.05 2.06 2.02 2.05 4896000 10000230 GREENERGY INTEGRATED MICR 5.33 5.39 5.28 5.39 5.2 5.33 250800 1324016 0.96 0.97 0.97 0.97 0.96 0.97 38000 36560 IONICS SFA SEMICON 1.42 1.44 1.35 1.43 1.33 1.43 1642000 2300910 5.74 5.75 5.49 5.84 5.41 5.75 3212500 18220869 CIRTEK HLDG

3342460 -462190 -20362405 2496295 -7858 -76670704 -2456796 193800 1426094 -25532 67217 -247220 28967921.9999 -155890 3453694 665051 -1264299 -186000 3794420 -25320222 346270 1106098 -34410 9120 -25350 -92087855 17710 9074710 2051482 -87040 -704357 -93000 179959.9997 9753 -5480 -152171

HOLDING & FRIMS ABACORE CAPITAL 0.475 0.48 0.47 0.475 0.465 0.475 5230000 2462550 7.58 7.74 7.8 7.8 7.58 7.76 3100 23873 ASIABEST GROUP AYALA CORP 689.5 690 700 700 686.5 690 307330 212360000 48.35 49.35 47 49.35 47 49.35 1229100 60062250 ABOITIZ EQUITY ALLIANCE GLOBAL 6.12 6.15 6.09 6.15 6.05 6.12 7092900 43340876 1.74 1.75 1.74 1.74 1.72 1.74 326000 561850 AYALA LAND LOG ANSCOR 6.19 6.45 6.18 6.47 6.18 6.47 2400 14948 0.52 0.54 0.52 0.52 0.52 0.52 40000 20800 ANGLO PHIL HLDG ATN HLDG A 0.54 0.56 0.55 0.56 0.55 0.56 800000 440060 4.91 4.95 5.09 5.09 4.91 4.91 821300 4070358 COSCO CAPITAL DMCI HLDG 3.94 3.96 3.98 3.98 3.9 3.96 4764000 18818990 8.43 8.5 8.5 8.5 8.45 8.45 2300 19450 FILINVEST DEV GT CAPITAL 378 380 378.8 380 375.4 380 243100 91972598 60.5 61.7 60.35 61.7 60.2 61.7 1112460 68180441.5 JG SUMMIT JOLLIVILLE HLDG 4.31 4.9 4.7 4.7 4.7 4.7 3000 14100 0.6 0.62 0.63 0.63 0.6 0.62 267000 162450 LODESTAR LOPEZ HLDG 2.38 2.4 2.4 2.4 2.38 2.38 91000 218140 8.51 8.7 8.57 8.7 8.46 8.7 1287900 11070002 LT GROUP MJC INVESTMENTS 1.8 1.97 1.8 1.8 1.8 1.8 3000 5400 3.32 3.35 3.25 3.35 3.24 3.35 10082000 33598200 METRO PAC INV PRIME MEDIA 0.74 0.77 0.77 0.77 0.77 0.77 1000 770 840 846 835.5 846 810 846 945000 778986215 SM INVESTMENTS SAN MIGUEL CORP 99.5 101.8 99 101.8 98.5 101.8 165110 16689142.5 1.82 1.97 1.82 1.82 1.82 1.82 2000 3640 SEAFRONT RES ZEUS HLDG 0.139 0.142 0.139 0.143 0.139 0.143 380000 52860

-229850 -81742780 -8673445 -7110393 -2330233 -1925270 -63410744 -5319147 -14200 -1129524 -3714950 209627310 -857314 -

PROPERTY ARTHALAND CORP 0.5 0.51 0.51 0.52 0.5 0.5 586000 297690 28 28.2 27 28.2 26.95 28.2 19286500 531706200 AYALA LAND ARANETA PROP 0.93 1 1 1 1 1 1000 1000 25.25 25.3 25.4 25.45 25.25 25.25 1813400 45984685 AREIT RT BELLE CORP 1.35 1.37 1.35 1.35 1.35 1.35 170000 229500 0.73 0.74 0.76 0.76 0.72 0.74 6200000 4557190 A BROWN CITYLAND DEVT 0.84 0.88 0.86 0.86 0.84 0.84 183000 156480 0.125 0.129 0.122 0.13 0.122 0.129 2230000 281860 CROWN EQUITIES CEBU HLDG 5.63 5.93 5.95 5.95 5.95 5.95 100 595 5.15 5.17 5.15 5.19 5.15 5.17 726100 3748969 CEB LANDMASTERS CENTURY PROP 0.37 0.375 0.37 0.37 0.365 0.37 1090000 402750 14.7 14.74 14.74 14.82 14.68 14.74 160600 2371078 DOUBLEDRAGON DM WENCESLAO 5.96 5.99 5.99 5.99 5.96 5.99 666400 3991697 0.255 0.265 0.26 0.265 0.26 0.265 160000 41650 EMPIRE EAST EVER GOTESCO 0.088 0.092 0.088 0.088 0.088 0.088 20000 1760 0.92 0.93 0.93 0.93 0.92 0.93 3227000 2990040 FILINVEST LAND GLOBAL ESTATE 0.79 0.82 0.79 0.79 0.79 0.79 109000 86110 7.28 7.67 7.7 7.7 7.3 7.69 11500 88145 8990 HLDG PHIL INFRADEV 1.09 1.1 1.12 1.13 1.08 1.09 4596000 5037500 2.88 2.89 2.89 2.92 2.87 2.89 6471000 18685940 MEGAWORLD MRC ALLIED 0.233 0.234 0.236 0.236 0.232 0.233 13100000 3060470 0.285 0.3 0.285 0.285 0.285 0.285 100000 28500 PHIL ESTATES PRIMEX CORP 1.16 1.17 1.18 1.19 1.18 1.18 20000 23640 14.76 14.8 14.3 14.8 14.2 14.8 1216500 17601964 ROBINSONS LAND PHIL REALTY 0.222 0.227 0.223 0.223 0.222 0.222 180000 40000 1.52 1.57 1.55 1.55 1.55 1.55 7000 10850 ROCKWELL SHANG PROP 2.66 2.73 2.74 2.74 2.74 2.74 2000 5480 1.81 1.97 1.95 1.97 1.9 1.97 213000 415920 STA LUCIA LAND SM PRIME HLDG 27.9 27.95 28.15 28.2 27.65 27.95 9492400 264579070 3.73 3.8 3.75 3.87 3.71 3.8 126000 477760 VISTAMALLS SUNTRUST HOME 1.18 1.2 1.23 1.23 1.17 1.2 1340000 1608240 3.04 3.07 3.02 3.1 3.02 3.04 953000 2903870 VISTA LAND

7700 -85572760 -13482245 -1350 149000 -761280 -208452 188960 -3845 332780 -1936930 -370220 -8366216 -139987740 -3800 15600 -881870

SERVICES ABS CBN 6.8 6.83 6.91 6.92 6.79 6.8 308500 2104344 5.05 5.06 5.07 5.07 5.01 5.05 490100 2473709 GMA NETWORK MANILA BULLETIN 0.39 0.395 0.395 0.395 0.395 0.395 100000 39500 11.4 11.88 11.7 11.88 11.7 11.88 200 2358 MLA BRDCASTING GLOBE TELECOM 2038 2040 2088 2088 2034 2040 68320 139562570 -63353980 1416 1428 1430 1433 1413 1416 155560 221481350 -82033175 PLDT APOLLO GLOBAL 0.052 0.053 0.052 0.053 0.052 0.053 13170000 684860 2.9 2.99 2.93 3 2.9 2.99 57000 166350 DFNN INC DITO CME HLDG 3.28 3.29 3.3 3.3 3.23 3.29 10192000 33338780 1466800 1.35 1.6 1.16 1.71 1.16 1.67 69000 94800 IMPERIAL JACKSTONES 1.58 1.61 1.63 1.63 1.58 1.61 23000 37320 2.22 2.23 2.21 2.22 2.18 2.22 2320000 5108520 -293550 NOW CORP TRANSPACIFIC BR 0.175 0.177 0.176 0.176 0.175 0.175 2150000 376260 2.18 2.22 2.25 2.25 2.1 2.18 1185000 2619960 27820 PHILWEB 2GO GROUP 8.43 8.44 8.44 8.44 8.28 8.44 57800 485566 3.28 3.3 3.34 3.34 3.27 3.3 414000 1361390 CHELSEA CEBU AIR 35.65 35.7 36 36.05 35.6 35.65 83000 2964745 -1927480 103.7 104 104.9 104.9 102.5 104 834940 86601721 -44088986 INTL CONTAINER LBC EXPRESS 14.7 15.78 14.98 14.98 14.98 14.98 700 10486 4.78 4.8 4.9 4.92 4.76 4.8 1252000 6056740 -138110 MACROASIA METROALLIANCE A 1.54 1.57 1.55 1.58 1.52 1.57 91000 140640 5.8 5.93 5.71 5.95 5.71 5.93 6200 36046 PAL HLDG HARBOR STAR 1.05 1.06 1.05 1.09 1 1.05 2914000 3052430 85720 0.027 0.029 0.028 0.029 0.028 0.029 19500000 546100 BOULEVARD HLDG DISCOVERY WORLD 1.37 1.48 1.4 1.46 1.4 1.46 9000 13020 10.72 11.22 10.36 10.72 10.36 10.72 1700 18056 GRAND PLAZA WATERFRONT 0.38 0.395 0.38 0.395 0.38 0.395 280000 109150 6.31 7 6.6 6.6 6.6 6.6 2000 13200 CENTRO ESCOLAR IPEOPLE 7.46 7.99 7.5 7.5 7.46 7.46 2600 19452 0.31 0.315 0.31 0.315 0.305 0.315 2010000 630450 STI HLDG BERJAYA 2.35 2.4 2.38 2.44 2.35 2.4 167000 400900 6.95 7 7.02 7.03 6.72 7 9818300 68249612 13474595 BLOOMBERRY 1.91 1.99 1.95 1.95 1.91 1.91 83000 160110 -67610 PACIFIC ONLINE LEISURE AND RES 1.3 1.31 1.23 1.31 1.23 1.31 477000 611670 2.26 2.3 2.25 2.4 2.25 2.36 22000 51160 PH RESORTS GRP PREMIUM LEISURE 0.325 0.33 0.32 0.335 0.32 0.325 17070000 5563900 -66000 5.89 5.9 6.03 6.03 5.9 5.9 5529200 32729241 -24871162 ALLHOME METRO RETAIL 1.4 1.41 1.39 1.41 1.39 1.41 3152000 4418380 -305650 49.8 50.25 51.2 51.2 49.8 49.8 2255760 113537857.5 -60668387 PUREGOLD ROBINSONS RTL 68 70 67.95 70 67.7 70 453700 31260361.5 -8012810 1.12 1.13 1.05 1.14 1.03 1.13 16333000 17834900 -3603500 SSI GROUP WILCON DEPOT 16 16.02 16.1 16.1 15.92 16 1303500 20,863,558( 12,714,349.9999) 0.29 0.295 0.295 0.295 0.29 0.295 1450000 427700 295000 APC GROUP EASYCALL 6.05 6.19 6.11 6.2 6 6.2 15500 93875 282 310 285 310 285 310 3670 1134300 -248000 GOLDEN BRIA PAXYS 2.03 2.09 2.03 2.03 2.03 2.03 3000 6090 0.223 0.227 0.229 0.229 0.22 0.227 4610000 1031030 PRMIERE HORIZON SBS PHIL CORP 4.32 4.79 4.77 4.8 4.6 4.6 4000 18970 14370

MINING & OIL APEX MINING 1.57 1.58 1.6 1.6 1.53 1.58 3540000 5558360 -119930 ABRA MINING 0.0008 0.0009 0.0009 0.0009 0.0008 0.0009 87000000 76600 28800 3.5 3.51 3.54 3.54 3.26 3.5 1011000 3499790 -84000 ATLAS MINING BENGUET A 2.78 2.79 2.6 2.89 2.6 2.79 61000 167620 2.65 2.85 2.89 2.89 2.85 2.85 22000 63030 39990 BENGUET B COAL ASIA HLDG 0.206 0.208 0.2 0.209 0.2 0.208 1760000 358010 7.67 7.68 7.87 7.87 7.51 7.68 20800 158801 2298 DIZON MINES FERRONICKEL 1.28 1.29 1.27 1.3 1.24 1.29 12229000 15600300 418660 0.229 0.232 0.232 0.232 0.229 0.231 190000 43650 GEOGRACE LEPANTO A 0.149 0.15 0.149 0.15 0.145 0.149 11190000 1662810 0.143 0.15 0.151 0.151 0.15 0.15 2470000 371710 -39110 LEPANTO B MANILA MINING A 0.0095 0.0097 0.0094 0.0095 0.0094 0.0095 3000000 28300 0.01 0.011 0.01 0.011 0.01 0.011 300000 3100 1000 MANILA MINING B MARCVENTURES 0.99 1 0.98 1 0.98 0.99 4486000 4426670 213670 2.14 2.15 2.18 2.18 2.08 2.14 2075000 4417990 NIHAO NICKEL ASIA 3.15 3.16 3.08 3.18 3.04 3.15 15084000 47236360 -1081910 0.58 0.59 0.59 0.6 0.58 0.59 676000 394210 ORNTL PENINSULA PX MINING 4.02 4.04 4.07 4.09 3.86 4.02 2102000 8464290 4745580 9.4 9.47 9.6 9.6 9.38 9.4 3397500 32121885 -9252288 SEMIRARA MINING ACE ENEXOR 5.55 5.69 5.7 5.7 5.55 5.68 17100 96145 0.0086 0.0088 0.0086 0.0086 0.0086 0.0086 3000000 25800 ORNTL PETROL A ORNTL PETROL B 0.0084 0.0092 0.0085 0.0085 0.0084 0.0084 2000000 16900 8500 0.009 0.0092 0.0086 0.0092 0.0086 0.009 33000000 294600 PHILODRILL PXP ENERGY 5.13 5.14 5.28 5.28 5.1 5.13 857800 4426442 -1038146

PREFFERED HOUSE PREF A 100.2 101 101.2 101.2 101 101 1030 104234 515 520 515 519 515 519 3620 1878300 AC PREF B1 AC PREF B2R 509 515 514 514 514 514 100 51400 101.1 101.5 101 101.5 101 101.5 1560 157840 CPG PREF A DD PREF 100.8 101 100.8 100.8 100.8 100.8 230 23184 106.6 108.9 106.5 106.5 106.5 106.5 100500 10703250 FGEN PREF G GLO PREF P 502 516.5 516 517 502 502 8490 4277400 1001 1049 1001 1001 1000 1000 2930 2930010 2450000 GTCAP PREF A GTCAP PREF B 1021 1030 1021 1021 1021 1021 4740 4839540 100.2 101.5 101.5 101.5 101.5 101.5 1050 106575 MWIDE PREF PNX PREF 3A 96.25 96.45 96.45 96.45 96.45 96.45 2100 202545 99.75 100 100 100 100 100 4480 448000 PNX PREF 3B PNX PREF 4 940 948.5 940 945 940 940 6490 6100750 47000 77.9 78.5 78.45 78.5 77.8 78.5 26410 2059082 SMC PREF 2C SMC PREF 2D 75.3 75.9 75.35 75.35 75.15 75.15 5000 376280 77.25 79 79 79 79 79 2000 158000 SMC PREF 2F SMC PREF 2G 76 76.85 76.85 76.85 75.9 75.9 67500 5123725 78.5 79 78.3 78.5 78.3 78.5 89100 6976550 SMC PREF 2I

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 6.6 6.9 6.8 6.9 6.6 6.9 2500 16930 -1980 4.95 4.98 4.95 4.99 4.95 4.95 203000 1012850 -988020 GMA HLDG PDR

WARRANTS LR WARRANT 0.62 0.64 0.64 0.64 0.57 0.57 102000 62670

SMALL & MEDIUM ENTERPRISES ALTUS PROP 10.74 10.78 11.44 11.44 10.22 10.74 756300 8225580 -2965322 1.78 1.79 1.83 1.83 1.78 1.79 874000 1568190 54220 ITALPINAS KEPWEALTH 5.11 5.2 5.1 5.1 5.1 5.1 6000 30600 1.85 2.09 - - - - - - MAKATI FINANCE MERRYMART 2.98 2.99 2.98 3.08 2.93 2.99 11366000 34051430 264990 0.5 0.51 0.53 0.53 0.49 0.51 2260000 1135550 102000 XURPAS

EXHANGE TRADE FUNDS

FIRST METRO ETF 87.1 90 87.5 87.5 86.7 87 16710 1455067.5 -7875

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‘Ethical hacking allows firms to fight cybersecurity threats’

By Rizal Raoul S. Reyes

C

Correspondent

@brownindio

ybersecurity threats have increased as “bad actors” have taken advantage of the Covid-19 pandemic, according to IBM Philippines.

To counter these threats, IBM Philippines Chief Security Officer Lope Doromal said there has to be several approaches to help enterprises deal with these challenges.

“We believe that the security industry should come together in order to achieve a more connected security ecosystem,” Doromal told the BusinessMirror in a recent interview via e-mail.

Doromal said this could be achieved by introducing a new breed of unified security platforms that can connect disparate security tools as well as analyze data that resides across multiple, hybrid cloud environments. As the country enters a new phase of cloud computing, Doromal said the security industry could capitalize on this shift and redesign security for a cloudbased world.

As hackers are collaborating on the dark web, Doromal said the security industry must simultaneously

improve their methods in terms of collaborating and sharing information on threats and finding methods to stop them.

As hackers have become smarter and bolder, Doromal said it has also become increasingly impprotant for companies to have adequate defenses against them.

With this scenario, the concept of the so-called offensive security– sometimes called “ethical hacking” is increasingly being used by cybersecurity firms as a way to combat the problem.

“Ethical hacking is now commonplace—it’s even possible to become what is known as a Certified Ethical Hacker. The practice is also known as white hat hacking, and it involves using the same techniques that cybercriminals use in order to find security flaws that exist within a company’s people, technologies and processes so that they can work to fix these vulnerabilities before a

STOCK-MARKET OUTLOOK Last week

Share prices closed lower last week, with the main index sinking deeper into the 5,700-point level, mainly due to the lack of positive news that would have encouraged investors to trade.

The benchmark Philippine Stock Exchange index (PSEi) fell 99.09 points to close at 5,785.09 points.

The main index was down during the first 2 days of the 4-day trading week, but it gained too little during the remainder of the week to pull the entire market.

Average volume of trade was at P5.49 billion, while foreign investors were net sellers at P3.78 billion.

All other subindices were down with the exception of the Industrial index that rose 23.24 points to close at 7,814.50 points. The broader All Shares index fell 40.85 to 3,493.73, the Financials index declined 3.29 to 1,126.41, the Holding Firms index was down 101.67 to 5,998.23, the Property index plunged 74.33 to 2,636.27, the Services index shed 27.52 to 1,455.41 and the Mining and Oil index decreased 12.99 to 5,992.08.

For the week, losers edged gainers 107 to 93 and 42 shares were unchanged.

Top gainers were Imperial Resources Inc., Harbor Star Shipping Services Inc., Ginebra San Miguel Inc., Bloomberry Resorts Corp., Integrated Micro-Electronics Inc. and EEI Corp.

Top losers, meanwhile, were Bogo-Medellin Milling Co., Altus Property Ventures Inc., A Brown Co. Inc., Synergy Grid and Development Phils Inc., Grand Plaza Corp. and Puregold Price Club Inc.

This week

Share prices may remain depressed this week due to the lack of catalyst for investors to place their money to the market.

“The news about vaccine may also be a key catalyst if proven to product good results but I think investors are worried right now is with the depressed economy, how will the private sector recalibrate its business model to cope up with the new normal and the government to have a definite plan on how will the government intervene with the virus containment considering also the economic health of our country,” Piper Chaucer Tan, research associate at Philstocks Financials Inc., said.

The main index may trade between 5,700 to 6,000 level with strong resistance at 6,000, he said. “Market participation depicts that investors are not confident enough to enter equities market since corporate profits and economic activity will remain subdued due to the quarantine measures and virus containment in Philippines."

Meanwhile, broker 2TradeAsia said August's inflation rate of 2.4 percent, still within the range of the central bank's forecast, and a strong peso both contribute to investors' optimism that the market will bounce back.

“The remaining question mark is on demand pull factors. This not only encompasses the intensity of quantity demanded in the new normal, but also accounts for changes in consumer preferences, both of which will ultimately shift modeling assumption,” the broker said.

Stock picks

Broker Regina Capital Development Corp. gave a buy recommendation on the stock of Ayala Land Inc., but only when its support price of between P23.60 and P25 hold.

“The stock has managed to sustain four straight days of breakdown as continued selling pressure pushed down prices and brought the most reliable support to P25.00.

Indicators are all on strong selling pressure, still. Watch out for the nearest support at 25.00 should it hold,” the broker said.

Ayala Land shares closed Friday at P28.20 apiece.

Meanwhile, the broker gave the same advice on the stock of SM Prime Holdings Inc., placing a support price on the stock at P23.40 and P27.20 per share.

“SMPH sustained a four-day losing streak, breaking down past the 3-month support of P28.20. This brings the next lower bound to P27.20. Indicators are all on strong sell signs,” it said.

“At this point, it looks like the selling pressure may persist. Should the P27.20 support be broken, the one at P23.40 looks the strongest and will likely provide some respite."

SM Prime shares closed last week at P27.95 apiece. VG Cabuag

criminal can use it to their advantage,” Doromal said.

“IBM has an entire team of elite hackers known X-Force Red, which are hired to find and test vulnerabilities, exploits and security capabilities who hire them. The findings of these professional engagements are reported directly to the client to enable them to fix any holes and strengthen their overall security posture.”

He said ethical hackers have a wide range of expertise similar to criminal hackers—from password cracking, to social engineering and even physical security testing. At IBM Security, Doromal said it has a team focused on penetration testing web and mobile applications.

Doromal said offensive hackers help businesses discover vulnerabilities in their computer networks, hardware, and software applications before cybercriminals do.

He also said businesses must not forget to focus on the broader cybersecurity risk facing them in order to reduce the impact of cyberattacks.

“On average, data breaches now

mutual funds

cost organizations nearly $4 million per breach with healthcare being the most heavily hit industry, according to the latest 2020 Cost of a Data Breach Report from IBM Security and the Ponemon Institute.

Breaches include malicious attack, data breaches caused by system glitches and human error,” he said.

The study includes breaches from advanced and emerging economies across the globe including Asean.

According to the study, Southeast Asia has the highest percentage of data breaches caused by human error. On average, Doromal said the cost of a breach in Asean (including the Philippines) is $2.71 million in 2020, an increase of $ 0.09 million from last year.

The financial sector has the highest average cost industry is the industry. Only 55 percent of organizations in Asean have security automation deployed.

“And it takes average time of 287 days for companies in this region to identify and contain the breach,” he said.

September 4, 2020

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 190.93 -25.21% -11.47% -5.57% -24.19% ATRAM Alpha Opportunity Fund, Inc. -a 1.0601 -31.61% -13.24% -3.67% -23.29% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.5524 -35.7% -16.22% -7.78% -30.61% Climbs Share Capital Equity Investment Fund Corp. -a 0.6593 -31% -13.15% n.a. -26.58% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.691 -18.64% n.a. n.a. -18.64% First Metro Save and Learn Equity Fund,Inc. -a 4.1157 -23.19% -9.69% -5.06% -22.76% First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.6394 -25.72% -12.65% n.a.

-25.09% MBG Equity Investment Fund, Inc. -a 80.24 -31.4% n.a. n.a. -22.26% PAMI Equity Index Fund, Inc. -a 38.107 -25.94% -10.25% -4.51% -25.69% Philam Strategic Growth Fund, Inc. - a 411.64 -23.26% -9.38% -4.55% -22.74% Philequity Alpha One Fund, Inc. -a,d,5 0.8683 n.a. n.a. n.a. -15.71% Philequity Dividend Yield Fund, Inc. -a 0.9799 -24.57% -9.47% -4.05% -23.86% Philequity Fund, Inc. -a 28.675 -24.91% -9.11% -3.76% -24.33% Philequity MSCI Philippine Index Fund, Inc. -a 0.751 -26.31% n.a. n.a. -26.24% Philequity PSE Index Fund Inc. -a 3.8902 -25.52% -9.72% -3.81% -25.53% Philippine Stock Index Fund Corp. -a 650.37 -25.41% -9.71% -3.94% -25.41% Soldivo Strategic Growth Fund, Inc. -a 0.5882 -35.28% -13.61% -7.87% -30.91% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.0196 -28.95% -11.01% -5.14% -28.26% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.7451 -25.65% -9.92% -4.01% -25.55% United Fund, Inc. -a 2.7087 -26.13% -8.89% -3.52% -25.85% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 87.321 -25.33% -9.29% -3.15% -25.34% ATRAM AsiaPlus Equity Fund, Inc. -b

$1.0771 15.31% 0.93% 4.76% 4.74% Sun Life Prosperity World Voyager Fund, Inc. -a $1.5803 23.24% 10.23% n.a. 14.62% Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.5787 -5.42% -4.05% -2.82% 1.02% ATRAM Philippine Balanced Fund, Inc. -a 2.0249 -11.66% -5.2% -1.72% -7.16% First Metro Save and Learn Balanced Fund Inc. -a 2.3631 -10.4% -3.78% -2.7% -10.2% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.1706 n.a. n.a. n.a.

-25.34% NCM Mutual Fund of the Phils., Inc. -a 1.8111 -7.21% -1.77% -0.13% -7.67% PAMI Horizon Fund, Inc. -a 3.4144 -9.93% -3.27% -1.36% -9.89% Philam Fund, Inc. -a 15.2373 -10.24% -3.5% -1.49% -10.16% Solidaritas Fund, Inc. -a 1.881 -12.05% -4.54% -1.47% -11.36% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.2036 -17.21% -5.65% -2.76% -17.08% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.9194 -9.55% n.a. n.a.

-9.48% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.8123 -18.99% n.a. n.a. -18.48% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.7859 -21.35% n.a. n.a. -20.87% Sun Life Prosperity Dynamic Fund, Inc. -a 0.7874 -20.29% -6.92% -3.71% -19.22% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.03897 0.67% 2.73% 1.96% 2.02% PAMI Asia Balanced Fund, Inc. -b $1.0568 9.2% 1.47% 4.13% 4.43% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.2744 14.02% 7.11% 6.78% 9.3% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.1845 6.54% 3.7% n.a.

4.94% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 368.11 4.07% 3.14% 2.59% 2.84% ATRAM Corporate Bond Fund, Inc. -a 1.9483 1.83% 0.86% 0.07% 2.43% Cocolife Fixed Income Fund, Inc. -a 3.1993 3.91% 4.9% 5.02% 2.61% Ekklesia Mutual Fund Inc. -a 2.2988 3.56% 2.82% 2.27% 3.39% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4534 4.44% 3.45% 1.96% 4% Philam Bond Fund, Inc. -a 4.6638 7.6% 4.44% 2.63% 6.65% Philam Managed Income Fund, Inc. -a,6 1.3108 5.77% 4.38% 2.47% 4.3% Philequity Peso Bond Fund, Inc. -a 3.9528 5.65% 4.3% 2.34% 4.35% Soldivo Bond Fund, Inc. -a 1.037 8.7% 3.66% 1.86% 7.54% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1794 4.88% 4.84% 2.79% 3.37% Sun Life Prosperity GS Fund, Inc. -a

1.7431 3.75% 4.17% 2.23% 2.47% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $478.71 3.09% 2.54% 2.9% 2.21% ALFM Euro Bond Fund, Inc. -a Є217.18 -1.49% 0.72% 1.17% -1.19% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.2389 3.49% 3.01% 2.78% 2.63% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0264 1.93% 1.83% 1.67% 2.33% PAMI Global Bond Fund, Inc -b $1.0885 -1.68% 0.1% 0.41% -0.47% Philam Dollar Bond Fund, Inc. -a $2.4984 2.73% 3.65% 3.49% 3.95% Philequity Dollar Income Fund Inc. -a $0.0610402 1.44% 2.08% 2.07% 1.23% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.2285 0.97% 2.15% 2.72% 1.68% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 128.96 3.55% 3.31% 2.51% 2.49% First Metro Save and Learn Money Market Fund, Inc. -a 1.0441 2.22% n.a. n.a.

1.73% 2.88% Sun Life Prosperity Money Market Fund, Inc. -a 1.2889 3.04% 2.61% 1.89% Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.048 1.57% n.a. n.a.

0.93% Feeder Funds Primarily invested in Peso securities Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d,7 1.0527 n.a. n.a. n.a. n.a.

Primarily invested in foreign currency securities ALFM Global Multi-Asset Income Fund Inc. -b,d,2 $0.96 n.a. n.a. n.a.

-3.03%

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."

Banking&Finance BusinessMirror

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‘Shift to online banking also led to rise in scams’

By Tyrone Jasper C. Piad

priority for vaccines or any news on the matter.

These e-mails are tricking the public into providing personal data such as Internet and e-mail login credentials, credit-card details and government IDs, among others.

The bank also reminded its clients of another scam—vishing or voice call phishing. This tries to acquire one-time passwords and even enable SIM hijacking, BPI warned.

Apart from activating online banking security features, the bank is also urging its clients to be careful when transacting online.

Paz said to avoid oversharing personal data on social media. Refrain from using unprotected networks, like free public Wi-fi, when accomplishing important transactions, he explained.

The BPI official said that it was also best to use separate e-mail addresses for banking, social media, online forums and other activities.

Do not open suspicious file attachments as well, he added, because they are likely a phishing tool.

“We are doing our part in elevating our efforts to raise awareness on social media to regularly provide information about the latest scams and modus operandi to protect people from cybercrime,” Paz.

@Tyronepiad

O

nline scammers are taking advantage of the unprecedented shift to digital, Bank of the Philippine Islands (BPI) said, noting that clients should take safety measures against cyberfraud.

The Ayala-led bank said that digital platforms help in easing transactions, the public is also vulnerable to phishing scams.

“The easy migration of everyday activities online, particularly purchases and other transactional tasks, has been a great help in improving the quality of life for society. Unfortunately, scammers also saw an opportunity to step up their cybercrime schemes,” said BPI Enterprise Information Security Officer and Data Protection Officer Jonathan John B. Paz. Citing a Kaspersky Lab report, BPI said that around 1.5 million phishing sites are created across the world monthly to hack sensitive data. In addition, the study revealed that Filipinos were more likely to fall victim to this kind of scams compared to its Southeast Asian neighbors.

BPI said that the usual phishing e-mails are related to Covid-19, offering cure, preferential

DOF eyes improving financial system of PhilHealth for UHC

N

By Bernadette D. Nicolas

@BNicolasBM

early a year of working with officials of the Philippine Health Insurance Corp. (PhilHealth) to fund the Universal Health Care (UHC) law, Finance Secretary Carlos G. Dominguez said last week the Department of Finance (DOF) plans to improve the financial system of the government-owned and -controlled corporation (GOCC).

“The DOF team, composed of an Undersecretary, the National Treasurer and a Deputy Commissioner if the Insurance Commission, has been working closely with PhilHealth since October of 2019 to achieve the President’s goal of providing universal health care [UHC],” Dominguez

said. “While funding is a key component, improvements in their financial planning and control as well as actuarial systems are fundamental to the achievement of this goal.”

The DOF chief added he believes “these will help plug all leakages so as to allow the funds from members’

‘Growing database to boost PHL score Digital first, digital now: Digitizing the organization in credit metrics’

Perspectives

What it means Customer-led digitization n Covid-19 is accelerating the digitization of business and operating models across the front, middle and back office.

Modern technology infrastructure n Is critical in order to serve customers and enable employee productivity. n Robust cyber security and fraud protection is required as risks rise.

Impact on insurance

Digital transformation is accelerating n The significant gap between customer expectations and insurer’s abilities is driving insurers to connect their front, middle and back offices. Those who move the fastest will reap the competitive advantage.

Customer-first thinking n Direct-to-consumer sales will require significant and rapid upgrades particularly in many parts of personal insurance. n Brokers/agents need to be integrated at each step through digital interactions and interfaces.

Data n Movement must be seam-

less and protected through the different gates. n Use of internal and external data becomes commonplace (e.g. underwriting).

Technology and infrastructure n Mass movement to modernizing technologies, cloud services and decommissioning legacy systems.

Claims n Early focus for digitization— anything that can be digitized will be; from first notice of loss/claims submission through to ultimate payment of claims including all interim steps.

Finance n Will be a strong business partner and play a key role, enabling operations through deep analytics and predictive capabilities.

The excerpt was taken from “KPMG Thought Leadership, Consumers and the New Reality.” © 2020 R.G. Manabat & Co., a Philippine partnership and a member-firm of the KPMG network of independent member-firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved. Printed in the Philippines.

For more information on KPMG in the Philippines, you may visit www.kpmg.com.ph.

T

he Credit Information Corp. (CIC) is expecting its latest initiatives, along with the growing database, to help in improving the country’s competitiveness ranking.

The country’s credit registry said that it made the CIC credit reports accessible to the public and established the online dispute resolution process—all of which are seen to boost the Philippines’s score in getting credit metrics.

The CIC has also recently launched the Primary ID Number Tagging (Pint) system, which allowed credit-data submission of borrowers who do not have primary government identification cards. This resulted in expanding its database even more, according to the CIC. “Because the system now accommodates submissions with no primary IDs and accepts UMID [unified multipurpose ID] and driver’s license, an additional 6 million borrower records were loaded in less than one month, which would have been previously rejected by our database,” CIC President and CEO Jaime Casto Jose P. Garchitorena said.

As of end-August, its database onboards 18.2 million individuals or nearly 26 percent of the country’s adult population.

In addition, the CIC said the credit database comprises 80.4 million contracts, 58.9 million of which are installment transactions.

“This means that the average Filipino doesn’t have a credit card but has installment contract—whether it’s monthly, weekly, or sometimes, daily—with microfinance lenders, cooperatives, or other covered financial institutions,” Garchitorena siad.

CIC currently has 519 submitting entities coming from different sectors of the financial system.

In the World Bank’s 2020 report on competitiveness ranking, the Philippines improved by 29 notches to 95th rank from 124th rank in the previous year out of 190 economies.

The country also saw improvement in getting credit indicator, rising by 52 notches to 132nd rank. Tyrone Jasper C. Piad

Local unit of Singapore Life launches product

T

he Philippine business of Singapore Life Pte. Ltd. announced the launch of a new product to cover the medical costs of people infected with the dengue virus.

The product, called “Cash for Dengue Costs,” “is a comprehensive yet affordable product that provides multilevel benefit against medical costs due to mild to severe cases of dengue—a first of its kind in the market,” a statement from Singapore Life (Philippines) Inc. said.

The company said its product is “very flexible with customizable coverage levels, payment terms and the option to cover an individual or the whole family.” The com-

pany added it will also be extending the coverage by adding a free Covid-19 rider “to provide customers protection from the ongoing pandemic.”

For P30 a month, one can get up to P140,000 coverage for dengue or Covid-19 costs and the application process will only take less than five minutes, according to the company.

Customers can pay, view, manage, and file claims on their policies directly in the application operated by Globe Telecom Inc. mobile commerce unit G-Xchange Inc. called “GCash.”

However, the product is Initially made available to a limited group of GCash users this September, the company said.

Monday, September 7, 2020 B3

Expanding its presence from Singapore to the Philippines, the company said it partnered with G-Xchange “as it offers simple and flexible products at affordable prices, with a similar goal of unlocking the potential of money for all Filipinos.”

“This partnership comes at a crucial time when health and financial security are a priority,” the statement quoted G-Xchange CEO Martha Sazon as saying. “Leveraging Singlife’s technology and offerings, we have an opportunity to provide more Filipinos with meaningful life insurance products that can effectively protect them and secure their financial wellbeing.”

“Singlife’s vision for this partnership is making simple yet meaningful health and income protection products available to all Filipinos,” Singlife Philippines President and CEO Rien Hermans was quoted in the statement as saying. “This is why we are also preparing to release a full suite of products in the coming months so that the rest of the Philippine population can have no-fuss protection, helping them take better control of their financial lives in an easy, quick and affordable manner.”

Singlife Philippines is a majority-owned subsidiary of Singlife (65 percent) and Aboitiz Equity Ventures Inc. (15 percent). Bernadette D. Nicolas

premiums and the taxpayers to be utilized properly.”

Dominguez said the DOF team and new PhilHealth chief Dante A. Gierran will hold a discussion on Tuesday before the GOCC’s board meeting on Thursday.

Last Fr iday, the finance chief told lawmakers the government is still fully committed to implementing the UHC law.

He also said they take the issues hounding PhilHealth seriously and the administration is determined to put the state health insurer in solid footing.

Last month, Dominguez admitted that they cannot make secure projections on the fund life of PhilHealth because its information system is “in shambles.”

This came days after PhilHealth

Acting Senior Vice President Nerissa R. Santiago revealed in a Senate hearing that spending for government’s Covid-19 response slashed the GOCC’s actuarial life to just one year from more than a decade.

Under the P4.506-trillion proposed n ational budget for 2021 submitted by the Department of Budget a nd M a n a ge ment to Congress, the Executive branch set aside P71.35 billion in subsidies for PhilHealth; the same amount the state health insurer is programmed to receive under this year’s budget.

The Department of Justice is set to end its probe on the alleged corruption and other anomalies in PhilHealth and submit a report to President Duterte.

B4

Style

BusinessMirror

Monday, September 7, 2020 • Editor: Gerard S. Ramos

www.businessmirror.com.ph

Today’s Horoscope

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Evan Rachel Wood, 33; Shannon Elizabeth, 47; Toby Jones, 54; Michael Emerson, 66.

HAPPY BIRTHDAY: Set the stage for new beginnings.

Learn from the past, and put an end to situations that hold you back. Concentrate on gaining stability, happiness and the peace of mind you deserve. Refuse to let anger take over or indulgent behavior stifle your ability to be productive. Be receptive to unique solutions that will help you forge into new territory. Your numbers are 6, 10, 17, 26, 28, 35, 43.

ARIES (March 21-April 19): Stay on course.

Follow directions, and get along with others. Let your charm lead the way and your knowledge and desire to help be your calling cards. Talk is cheap if you don’t follow through and make things happen. ★★★★

TAURUS (April 20-May 20): Put everything in place before you make a move. Use unexpected situations to your advantage, and find a way to incorporate what you encounter into your plans. A chance to get ahead looks promising. Apply for or request what you want. ★★★

DESIGNER Giorgio Armani (center) accepts applause at the conclusion of the Emporio Armani men’s Fall-Winter 2020/21 collection, that was presented in Milan, Italy, in January 2019. AP

Milan fashion returning to runway in September—in part

BY COLLEEN BAR�Y The Associated Press

M

ILAN—Giorgio Armani, Fendi, Prada and Versace are all returning to the runway in September, according to the Milan Fashion Week calendar published on Wednesday.

After the coronavirus pushed many fashion houses to make online-only presentations in July, more than half of participating Milan fashion houses are making plans to present in-person

previews for Spring-Summer 2021.

Due to ongoing virus precautions, including social distancing and mask requirements, as well as some travel restrictions, fashion houses have indicated that seating will be more limited than usual at next month’s shows.

Italy was the first country outside of Asia to report locally transmitted coronavirus cases, which appeared during the February runway shows in the Lombardy region that includes Milan. Closing the week that saw the fashion crowd packed as usual into

to tight venues, Giorgio Armani took his collection online, with models parading the collection in an empty theater as the show streamed around the globe.

Many followed suit for this summer’s menswear presentations.

Dolce&Gabbana and Etro were the only Milan designers to invite guests to physical shows. But fashion industry officials acknowledged that digital proved a poor substitute.

In all, 28 fashion houses plan to stage live shows and another 24 will participate in the September 23

â?ś

â?ˇ

GEMINI (May 21-June 20): Set a plan in motion that will help lower debt. Aim to reduce stress by doing what’s right and best for you. Refuse to let anyone talk you into something you don’t need. Keep your money matters to yourself.★★★

to 28 Milan Fashion Week through digital shows.

Dolce&Gabbana, Salvatore Ferragamo, Max Mara and Marni will also be present physically, along with younger brands like No. 21, Sunnei, Drome and MSGM. Missoni, DSquared2 and GCDS are among those opting for a digital presence.

Notables missing from the calendar will be Gucci, which announced that it would seek its own fashion rhythms outside of established calendars, and such Milan stalwarts as Jil Sander and Bottega Veneta. â–

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LEO (July 23-Aug. 22): Make a change because it’s the right thing to do, not because someone pressures you. Take responsibility for your actions and for the way you treat others. Get your facts straight before passing information along.

Choose a healthy lifestyle. ★★

VIRGO (Aug. 23-Sept. 22): Pick up information that will help you gain ground personally and professionally. Knowledge is power, regardless of what stage of life you are juggling.

Understanding what’s going on around you and how you can make things better are the keys to happiness. ★★★★★

LIBRA (Sept. 23-Oct. 22): Speak up if you don’t like what you see. Use your power of persuasion to convince others to do what’s right. You can make a difference if you offer suggestions and solutions that provide incentives to do what’s best for everyone. ★★★

SCORPIO (Oct. 23-Nov. 21): You’ve got the right idea, and you can bring about positive change, but you also have to be careful not to ignore signs that might be harmful to your health.

Don’t argue with someone who is immovable. ★★★

fashion-forward ladies.

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SAGITTARIUS (Nov. 22-Dec. 21): Take your health seriously. Someone you least expect will lead you astray. Verify information before you pass it along. Be responsible for your actions and careful how you handle others. ★★★

â?¸

CAPRICORN (Dec. 22-Jan. 19): The best way to bring about positive changes at home is to dig in and do the work. Share ideas and plans with someone you love, and you’ll get the backup you need to get things done fast and efficiently. ★★★★★

AQUARIUS (Jan. 20-Feb. 18): Think twice before you get into an emotional situation with someone who doesn’t share your beliefs or values. Spend more time working on personal gains and growth. Use your intelligence when it comes to money, contracts and health. ★★

Get a move on GIVEN the ongoing health crisis of Covid-19, global brand Bata Shoes brings an easier and safer way to shop for quality footwear with its new Bata ChatShop.

With this service, consumers can get in touch with Bata’s friendly sales representatives who are ready to assist them with your purchase via chat through Viber.

The first step to effortless shoe shopping is to

CANCER (June 21-July 22): Take control of your life. If you wait for someone to make the first move, you’ll become angry and resentful.

Don’t let someone from your past trick you into thinking he or she has changed. ★★★★

PISCES (Feb. 19-March 20): Consider alternative ways to make more money.

Information that can lead to a better position will lead to an offer if you reconnect with a colleague.

Don’t take chances when it comes to your health. ★★★

visit Bata ChatShop at www.linktr.ee/bataph. Select the nearest Bata store, then chat with its friendly sales representative who will be happy to help consumers with their order that will be delivered to their home.

Consumers can also view Bata shoes’ catalogue of its quality shoes at the best prices on Instagram.

Enjoy the same shopping experience in the comfort of your home.

BIRTHDAY BABY: You are curious, open-minded and diligent.

You are charismatic and loyal.

This lotion lives up to the hype HADA Labo is a skin-care line that has four kinds of hyaluronic acid, a humectant that draws moisture to the skin.

LIKE many people, I am still easily swayed by glowing reviews of hyped products. This is strange considering that I’ve been writing about beauty for decades and I get to review so many products. It’s just so disappointing to pay for something and not be happy about it. It’s not only the money but the effort at trying to find the item.

One hyped beauty product that did not disappoint is the Hada Labo Gokujyun Lotion. This is a product that I never looked for because I have a long list of must-tries and somehow I forgot to include this. But I have always wanted to try this lotion, which people think is a toner but is actually an essence. During a trip to Bangkok, I realized that I forgot to pack my day moisturizer so I went to Boots and purchased a

small bottle of Hada Labo for myself and a red one (antiaging variant) to give my mom as pasalubong. I was happy with the result of using it for four days in hot and humid Bangkok. It moisturized my skin lightly without making it sticky.

I am always asked what Hada Labo Gokujyun Lotion is. Is it a toner or a moisturizer or a serum? It’s an essence, which is a product that you use after applying toner and before your serum or moisturizer.

Another question I am always asked: “What does it do?�

You can use it as a standalone moisturizer before applying sunscreen during the day. For nighttime, I still layer it under a serum and/or a moisturizer.

It’s actually my drugstore replacement for a more expensive essence from a luxury brand. They’re not made from the same ingredients but they have the same consistency and basically lightly moisturize the face and/or prepare it for the other products that will come next.

Hada Labo is a skin-care line that has four times hyaluronic acid, a humectant which can hold up to 2,000 times its own weight in water, keeping skin looking plump, healthy and hydrated. My suggestion for those who want to try Hada Labo but first want to be sure that if won’t make them break out is to buy the trial packs, which include around four products, including Gokujyun Lotion. One pack should last for five to seven days and that’s enough time to tell you if

it will break you out or not.

Launched in the Philippines last year, Hada Labo has been the No. 1 facial lotion in Japan for 13 consecutive years and is one of the top 3 drugstore skin-care brands in Taiwan, Singapore and Malaysia. Hada Labo products are available at select Watsons stores. You can now also order Hada Labo through e-commerce platforms, such as watsons.com. ph and Watsons channels in Shopee and Lazada.

Hada Labo’s Hydrating range that’s available in the Philippines includes the Hydrating Lotion, Hydrating Face Wash, Hydrating Light Cream, Hydrating Water Gel, Hydra & Whitening Face Wash and Deep Clean & Pore Refining Face Wash. Another favorite, aside from the Hydrating Lotion, is the Hydrating Light Cream (the one in the pink jar). This is a product that I first tried in a trial pack. This is perfect for summer and for our climate in the Philippines in general. It’s not heavy but it still moisturizes the skin.

Speaking of moisturizers, there has been a lot of discussion about there not having a need for them. According to an expert, what you need to combat aging are not moisturizers but basically actives to stimulate the production of collagen.

I’m no expert but I have always included moisturizing in my skin-care routine along with sun protection. There really is skin so dry that needs occlusives or emollients, which are

basically moisturizers that are heavier than humectants.

Somehow I cannot imagine very dry skin being treated with harsh creams and/or invasive procedures but then, as I said, I’m not an expert on these things.

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Monday,7,July 13, 2020 b5 B5 Monday, September 2020

Becoming a more patient leader L

By David Sluss

eading effectively—especially during a crisis—takes patience.

If you can’t retain your composure in the face of frustration or adversity, you won’t be able to keep others calm. When your direct reports show signs of strain, you need to support them, not get irritated.

Solutions to new challenges usually take time to put into practice.

However, in my work teaching and coaching high-potential leaders, I have seen that many just don’t have patience and don’t know how to find it. They want quick fixes and can’t wait for strategies to take hold. This tendency is only reinforced by our agile digital work world, which seems to prize hyperspeed.

To learn more about how patience affects a leader’s influence on direct reports during challenging times, I surveyed 578 fulltime US working professionals from a wide range of industries during the Covid-19 lockdown.

Their average age was 39, most were college graduates and more than half were in managerial roles themselves. I asked about their immediate supervisor’s leadership behaviors and level of patience and had them self-report their own levels of creativity, productivity and collaboration. Their responses revealed that patience had a powerful effect: When leaders demonstrated it (meaning their employees’ ratings put them in the highest quartile), their reports’ self-reported creativity and collaboration increased by an average of 16 percent and their productivity by 13 percent.

I then decided to look at the impact patience had on differ-

ent types of leadership behavior.

Academic research traditionally breaks leadership down into two basic sets of behaviors—taskoriented and relationship-oriented. The best leaders consistently strike a balance between the two.

I like to describe the most effective task-oriented behavior as futurist and the most effective relationship-oriented behavior as facilitator. Futurists create a powerful vision and outline the metrics needed to realize it. Facilitators foster collaboration and empower a team to reach a solution.

The approaches are complementary, not mutually exclusive. But did patience affect them equally?

What I discovered was that patience made both approaches significantly more effective, though it increased collaboration and creativity an average of 6 percent more in concert with futurist behavior than in concert with facilitator behavior. The ability of patience to amplify the two approaches makes a lot of sense when you think about it. A futurist needs patience when explaining her vision to people who may or may not “get it” right away or have doubts about the vision’s viability. A facilitator needs patience with a group’s collaborative process when members aren’t working well together or are tak-

ing longer than expected to come up with a solution.

How can leaders boost their patience?

If you want to build your patience, you need to recognize when it might be tested the most. If you know a challenge is coming, you can be more mindful about increasing your efforts to stay calm. A good way to manage the pressure you feel from the clock ticking is to reframe how you perceive time.

Here are some helpful strategies: n Redefine the meaning of speed: The US Navy SEALs are

known for their saying “Slow is

smooth, and smooth is fast.” These rapid-response specia l forces teams are paradoxically methodical and patient in both planning and executing their time-critical missions. They have learned over 60 years of operating in crisis situations that working at a slow and smooth pace reduces mistakes and re-dos and in the end speeds up the mission. In short, they have learned that leaders shouldn’t “confuse operational speed [moving quickly] with strategic speed [reducing the time it takes to deliver value].” And this of course means that leaders need to clearly define what delivering value means from the start.

n Thank your way to patience: Gratitude has powerful effects on a wide range of our attitudes and behaviors. For example, keeping a journal about things you are thankful for increases generosity with others and lowers stress. It is no wonder then that gratitude may also positively spill over to our ability to demonstrate patience. Research in experimental psychology has found when people feel more grateful, they are better at delaying gratification and are more patient.

In the middle of a crisis, it may be hard to feel grateful. However, as you practice gratitude—perhaps by keeping a journal or just by being mindful of the progress

made by others—you may find hidden opportunities for thankfulness. Then, when you know something will trigger your impatience, you can take a moment to reflect on what is going well and what you’ve learned or have the potential to learn from the crisis.

The bottom line is, effective leadership behaviors are enhanced by a show of patience. Engage patiently and you will see increases in your reports’ creativity, productivity and collaboration. Rush and, sadly, you won’t see many benefits.

David Sluss is an associate professor of organizational behavior at Georgia Tech’s Scheller College of Business.

7 strategies for leading a crisis-driven reorganization

By Peter Buchas, Stephen Heidari-Robinson, Suzanne Heywood & Matthias Qian

T

he Covid-19 pandemic has forced countless companies to reorganize at an accelerated pace. To understand what makes a crisis-driven reorganization succeed or fail, we drew on our own 15 years of experience advising companies on organizational change, as well as on a database compiled by Quartz Associates and Harvard Business Review documenting over 2,500 reorganizations. The database shows that crisis-driven reorganizations are a net benefit in just two-thirds of the cases; 19 percent actually damage the company, and only 8 percent fully deliver everything they aim to in the time planned. What can leaders do to increase their chances of success?

Whether a reorganization is motivated by cutting costs or by growth, our research found seven actions companies can take to maximize their chances of delivering the intended outcome in the time planned while minimizing disruption:

1. Move quickly, but always with a plan

Time is of the essence. If a crisisdriven reorganization takes longer than 6 months, it is significantly more likely to fail. After all, the

longer it takes, the more likely it is that the business context will have changed (especially in a rapidly developing crisis situation), making the new model irrelevant.

Of course, moving quickly does not mean rushing ahead without a plan. Only a third of companies pursuing a crisis-driven reorganization develop a detailed plan; another third have just one milestone that everyone needs to hit; and a final third have no plan whatsoever. The data shows that the latter two cases have much lower success rates.

2. Analyze your human capital resources

The vast majority of companies’ human capital analysis capabilities are not nearly as substantial as their financial analysis, leading them to sacrifice either speed or rigor in their reorganization.

Our data, however, suggests that internal benchmarking analysis (e.g. “Why is my operations team more efficient in Region X than Region Y?”) is key to success. Internal benchmarking enables companies to move fast, understand what is driving differences, roll out best practices to other areas and more effectively challenge naysayers with detailed evidence.

3. Set differentiated targets and consider making focused investments

Saving 20 to 30 percent across

the board is not always the right answer—perhaps some organizational units should be cut by 50, 80 or even 100 percent, while others might need focused investment.

In fact, companies that are able to reinvest a portion of their cost savings into building up their internal capabilities are significantly more likely to succeed, even if this means cutting costs more deeply elsewhere to afford it.

When we worked with a logistics company to reduce costs in their quality control department, we found that an expensive success framework in use actually made performance worse. We decided to close down that team and invest some of the savings into growing the department’s coaching team, which did have a demonstrated record of success.

4. Involve your full leadership team

The Quartz/HBR data set clearly shows that the most successful reorganizations involve the whole leadership team in the decisionmaking process, often with some staff input as well. Our experience tells us that this is because the entire leadership team will have to support the execution of the plan, so each member needs to buy into it.

Unfortunately, the data shows that this approach is not very common. Instead, crisis-driven reorganizations are most frequently designed by just the leader and a few of their most trusted colleagues.

This is even worse than a single dictator deciding, because executives who feel excluded from the inner leadership circle are more likely to resist later.

5. Allow some flexibility

In 50 percent of cases, crisis-driven reorganizations fail to deliver because leaders resist a centrally mandated solution. Companies that allow leaders some flexibility in deciding how the changes are implemented are far more likely to succeed.

For example, when we reorganized a division of an oil and gas company, we agreed that if a geographic business unit was below a certain level of revenue and/or activity, it would not need to make all the changes that we expected of larger business units, but could instead adapt the reorganization design to match specific circumstances. Instead of deciding on every last detail in advance, prioritize designing guard rails for what is acceptable, targets for costs and a process for local leaders to fill in the details. It turns out that this is far quicker and more likely to lead to a workable outcome.

6. Communicate the changes as quickly—and humanely—as possible

In everyday reorganizations, faceto-face communication has a much greater correlation with success than communicating via email.

In crisis-driven reorganizations, however, electronic communication is far more likely to correlate with success—probably because in a fast-moving situation, employees would rather receive news quickly than be left in the dark.

Ultimately, the most important thing for leaders to remember is that reorganizations are not only about numbers—they’re also about people. Friends and colleagues will lose their jobs. You have a duty to treat each individual fairly and sympathetically. Mass, impersonal layoffs by video conference without any forewarning are unlikely to win you accolades.

A better approach is to tell all employees what is happening and why, and then have managers or HR personnel who know the people affected speak to them directly.

Even when things happen quickly, employees need to understand why, when and how changes will happen.

7. Create a positive feedback loop

Nancy McKinstry, the CEO of Wolters Kluwer, told us: “It is unrealistic to expect the new organization to work perfectly from the beginning. You have to live with it and digest it, and rapidly course correct when you find issues.” Crisisdriven reorganizations that have formal mechanisms for feedback (such as a system for managers to escalate issues, staff surveys or a formal review 3-6 months after completion) are much more likely

to be successful, while reorganizations without clear processes are most likely to fail.

Interestingly, while growthdriven reorganizations consistently benefit from surveying employees about implementation issues, our research suggests that this approach is less effective for costcutting reorganizations. This may be because cost cutting is by nature divisive, so staff may take longer to embrace the changes. Nonetheless, companies that have completed a cost-cutting reorganization should not neglect other formal means of assessing organizational performance after the launch.

De l iver i ng orga n i z at ion a l change in a crisis is never easy, and Covid-19 poses unprecedented challenges. But armed with the seven guidelines listed above, you are much more likely to succeed.

Peter Buchas is the managing director of the Quartz Efficiency Driver.

Stephen Heidari-Robinson is the managing director of Quartz Associates, a visiting fellow at Oxford University and co-author of Reorg—How to Get It Right and 10 Must Reads— Managing in a Downturn. Suzanne Heywood is the chair of Quartz Associates, managing director of Exor, chair and acting CEO of CNHI and co-author of Reorg—How to Get It Right and 10 Must Reads—Managing in a Downturn. Matthias Qian is an associate of Quartz and an Oxford University academic.

B6 Monday, September 7, 2020

BPI-Philam now offers insurance with health coverage, investment

T

HE COVID-19 pandemic has resulted in significant uncertainty.

It magnified the need for life and health security as protection against unpredictable circumstances, as well as a health emergency fund source.

Bancassurance leader BPI-Philam understands that and makes it easier for Filipinos to brave this new world through life and health security with the latest addition of MedLife Protect Plus, an investment-linked life and health insurance that gives considerable protection and better access to medical care with minimal out-of-pocket expenses.

“MedLife Protect Plus provides policyholders with protection from financial setbacks due to health matters, all while allowing them to build and expand their wealth. This is BPI-Philam’s way of following through its commitment to help Filipinos live better, healthier, and longer lives as it helps address certain constraints that may be holding them back from bringing their dreams to life,” said BPI-Philam President and CEO Surendra Menon.

Created in partnership with leading healthcare administration firm AVEGA, MedLife Protect Plus is an insurance plan packaged with medical benefit riders, offering the combined protection of life insurance, health insurance, and

investment. In case of hospitalization, MedLife Protect Plus policyholders will get access to quality healthcare and receive a medical benefit coverage with a maximum limit of Php4,000,000 per year that covers basic in-patient hospitalization, critical care, surgical benefit, and medical emergencies leading to confinement.

In addition, policyholders are also entitled to a daily hospitalization income benefit of up to Php3,000 for each day of confinement. Meanwhile, MedLife Protect Plus’ life insurance coverage will be equal to the Face Amount of the plan, its Account Value, or the Minimum Guaranteed Death Benefit, whichever is the highest.

Additional benefits may also be reaped from the plan’s integration with the Philam Vitality Program. It is a science-backed health and wellness program that boosts protection coverage by as much as 50% and provides rewards from partner establishments.

Integration with Philam Vitality will provide additional coverage upon death, total and permanent disability, personal accident, and critical illness.

As an investment-linked insurance, MedLife Protect Plus provides built-in cash value that enables policyholders to enjoy passive income yields through professionally managed investments, all

while securing their lives and health.

Policyholders may gain potentially higher earnings from investments in the local stock market and other avenues.

While the return of investments will depend on the performance of the market, BPI-Philam boasts of the expertise of Bank of the Philippine Islands (BPI) subsidiaries in handling financial investments. Assets are well managed only by the most experienced and industry-leading professionals in the country.

“Given the uncertainty of the times, BPI-Philam further strengthens its race against risk by developing products that aim to fill the still huge protection gap in the Philippines. With benefits that stretch from financial to health security that cover both the policyholders and their families, MedLife Protect Plus allows Filipinos the financial flexibility and freedom that enable them a financially sound future,” said Menon.

True to its mission of making insurance accessible and affordable to all, BPI-Philam makes MedLife Protect Plus readily available online through virtual appointments with their Bancassurance Sales Executives (BSEs) and secure digital selling tools to keep everyone safe amid the pandemic.

Clients can also visit any open BPI branch across the country for those who need or prefer personal transactions.

MedLife Protect Plus premiums start at only Php1,251 per month, payable until the age of 65, with benefit coverage until the age of 80. Terms and conditions apply.

BPI-Philam encourages customers to avail of its plans online, following a directive from the Insurance Commission that allows digital selling to observe social distancing. To avail of or learn more about MedLife Protect Plus and other BPI-Philam products, get in touch via the website at <https:// www.bpi-philam.com/>.

Second round of GR Supra GT Cup Asia Philippines sees old and new champions on the podium

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MIX of old and new names filled the winners' list of the second round of Toyota Motor Philippines (TMP)'s national emotorsports program, the GR Supra GT Cup Asia Philippines.

Hundreds of players participated from their own homes, virtually racing Toyota's flagship sports car, the GR Supra, on the tracks of the Autopolis International Racing Course. After the qualifying rounds and the finals heat, TMP has declared the official winners for this round.

Leading the Sporting Class is Luis Moreno who also won during the first round. With him on the podium are second placer Miguel San Mateo and third placer Terence Lallave, both firsttime Top 3 finishers.

In the promotional class, new Top 3 qualifier JB Cruz won first place, zooming past second placer Lance Guballa and third placer Lance Padilla.

Guballa and Padilla won third and second places respectively during the first round.

Round 2 points have a 1.5 multiplier. The third and final round with doubled points will be held this month, to be broadcast on September 26. Registration for the third round is now open at www.toyota.com.ph/gtcup.

Accumulated points after the third round will determine the two overall champions, one from each class, who will then represent the Philippines at the Asian Regional Championship of the GR Supra GT Cup in October.

A third champion also headed to the regional championship will be coming from the Celebrity vs. Media class, also happening this September.

Meralco, PLDT donate equipment to EAMC to aid in hospital's fight against Covid-19

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HE Philippines’ largest electricity distributor, Manila Electric Company (Meralco) and telecommunications giant PLDT jointly donated P45 million worth of medical equipment to the East Avenue Medical Center (EAMC) in Quezon City to help increase its capacity to handle COVID-19 cases.

The donation included hospital beds

with mattresses, overhead and bedside tables, footstool, IV stands, curtains, comforters, and draw sheets for the general hospital’s emergency room, wards, and intensive care units (ICUs). With the continuing rise of coronavirus infections in the Philippines, increasing the capacity of hospitals is vital in managing the pandemic.

Business unusual: TPB’s PHITEX goes virtual

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HE Tourism Promotions Board (TPB) is set to mount the virtual edition of the Philippine Travel Exchange (PHITEX) on 22-24 September 2020 with more than 100 Philippine sellers and 100 foreign buyers to gather in one online platform for businessto-business sessions and networking.

Travel and events may have temporarily stopped because of the global coronavirus pandemic, but the Philippines aims to drive the industry forward by staging the virtual edition of this year’s PHITEX themed “PHITEX Pivots: Business Unusual.”

“Amid the immense challenges for the tourism industry, TPB is leveraging on digital technology as a platform to sustain and explore n ew opportunities and markets,” states TPB Chief Operating Officer Maria Anthonette C. Velasco-Allones.

Hinging on the concept of business unusual, what makes this year’s PHITEX even more exciting is the hybrid aspect in which Philippine sellers will get a first-hand experience of travel in the new normal.

Panglao in Bohol will be the official venue of the sellers for the virtual networking with international buyers where strict safety protocols are implemented to ensure participants’ well-being. This initiative will provide stakeholders new approaches to boost tourism.

Panglao in Bohol is being highly considered by the Department of Tourism (DOT) as one of the first islands to reopen to international tourists once travel restrictions are eased given the province's pool of dedicated leaders, low number of COVID–19 cases, beautiful beaches, resorts, dive spots, and other tourism attractions, and a new international airport.

A highlight of this year’s PHITEX is the Travel Exchange (TRAVEX), a series of exclusive business-to-business appointments between Philippine sellers and foreign buyers, happening for the first time in virtual booths. The online

market space is customized to feature each company’s range of products and services in high definition videos, digital product collaterals, and one-on-one chat rooms for more focused and effective networking with prospective buyers.

PHITEX also puts together various avenues of information for tourism stakeholders in the context of the global pandemic. The event will showcase a webinar series where tourism industry experts will share insights on topics such as effective marketing strategies during crises, embracing the power of technology, green destinations, and principles in developing sustainable tourism.

Other activities include Philippines 360 - series of online games and quizzes that deal with Philippine culture and the arts, and topics discussed throughout the event; and Videos-on-Demand which allow event participants to replay key moments from the event and view content such as tourism marketing videos, highlights of past TPB events, links to film tourism with English subtitles, cooking videos, travel videos and more. A specially curated virtual tour of Manila, dubbed as the Philippines’ Capital of Fun is also one of the event highlights, showcasing the city’s unique blend of old world and new culture.

Registration is free of charge. Interested buyers and sellers may register via www. phitex.ph where qualified participants will receive an access code to the event. DOTaccredited suppliers of Philippine tourism products and services as well as TPB members are given registration priority.

Luis Moreno dominates Sporting Class anew; Promotional Class gets new champ in JB Cruz

"I feel ecstatic for the win, considering the nature of the track. I am very happy to pull another victory on a track I consider the toughest in the calendar," said Sporting Class champion Moreno.

"Unlike Suzuka, this track's nature does not have as much breathing room as it goes one corner after another. I also had to deal with how to overtake in this track considering I started in P9 and clean passes in this track are so difficult," Moreno explained.

Promotional Class champion Cruz meanwhile expressed his appreciation of emotorsports program as it allows more racing fans to pursue their passions.

"A child playing toy cars in a fashion that he's mindful about body roll, suspension, traction. etc. A kid waiting for cars to pass by and memorizing the brands and models, that was me. We couldn't afford to buy a car before, but videogames allowed me to dream of getting beautiful cars and to be a race car driver. This is the first time for me to enter a legit esports racing competition, and especially coming from Toyota and winning? A fulfilling experience that's what it is," said Cruz.

The GR Supra GT Cup Asia Philippines expands TMP’s motorsport activities led

by the Vios Racing Festival (VRF). This year’s VRF season has been postponed due to the pandemic, but this hasn’t stopped TMP from promoting the waku-doki or heart-pumping excitement of racing.

“The GR Supra GT Cup Asia Philippines E-race is really our way to continuously give a thrilling driving experience even with our limited physical movement,” said Elijah Marcial, TMP’s vice president for marketing services. “Many people are now confined to their homes, they probably miss bringing out their cars for a road trip or track day with friends. Let us not allow this pandemic to take away the fun and excitement of driving. It’s a totally different experience, but with a virtual supra running at top speeds, a digital sound of engine revving, and a friend cheering for you in the comment box, it’s the joy of driving at a different level!”

GR Supra GT Cup Asia Philippines is TMP's first national virtual motorsport tournament organized under Toyota's Gazoo Racing brand. Races are held online via Gran Turismo Sport game on the PlayStation platform. For more information and inquiries, join the official Facebook Group at https://www. facebook.com/groups/680971852455112

Rep. Villar donates tablets to LPC teachers for e-learning

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UBLIC schools in Las Piñas City are gearing up as they get ready for distance learning.

Las Piñas Lone District Rep. Camille Villar donated mobile tablets to the Las Piñas City National Senior High School-Talon Dos Campus which teachers can use for holding virtual classes and for making their video lesson learning modules.

"This will give teachers access to technology needed during this period," Villar said.

She also gave face masks and face shields to the school.

Just last month, Villar donated three RISO machines to DepEd-Las Piñas which would be used for the printing of modular learning program materials of various schools.

The congresswoman said this was just an initial batch of donations to the Education sector as she vowed to help

them during this crisis.

"We are aware of the various challenges that teachers, children and their parents are facing that is why we are doing this to help facilitate learning as schools go online, we are dedicated to helping in any way we can," Villar pointed out.

Face-to-face classes are not yet allowed and the Education department would be adopting modular distance learning to prevent the spread of the coronavirus.

Public schools are due to reopen on October 5.

Present at the turnover were Schools Division Superintendent Dr. Joel Torrecampo, Assistant Schools Division Superintendent Juan Obierna, Las Piñas City National Senior High School principal Jennifer Erispe, and Education Program Specialist II-Schools Mobilization and Networking head Raygeinald Villacorta.

Marketing BusinessMirror

www.businessmirror.com.ph

Monday, September 7, 2020 B7

Bring back the child in you PR Matters

By Abigail L. Ho-Torres

Transported back in time

As a pre-work for the first of three Zoom sessions (we had to forgo the face-to-face class due to the lockdown imposition), participants had to introduce themselves by way of a short story. The story prompt read: “Think back to your childhood. Can you remember an instance when you did something creative? Or experienced a feeling of having come to a new understanding or a new insight about people or events around you? How old were you? What did it feel like? Did you share the idea or project with others? What was their reaction?”

For the first time in months, I found myself really, REALLY wanting to write. It took me a couple of hours to complete the writing assignment though. I never thought looking back on my childhood could be that difficult! But once the floodgates were opened, there was no stopping the memories.

Because of that assignment, I got glimpses of my life as an eightyear-old in my mind’s eye, doing

Brand & Business: Canva for Education helps Filipino Teachers prepare for distance learning

MANILA, PHILIPPINES—With the new school year commencing digitally, Design platform Canva Philippines is empowering Filipino educators to equip themselves with the digital tools needed to offer their students a seamless and innovative learning environment.

Canva for Education is a free product offering for educational institutions catering to K-12. It offers thousands of templates and a library of “premium” royaltyfree images, as well as features

intended to facilitate simultaneous collaboration between students and teachers in the classroom or remotely.

Canva Philippines has also partnered with the Office of the Vice President (OVP) as it rolled out Bayanihan e-Skwela, an online educational platform empowering teachers and parents as children shifted to distance learning. Canva curated templates for some episodes, created posters, and provided the OVP access to the Canva library. In its effort to expand its reach, Canva Philippines also partnered with the Knowledge Channel Foundation and trained teachers in selected schools across the South Cotabato region on how to best use the platform for all their virtual classroom needs.

Yani Hornilla-Donato, Canva Philippines’s Country Manager, explained empowering Fili-

www.freepik.com | Designed by Jannoon028

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ONTHS before the Covid-19 pandemic struck, I enrolled myself in a mentorship class on creativity with THE Emily Abrera. I had not planned on enrolling, actually. I just saw a sponsored post on Facebook for a mentorship class by my former boss James Lafferty, who used to head Procter & Gamble and British American Tobacco in the Philippines, so I got curious and clicked on it. Scrolling through the ad, I saw that Emily will be holding her own class as well. I didn’t even think. I just dove right in and signed up for the class.

As part of the application process, I had to answer three basic questions: why I wanted to join the class, what value I can bring to the table, and what question about creativity I would like to ask her.

Based on my answers, Emily will decide whether or not I will get a slot in her class. I really thought those questions were pretty simple—so why did it take me a while to figure out how to answer them?

I suppose I never really thought about why I wanted to join the class in the first place. I just knew that I couldn’t pass up the chance to meet one of my career role models. While the concept of being mentored on creativity seemed pretty vague to me, the mere fact that THE Emily Abrera was going to do it was enough for me to go all-in. Little did I know that joining that class would become one of my life’s brighter spots in the months to come.

imaginative play and even setting up small “businesses” in my childhood house in Manila. I recalled my grade school and high school self, falling in love with the written word, devouring books like there’s no tomorrow. That simple act of coming up with a short story to introduce myself renewed my love for writing, and made me commit to write something not workrelated at least once or twice each month. That short story gave me the shot in the arm that I needed to get my creative juices flowing again. And it all started with a trip down memory lane, to when life was simpler.

So that was our first lesson: to use our childhood experiences, particularly our early brushes with creativity, to generate and grow new ideas. Dig deep, and spare nothing.

According to Emily, “we are all born with the ability to create.

Unfortunately, it gets schooled out of us by traditional educational institutions. Our childhood experiences of creativity affect many of us for a lifetime.”

‘Eureka!’ moments from climbing a tree

After getting our creative juices flowing by rekindling our childhood curiosity, we were asked to recall our first time, as children, to climb a tree. While not all of us

pino educators was core to the organization’s goal for 2020. “Our mission is to bring Canva for Education to every K-12 teacher and student in the country, becoming their creativity and productivity partner of choice during this unprecedented time. We will continue to reach out to schools and teachers across the country as we roll out Canva for Education, providing as much support as we possibly can to make their experience easy.”

Sarah Mae Columnas, a teacher from Mansasa National High School in Bohol explained even though the current environment still provides a level of uncertainty, Canva for Education supports, enables and empowers teachers to be more creative and innovative, whether they’re in the classroom, or teaching remotely.

“Being equipped with the right tools to teach 21st century

Creativity in the early years was its own reason for being. You need to look further back in your life to uncover gems from there.” –Emily Abrera had actually climbed trees (I myself had never climbed a tree as a child), we all had different takes on what our own “climbing moments” felt and meant to us.

Some shared stories about scaling walls, climbing mountains, and even rappelling on tall buildings and on the side of a cruise ship.

My own story was about trying to climb windows when I was a toddler. Those participants who did climb trees still had different, and interesting, experiences to share. So what was the point of the exercise?

Emily said climbing a tree provides “an altogether different perspective; a release from the pull of gravity; a sense of self, accomplishment, and confidence; a feeling (of being) closer to nature; a refuge from the mundane.” It again boils down to childhood curiosity and looking at things from a different perspective.

Coming from the tree-climbing recollection exercise, she presented some points to remember when

learners is the responsibility of every teacher across the country, as this is our sworn obligation to uphold our nation’s goals and create a better future for our next generations,” said Columnas.

One of the biggest changes educators face today is the need to migrate everything they use in their classroom to a digital setting. In addition to that, teachers also acknowledge the challenge of adding variety to their teaching repertoire and curriculum, to ensure their lessons remain just as engaging as a physical setting.

Michelle Brabante, School Director of Minido Preschool in Marinduque said she uses Canva for Education to create video lessons for her students, by using the platform’s talking presentations feature. “The students really respond well to our talking presentations; it makes them happy, they feel more connected to us

trying to generate new ideas: n Shift your frame of reference n Immerse yourself in the unfamiliar n Ask why until you get the basic insight n Brainstorm n Spend more time observing and listening n Put devices away n Read, reflect, discuss n Institutionalize insighting in your company

Why creativity matters

Creativity becomes even more important during times of crisis.

When old-school, tried-and-tested solutions just don’t cut it anymore, we need to churn out creative and innovative means to solve problems. After all, “without creativity, there would be few scientific breakthroughs”—and we need a lot of those breakthroughs right about now.

On top of being useful and necessary, the pleasure and satisfaction that a creative endeavor

as educators and they’re certainly more engaged with the content we go through.”

In an effort to further empower teachers, Canva for Education has developed a range of Classroom Kits with templates, illustrations, and photos collection that will inspire Filipino teachers to bring more life and energy to their learning materials as classes resume remotely.

Canva for Education also includes an all-new collaboration space, a review workflow, access to content from Google Drive, Dropbox, Folders, version history and SSO with Clever and Google.

“Canva for Education has helped our team enormously in terms of collaboration. We like working together, and we love that Canva for Education allows us to do our tasks as a team,” added Brabante.

Ryan Alvin Torrejos, teacher from German European School

brings to both creator and recipient also cannot be denied.

“Creativity is rewarding. Creative people are self-motivated, always engaged and productive.

Creative people are generally happy. Creativity itself is a good business, and a rewarding activity for any kind of business,” Emily said.

C a n c reat iv it y be t aug ht , though? Yes, it can, she said— “but it requires practice in order for one to become adept at creative thinking.”

The next time you find yourself in a creative rut, look back on your childhood and the first time you climbed a tree. Who knows what great ideas you will be able to come up with.

PR Matters is a roundtable column by members of the local chapter of the United Kingdom-based International Public Relations Association (Ipra), the world’s premier organization for PR professionals around the world. Abigail L. Ho-Torres is AVP and Head of Advocacy and Marketing of Maynilad Water Services Inc. She spent more than a decade as a business journalist before making the leap to the corporate world.

We are devoting a special column each month to answer our readers’ questions about public relations.

Please send your questions or comments to askipraphil@gmail.com.

Manila explained how Canva for Education has helped him now and will continue to be an invaluable tool for the future. “I know I will still be using Canva for Education for many years to come, even when students are allowed back into their physical classrooms.”

Recognizing the dedication of the educators in the Philippines, Canva Philippines in partnership with the Department of Education, has also held webinars for Filipino teachers to share with them the gift of Canva for Education. Canva also launched a Facebook Community for Filipino Teachers that serves as a space for professional support and training for teachers to learn and adapt to the modalities of virtual teaching.

K-12 teachers in the Philippines may visit this link to signup for a free Canva for Education account.

Sports BusinessMirror

B8 Monday, September 7, 2020

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EW YORK—In danger of her earliest exit at the US Open since her debut 22 years ago, Serena Williams turned things around and took over against Sloane Stephens.

Williams emerged from the third-round matchup between two Americans who are past champions at Flushing Meadows—she’s won six of her 23 Grand Slam singles titles at the place—with a 2-6, 6-2, 6-2 victory over 2017 titlist Stephens on Saturday.

Afterward, Williams’s three-year-old daughter, Olympia, wore a mask and waved at Mom while sitting on her father’s lap in a front-row seat. On her way to the locker room, Williams waved back.

“I hope,” Williams said, “that she saw her mama fighting.”

Williams did it, as she so often does, with her best-in-the-game serve, hitting 12 aces at up to 122 mph as it got really dialed in midway through the second set, and an ability to recalibrate her groundstrokes that were so awry early and so superb down the stretch.

“She served a lot better,” said Stephens, now 1-6 against Williams, although they hadn’t played each other since 2015. “Obviously she has one of the greatest serves in the game. It’s really difficult to read.”

Williams collected 10 of the last 12 games by lifting her level, to be sure. But it helped that Stephens went from playing nearly perfectly to missing more and more. Following mistakes, Stephens would look over at her coach, Kamau Murray, or smack her right thigh with her palm so loudly that it echoed through a nearly empty Arthur Ashe Stadium.

“In that first set, I don’t think she made any

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

OLYMPIA WATCHES MOM SERENA FIGHT errors, honestly.

She was playing so clean. I said, ‘I don’t want to lose in straight sets,’” said Williams, whose only career US Open loss before the fourth round came in the third against Irina Spirlea in 1998 at age 16.

Williams, who turns 39 in three weeks, said she told herself Saturday: “OK, Serena, just get a game. Get a game.”

There were, of course, no fans— banned because of the coronavirus pandemic—and so the whole thing was flush with the feel of a practice session, rather than a high-stakes contest on a Grand Slam stage.

There were some other players on hand to watch, including

SERENA WILLIAMS avoids the exit door as her daughter Olympia watches from the stands. AP

15th-seeded Maria Sakkari, who sipped orange juice and ate lunch while on her player suite’s balcony. Sakkari had a vested interest: She faces Williams for a berth in the quarterfinals.

Williams against Sakkari is a rematch of their meeting won last month by Sakkari at the Western & Southern Open, a hard-court tournament played at the US Open site instead of its usual home in Ohio because of the pandemic.

“You know, Serena is Serena,” Sakkari said after advancing earlier Saturday by beating 19-year-old American Amanda Anisimova, 6-3, 6-1. “You have to come up with some great tennis. Otherwise there is no chance against her.”

Other women into the fourth round: No. 2 Sofia Kenin, No. 16 Elise Mertens, No. 20 Karolina Muchova, Tsvetana Pironkova and Alize Cornet. Pironkova defeated No. 18 Donna Vekic, 6-4, 6-1. Cornet led 7-6 (4), 3-2 when No. 7 Madison Keys retired because of a neck injury.

In men’s action, 2019 runner-up Daniil Medvedev and another semifinalist from a year

ago, No. 6 Matteo Berrettini moved on, as did No. 2 Dominic Thiem, No. 10 Andrey Rublev, No. 15 Felix Auger-Aliassime, No. 21 Alex de Minaur, American Frances Tiafoe and Vasek Pospisil, who’s been in the news lately because he teamed up with Novak Djokovic to set up a new association to represent players.

Pospisil eliminated No. 8 Roberto Bautista Agut, 7-5, 2-6, 4-6, 6-3, 6-2, and next faced another five-set winner, de Minaur, who defeated No. 11 Karen Khachanov, 6-4, 0-6, 4-6, 6-3, 6-1. AP

D.O.J.: PLAYERS’ PARENTS COULD BE LIABLE, TOO T

By Joel R. San Juan

THE 30-year-old Thibot Pinot suggests he might never race the Tour de France again with the ambition of winning it. AP

Pinot’s hopes vanish as Peters wins Tour 8th stage in Pyrenees

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OUDENVIELLE, France—On a day of mixed feelings for the home nation, rookie Nans Peters won the eighth stage of the Tour de France following a long breakaway in the Pyrenees, while fellow Frenchman Thibaut Pinot’s love-hate relationship with cycling’s marquee event continued.

Peters was part of a group of 13 riders who broke away Saturday in the early stages of the 141-kilometer stage featuring three punishing ascents to the town of Loudenvielle, where he soloed to the biggest win of his career.

Pinot went into this race edition dreaming of ending a 35-year drought for France but lost contact with the main contenders 41 kilometers from the finish. It got worse and he dropped to 30th overall, 18 minutes and 56 seconds behind race leader Adam Yates.

With his hopes of triumphing on the ChampsElysees effectively ended for another year, the 30-year-old Pinot suggested he might never race the Tour again with the ambition of winning it.

“I could not pedal, that’s the way it is,” Pinot said. “I want to apologize to my teammates and all my supporters because it’s a huge disappointment. It might be a turning point in my career. I’ve been through too many failures.”

Pinot, a talented rider with flair and strong climbing abilities, has been hit by bad luck at the prestigious three-week races. A third-place finisher at the 2014 Tour, he has only finished the race once since then. He skipped it two years ago to focus on the Giro d’Italia, where he was forced to abandon because of pneumonia while fighting for the title.

Back at the Tour last year, Pinot looked like the strongest climber in the Pyrenees but his remarkable ride ended in tears within touching distance of Paris. He was forced to abandon with a left leg injury. AP

HE Department of Justice (DOJ) on Sunday clarified that the contents of a report from the Joint Administrative Order (JAO) group on the so-called University of Santo Tomas (UST) bubble would determine whether or not the department has jurisdiction over the case.

“We will wait for the report of the JAO team and determine if the DOJ has any jurisdiction over the matters raised therein,” Justice Secretary Menardo Guevarra said.

Guevarra also said the DOJ may also look into the possible liabilities of parents of the UST players who signed the waivers allowing their sons to participate in the training camp.

“This will depend on the contents of the report, which we have not received yet,” Guevarra said.

The Growling Tigers, upon Aldin

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HE last batch of 300 of the 1,6000-strong national team members are bound to receive their Philippine National Sports Team ID cards and booklets that would entitle them to 20-percent discounts in practically all of their essential needs.

Manuel Vitog, chief of the Assistance and Coordination Division of the Philippine Sports Commission (PSC), said the ID cards and booklets would be delivered by mail to each and every one of the athletes to their respective homes.

“It took some time for the PSC

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De Vera III

Ayo’s orders, underwent a three-month training bubble in the head coach’s native Barangay Capuy in Sorsogon City.

Most of the players are minors and needed their parents’ consent to travel to Sorsogon City for the bubble—an obvious violation of stay-at-home protocols for individuals aged 20 or younger during the Covid-19 pandemic.

Guevarra is expecting on Monday the JAO group’s report that is also expected to bear the group’s recommendations.

Games and Amusements Board (GAB) Chairman Abraham Mitra told BusinessMirror on Saturday that the group would be elevating the case to the DOJ. The GAB, Philippine Sports Commission (PSC), Department of Health (DOH) and the Commission on Higher Education (CHED) make up the JAP group.

The Sorsogon bubble controversy conducted

by Ayo broke out when team captain CJ Cansino was dropped from the Growling Tigers roster for

defiance of authority.

Mitra earlier warned to bring the case before the Inter-Agency Task Force on Emerging Infectious Diseases (IATF) for imposition of sanction against UST, one of the founders of the University Athletic Association of the Philippines (UAAP), after he observed that the league was not inclined to probe the incident.

This prompted the UAAP Board of Managing Directors (BMD) to conduct its own probe, resulting to a recommendation that Ayo be sanctioned. The recommendation was submitted to the UAAP Board of Trustees (BOT), composed of the presidents of all eight member-schools for appropriate action.

Ayo resigned as coach on Friday, ahead of the UAAP board tackling his case.

Despite of the UAAP’s action on the issue, Mitra said the JAO would still submit its report to the DOJ, which has jurisdiction on the issue.

The JAO is also calling for a press conference

JUSTICE Secretary Menardo Guevarra will study on Monday if his office has jurisdiction over the case.

on Monday to divulge the results of its investigation and to announce the results of its discussions with professional basketball and football leagues as the group intends to formulate protocols for amateur sports, specifically collegiate sports.

PSC guarantees all natl athletes get discount IDs to deliver the ID cards and booklets because most of the athletes had the Rizal Memorial Sports Complex [Manila] and PhilSports Complex [Pasig City] as their mailing addresses,” Vitog said.

“Because of the Covid-19 pandemic, we had to find out their addresses because all of them were sent home because of the quarantine,” Vitog added. “By the third week this month, the athletes’ IDs and booklets would be all accounted for.”

The discount privilege falls under

Republic Act 10699 or the “National Athletes and Coaches Benefits and Incentives Act [Republic Act 10699]” through the Bureau of Internal Revenue’s (BIR) Revenue Resolution 13 (series of 2020).

PSC Chairman William Ramirez said the discount privilege comes during these difficult times during the pandemic.

“We have always been supportive of our athletes and coaches and we hope this privilege help ease their burdens caused by Covid-19,” Ramirez said.

Women’s world boxing champion Nesthy Petecio and Olympic marathoner Mary Joy Tabal expressed their gratitude to the PSC on facebook.

“Thank you PSC! Unexpected delivery! May 20 percent discount na ako nito,” Petecio said.

Tabal posted: “National Athlete privilege, excited to avail this! Thank you Philippine Sports Commission for making this possible. “ Covered by the discount program are transportation, hotels and restaurants, medicine purchases and even leisure activities.

3x3 pro league receives ‘A’ mark for protocols of Health and the CHED make up the JAO Group that was tasked by the Inter Agency Task Force on the Management of Emerging Infectious Diseases to handle policies for sports during the Covid-19 pandemic.

The Chooks-to-Go Pilipinas 3x3’s model follows all IATF protocols starting with compulsory polymerase chain reaction (PCR) test for all players and staff and proceeds with the accomplishment of contact-tracing applications by GET Philippines.

Each player also has to go through an antigen test before entering the court and after

each team’s one-hour session, the entire venue and all equipment are disinfected.

The league also submitted its return to scrimmages proposal to the JAO Group.

“Hopefully after reviewing this, we can implement it as soon as possible,” Mitra said. “Then the next step is the tournament itself. One step at a time, but we’re closing in on a return [to training and competition].”

Joining Altamiano in Monday’s meeting with the JAO Group are officials from the Philippine Basketball Association.

OMMISSION on Higher Education Chairman Prospero De Vera III praised the protocols the country’s first-ever professional 3x3 basketball league Chooksto-Go Pilipinas 3x3 is implementing at its training facility at the University of the Philippines Epsilon Chi Center in Quezon City.

De Vera said the league’s model could be an excellent blueprint for collegiate teams to follow as they also try to return to practice.

“What Eric Altamirano is doing at the Chooks 3x3 in UP is perfect, a must-see for

amateurs,” De Vera said. Altamirano is the league commissioner.

Altamirano would himself will share on Monday the details of the Chooks-to-Go Pilipinas 3x3 workout protocols to heads of collegiate leagues and to the members of the Joint Administrative Order Group.

“We will gladly do so. We are hoping to share our best practices to the amateurs,” Altamirano told Games and Amusements Board (GAB) Chairman Abraham Mitra.

Mitra and the GAB, along with the Philippine Sports Commission, Department

L

It’s Authentic at fan-less Kentucky Derby

OUISVILLE, Kentucky—Bob Baffert endured the lowest of lows and highest of highs within minutes in the Kentucky Derby.

He was bummed before the horses left the paddock after Thousand Words reared up and fell on its side, getting disqualified and injuring Baffert’s assistant trainer. That emotion was quickly replaced by Authentic’s front-running victory that gave Baffert a record-tying sixth Derby win.

Then Baffert found himself down again, literally, getting knocked to the grass by a skittish Authentic in the winner’s circle.

“This is the craziest year ever,” he said.

Authentic kicked away from heavy favorite Tiz the Law in the stretch on Saturday, winning the 146th Derby by one and one-fourth lengths without the usual crowd of 150,000 on hand at Churchill Downs for the first time because of the coronavirus pandemic. The bay colt ran one and one-fourth miles in 2:00.61 under John Velazquez, who won his third Derby.

“I’ve had some great Derby rides, but what

that guy did,” Baffert said, gesturing toward Velazquez, who stood socially distanced in the infield winner’s circle. “Johnny V. gave him an incredible ride.”

Baffert tied Ben Jones (1938-52) for the most wins by a trainer. His other victories came in 1997, 1998, 2002, 2015 with eventual Triple Crown winner Justify and 2018.

“Bob, he’s got the magic touch,” said Jack Knowlton of Sackatoga Stable, owner of Tiz the

Law. “He had this horse ready at the right time and he beat us. Hopefully, we’ll get some more shots at him and we’ll turn the table on him.”

Sent off at 3-5 as the biggest Derby favorite in 31 years and part of a smaller field than usual, Tiz the Law settled into fourth while Authentic ran unopposed in front. With a quarter-mile to go, Tiz the Law pulled alongside Authentic and the two hit the top of the stretch together.

Authentic paid $18.80, $6 and $5 at 8-1

Rick Olivares bleachersbrew@gmail.com

Bleachers’ Brew

Missed chances in this UST fiasco WE never seem to learn do we?

The University of Santo Tomas (UST) Sorsogon Bubble while directly the fault of its men’s basketball officials and the athletic director have not been handled well postcontroversy by the school itself, the University Athletic Association of the Philippines (UAAP), and even the local sports and education bodies.

Here’s why.

When the controversy broke, somethings should have been done right away.

Didn’t Head Coach Aldin Ayo think that by kicking CJ Cansino off the team, there would be questions and chismis going around? The first thing they should have done was elevate the matter to UST sports officials.

There was no exit interview? His release was immediately secured? Within days, he had decamped to University of the Philippines (UP)?

So they blew that.

The second would have been for UAAP and UST officials to contain it—place a cordon sanitaire around the team to prevent the poaching of players and for proper interviews.

How did they arrive in Sorsogon? In what manner? Were safety guidelines issued?

As it is, I asked a couple of players and the school never asked them for a statement. Maybe they went with what Cansino shared later—the private group chat among the players.

And that is another thing. The fact that those leaked private chats were later deleted, well, it only means it shouldn’t have been shared in the first place.

It is what it is...it added fuel to the fire with some former UST players teeing off on the current squad or even Cansino. And it got uglier.

And here is the thing—why did it take so long for the other players to return to Manila?

If there are people at the scene of the crime, they aren’t asked to leave pending statements and investigation. While not a crime per se, what happened was a serious breach of mandated protocols.

In the wake of all these revelations, UST Athletic Director Fr. Jannel Abogado resigned, a few more players left, and now Aldin Ayo has resigned.

There should have been a proper spokesperson for both the league and UST. In my opinion, it should have been a joint release because UST is the school in question.

Should it really take this long to arrive at the findings or come to a decision? That bubble thing could have been all sorted out in less than a day. This isn’t the September 11 attacks that requires longer investigation.

And what was that bit of news that the Philippine Sports Commission (PSC) and the Games and Amusements Board (GAB) were not furnished a copy of UST’s report?

Whether it was hubris or arrogance that initiated that bubble, being uncooperative isn’t going to give UST brownie points. That’s strike three if you ask me.

So the PSC and GAB said they would sanction if the league doesn’t do its job. Therein lies more problems. Then the Commission on Higher Education weighed in by saying that UST broke IATF quarantine protocols.

While we all know that, it presaged any results or findings.

Maybe they didn’t mean to say anything except the media asked. And the media are only doing their job. If all the parties concerned had acted sooner than later or cooperated, then it would have saved some of the speculation that went about.

There is nothing wrong with arriving at a correct decision. It’s just that all these investigations seemed rather disjointed.

This pandemic has seen a lot of drama and dangling sub-plots than a K-Drama series. You have the problems of Philippine football and now these college teams breaking quarantine (National University and UP are now in the mix for varying reasons).

Now...for the decision. odds. Tiz the Law returned $3.40 and $3.20. Mr. Big News was another two lengths back in third and paid $16.80 to show at 46-1.

Wagering from all sources on the Derby was $79.4 million, compared with $165.5 million on last year’s race. Churchill Downs officials attributed the decline to the absence of on-track wagering, less than a full field of 20 horses in the race and Tiz the Law being a prohibitive favorite. AP