BusinessMirror September 16, 2020 by BusinessMirror

Manila Resto Week to boost recovery By Ma. Stella F. Arnaldo Special to the BusinessMirror

VER 60 restaurants are participating in the Manila Restaurant Week, a project of Manila Mayor Francisco “Isko Moreno” Domagoso. The popular local executive launched the dine-in restaurant campaign at the historic Manila Hotel, with Vice Mayor Sheila “Honey” Lacuna and the hotel’s president, former senator Joey Lina. It is a weeklong and citywide celebration running from September 20 to 27, 2020, which aims to promote Manila restaurants—from the most prominent establishments to its hidden gems. While the mayor graced the Manila Hotel leg of the launch, the week was actually ushered in at multiple venues: Robinsons

MANILA Mayor Francisco “Isko Moreno” Domagoso fires up the crowd at the launch of Manila Restaurant Week in multiple venues on Wednesday. ROY DOMINGO

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Place-Ermita, Manila Bayleaf Hotel, Lucky Chinatown Hotel and Mall, and City Hall’s Bulwagang Villegas. “Business has suffered for so many months, the least…we can do in government is to help them survive in the remainder of the year, hoping that by next year, after the rain, there’s a rainbow. That’s what the national government and local governments are doing, to sustain and maintain [the businesses] that are left,” said Domagoso in his speech. He narrated a personal anecdote of how one night, he wanted to eat at the Manila Hotel, and found it closed. “My heart was broken when I [saw] Manila Hotel with no lights,” noting it was the first time it happened in all of his 22 years serving as a city official. Domagoso acknowledged there were 862 active Covid cases in the city as of Tuesday.

“It is true there is danger, but we should not live in fear.... The establishments, the people, already know how deadly this virus is. We have learned our lesson for so many months already and now, we know how to adapt. And today we will show the country that we Manileños know how to live with Covid-19; at the same time, we also know how to go back to work safely. This Restaurant Week is just one of those symbolic, simple little ways of your city government and your national government to really push ourselves for a better tomorrow.” For her part, Vice Mayor Lacuna said the campaign is being held just in time as the city is now under general community quarantine, where restaurants are allowed to operate at 50-percent dining capacity and delivery See “Manila,” A2

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Wednesday, September 16, 2020 Vol. 15 No. 342

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

ADB SEES PHL ECONOMY SHRINKING THE MOST, AFTER THAILAND, IN ’20

DID aliens find the logo design of the Subic Bay Metropolitan Authority too irresistible not to reproduce? This fantastic notion crops up as the social-media site Art & Crop Circles, which is dedicated to the crop circle phenomenon, posted several photographs of a new crop circle reported at Wiltshire, England, on September 13. Photo taken by The Hampshire Flyer shows the crop circle near the village of Roundway in Wiltshire, England. THE HAMPSHIRE FLYER

By Bernadette D. Nicolas

HE Department of Finance (DOF) has so far secured over $9.4 billion or roughly P455 billion in loans and grants from foreign lenders to beef up the government’s war chest against the Covid-19 pandemic.

According to the updated list of DOF as of September 14, the DOF has raised a total of $8.956 billion (or about P433.65 billion). However, the list did not include yet the newly signed loan agreement between the Philippines and Japan on Tuesday, amounting to ¥50 billion (or about P23.3 billion) to aid the government’s post-disaster response efforts in the event of a national calamity or

health emergency. Of the $8.956 billion in financing secured by the DOF as of September 14, budgetary support financing amounted to $8.33 billion, while grant and loan financing reached $621.36 million. Moreover, $6.86 billion of the total $8.33 billion in budgetary support financing from the Asian Development Bank, World Bank, Continued on A2

House OKs special ecozone near Bulacan airport

HE House of Representatives on Tuesday approved on third and final reading a bill creating the Bulacan Airport City Special Economic Zone and Freeport Zone, which is adjacent to San Miguel Corp.’s (SMC) proposed New Manila International Airport (NMIA).

Voting 205 affirmative, 6 negative and one abstention, lawmakers voted on the passage of House Bill 7575. The bill will now be transmitted to the Senate for its own deliberation. HB 7575 creates the Bulacan Airport City Special Economic

PESO EXCHANGE RATES n US 48.5220

Zone and Freeport Authority, or Bacsezfa, which shall manage and operate the Bulacan Ecozone. The measure said Bacsezfa shall have an authorized capital stock of P2 billion no par shares at a minimum issue of P10 each, the majority shares of which shall be

subscribed and paid for by the national government and the LGUs embracing the Bacsezfa. The measure said registered enterprises operating within the Bulacan Ecozone may be entitled to the existing pertinent fiscal in-

HE Asian Development Bank (ADB) now expects the Philippine economy to post the second steepest economic contraction among Southeast Asian countries on the back of the slump in private consumption and investment and uncertainties about the global economic recovery. In its Asian Development Outlook 2020 Update, ADB said it now sees the economy posting a deeper contraction of 7.3 percent this year, lower than its previous forecast in June that the economy will shrink by 3.8 percent this year. The new forecast of ADB is also lower than the Philippine government’s own outlook that GDP will contract by 5.5 percent this year. “The growth projection for 2020 is downgraded after steep contraction in private consumption and investment drove a sharp recession in the first half of 2020,” the ADB said. Thailand is still expected to suffer the worst economic contraction among Southeast Asian countries. The ADB expects Thailand’s economy to shrink by 8 percent, worse than its previous projection of 6.5 percent contraction previously. However, ADB retained its 6.5-percent growth outlook for the Philippine economy next year as it expressed optimism that the outbreak would be contained, the economy would be further opened and more government stimulus measures would be implemented. Still, it also cautioned against the downside risks for next year, such as a slower-than-expected global recovery that could weigh heavily on trade, investment, and overseas Filipino worker remittances. “We believe the worst is now over and that the contraction in GDP bottomed out in May or June this year. The package of measures the ADB Country Director for the Philippines Kelly Bird: government rolled out, such as income support to families, relief for small businesses, and “We believe the worst support to agriculture in the second quarter, all is now over and that helped the economy to bottom out. We expect the contraction in GDP the recovery to be slow and fragile for the rest bottomed out in May or of this year, and growth to accelerate in 2021 on June this year.” ADB the back of additional fiscal support and an accommodative monetary policy stance,” said ADB Country Director for the Philippines Kelly Bird.

Inflation outlook

ASIDE from downgrading its growth forecast for the country this year, ADB also revised upward its inflation outlook for the Philippines this year and next year as global oil prices stabilize. ADB now sees a slightly higher inflation rate of 2.4 percent this year, inching up from its previous projection of 2.2 percent. For 2021, it expects the country’s inflation rate to go up to 2.6 percent from 2.4 percent previously. Nonetheless, ADB’s revised inflation forecasts are still within the government’s target band of 2 to 4 percent. Given its inflation outlook on the country, ADB expects monetary policy to remain expansionary, adding that “further cuts to the reserve requirement ratio are likely to free up more funds for banks to lend.” Bernadette D. Nicolas

Continued on A2

n JAPAN 0.4591 n UK 62.3605 n HK 6.2609 n CHINA 7.1266 n SINGAPORE 35.5681 n AUSTRALIA 35.3725 n EU 57.5811 n SAUDI ARABIA 12.9368

Source: BSP (September 15, 2020)

A2 Wednesday, September 16, 2020

Manila… Continued from A1

service operates for 24 hours. She added, in Filipino, “Despite the danger brought by Covid-19, we continue to pursue all efforts to deliver services urgently needed by every Manileño.” Aside from fast-food dining options, other participants in Manila Restaurant Week include the city’s posh hotel food and beverage outlets like Manila Hotel’s Lobby Lounge, veteran comfort-food establishments like Artistocrat and Bistro Remedios, long-running dining outlets in Malate like Casa Armas, Intramuros favorites such as Barbara’s and Ilustrado, and restaurants in popular malls like Lucky Chinatown Mall and Robinsons Place. Each participating restaurant will offer prix-fixe breakfast, lunch and/or dinner at affordable rates to promote their restaurant by showcasing their specialties and new inventions. The restaurant week is an event under the Manila Support Local Campaign, which is an initiative of the Bureau of Permits, aimed at supporting the city’s local businesses during the pandemic. The campaign promotes and acknowledges the different businesses in the City of Manila, and is the city’s “patriotic way to support our local entrepreneurs, our city and economy,” said the mayor. The city has tapped Broadway singer Lea Salonga to help promote Manila Restaurant Week. She sang “Dream Again,” a song composed by Daniel Edmonds and Daniel Boudin, and performed by musicians from around the world, including Salonga herself in Manila, which expresses the hopes of many struggling with the pandemic.

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‘Japan has our back’: PHL gets 50-B yen loan package

‘T

HANK you, Ambassador, from the bottom of our heart.... That’s more than friendship; that’s plain pure partnership. Japan has our back,” Foreign Affairs Secretary Teodoro Locsin Jr. tweeted on Tuesday, following the exchange of diplomatic notes on a ¥50-billion loan package from Japan.

The loan, which was not yet included in the Department of Finance September 14 tally of foreign assistance for the Philippines’s Covid response, aims to support the country’s fight against the pandemic and its quick recovery from other natural and health-related disasters. Locsin and Japanese Ambassador Koji Haneda led the exchange rites at the Department of Foreign Affairs’ Mabini Hall. “I signed the Post-Disaster

Stand-by Loan [PDSL] on September 15 to support quick recovery after natural & health-related disasters. This 50B yen fund is the most significant Japan assistance to Philippines since the onset of Covid-19, along with the 50B yen loan in July.” Locsin added: “Post-disaster standby credit, this is the second one with the same give-away terms: 0.01 percent, 30-year repayment, 10-year grace period.

That’s more than friendship that’s plain pure partnership. Japan has our back,” Locsin added. In a subsequent ceremony at the Department of Finance, Japanese Ambassador Haneda said, “as a calamity-prone country like the Philippines, Japan fully understands the value of safeguarding lives, infrastructure and livelihood.” “Filipinos can count on Japan to remain responsive to the call of times as a true friend, closer than a brother. What we have persistently built together during the time of Prime Minister Abe, we will continue to sustain under Japan’s new leadership. With the utmost support of everyone, we will bring Japan-Philippines partnership on to the next level,” Haneda added. The PDSL 2 will be available for quick disbursement in tranches within three years, once the loan is declared effective, and may be extended for an additional three-year period for up to four times.

The maturity period is 40 years, inclusive of a 10-year grace period. The PDSL 2 was extended by Japan in recognition of the Philippines’s plans and accomplishments in the following reform areas: 1) policy and institutional framework for disaster risk reduction and management; 2) financial resilience to natural disasters and climate change; and 3) public health emergency preparedness. “The ¥50-billion Post-Disaster Standby Loan Phase II is seen to help the Philippines to better manage its vulnerability to natural disasters, to combat the Covid-19 pandemic, and to mitigate the adverse effects of these risks on the country’s economy,” the DFA said in a statement. In July the Philippines and Japan also exchanged notes on the Covid-19 Crisis Response Emergency Support Loan, also in support of the Philippine efforts to combat and recover from Covid-19. Recto L. Mercene, Bernadette D. Nicolas

Honasan admits ‘limited’ check vs cybercrime By Lorenz S. Marasigan

HE chief of the Department of Information and Communications Technology (DICT) admitted on Tuesday that his group

has limited capabilities in preventing cybercrime, including those that can be potentially committed by other governments. In response to a question posed at the agency’s budget hearing at the

House of Representatives, ICT Secretary Gregorio Honasan II said his group has done due diligence for the proposed construction of towers in military camps by Dito Telecommunity, the future third telco. Dito intended to build cell sites in military camps, signing a deal with the Armed Forces of the Philippines, as part of its rollout plan. This has been criticized by different groups, as Dito’s minority shareholder, China Telecom, is a Chinese state-owned enterprise. China has been involved in a long-running dispute with the Philippines on the West Philippine Sea. The United States has also noted supposed security risks linked to Chinese-made equipment and infrastructure. While Honasan asserted that due diligence was done for Dito’s Camp Aguinaldo initiative, he said the ICT department has limited capabilities against potential cybercrime. “We are limited to monitoring. In fact, there are entities that we consider friends, but we found out that they are trying to intrude in our network,” Honasan said in a mix of Filipino and English during the House hearing. “I really cannot blame them, we have always been reactive toward these things. What we have to do is to be proactive.”

Honasan did not categorically say who these “friends” were, but noted that these entities involve those who are in the power transmission business. The House committee then called for a quick break, and resumed with a different topic. Dito Chief Administrative Officer Adel Tamano has said that his group’s plan to build towers in military camps “contained the very same provisions signed by the other two telcos with the notable exception that additional provisions were provided pertaining to commitments of Dito to national security.” He was referring to the current duopoly, Smart Communications and Globe Telecom. According to Tamano, “Dito Telecommunity guaranteed that its devices, equipment and structures shall not be used to obtain classified information from the Armed Forces.” Tamano added that his group submitted a cybersecurity plan during the bidding process for the new major player, to prove that its networks and facilities will not compromise national security and shall abide with the National Cybersecurity Plan. “This plan has been accepted by the DICT and the National Security Advisor,” he said.

Foreign aid for Covid war chest now $9.4B Continued from A1

Asian Infrastructure Investment Bank, Japan International Cooperation Agency (Jica), and dollardenominated global bonds have been disbursed to the government.

Japan loan

ON Tuesday, Finance Secretary Carlos G. Dominguez III and Jica Chief Representative Eigo Azukizawa signed the accord for the second phase of the Post-Disaster Standby Loan (PDSL). The financing package under PDSL, which carries a fixed interest rate of 0.01 percent, will form part of the Philippines’s “financial war chest” for future emergencies, Dominguez said. (See related story at left)

In the case of the current Covid-19 pandemic or any other public health emergencies, the imposition of an enhanced community quarantine (ECQ) or its equivalent in the National Capital Region (NCR) or in any other highly urbanized area in the country will also trigger the disbursement of the loan. DOMINGUEZ: “The ability to mobilize financial resources without delay is essential to emergency preparedness.”

“The ongoing pandemic underscores the need to further improve our policy and institutional framework for disaster risk reduction and management. It likewise emphasizes the need to build our financial resilience against disasters and similar emergencies. The ability to mobilize financial resources without delay is essential to emergency preparedness,” Dominguez said at the ceremonial signing of the loan agreement at the DOF office in Manila. The government borrows to finance its spending requirements as well as to cover its budget deficit. As tax collections are down amid the pandemic, the Development Budget Coordination Committee (DBCC) 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. The DBCC also expects the country’s debt-to-GDP ratio this year to increase to 53.91 percent of GDP—a level that it has not seen in over a decade—from a record low of 39.6 percent of GDP last year.

House OKs special ecozone near Bulacan airport Continued from A1

centives granted under Executive Order 226, as amended, otherwise known as the Omnibus Investments Code of 1987, and to other fiscal incentives that may be provided by law. Once the bill is enacted, the Bulacan Ecozone will cover the domestic and international airport, the Airport City to be developed adjacent to the airport, and lands adjacent to the Airport City as may be determined after. Under the governing principles of the bill, the Bulacan Ecozone shall be equipped with transportation, telecommunications and

other facilities needed to attract legitimate and productive investment, generate linkage industries and employment opportunities for the people of the Municipality of Bulakan and its neighboring towns and cities. Also, the bill said any foreign national who invests an amount of $200,000, either in cash and/or equipment, in a registered enterprise shall be entitled to an investor’s visa. The ecozone bill was crafted in response to House Committee on Ways and Means Chairman Joey Sarte Salceda’s request that the franchise for the San Miguel Aerocity Inc. and the ecozone bills be taken up separately. The House of Representatives earlier approved on final reading a 50-year franchise bill granting SMC permission to put up NMIA in Bulacan. “The Bulacan Airport, with a P740-billion investment, will be the single biggest infrastructure item in the country’s history. We expect the ecozone around it to be a

hub for economic growth and development for North and Central Luzon. Its downstream effects on investment and the economy will benefit the entire country. This item is also larger than any stimulus measure we could readily fund,” Salceda added. “The need for job creation is also why I strongly pushed for a revision of the proposed New Manila International Airport franchise and the adjacent economic zone. Under the original proposal, the franchise and ecozone components would have been tackled together in one bill, with potentially contentious tax and economic provisions,” Salceda said. The head of the House Committee on Economic Affairs, Rep. Sharon Garin of AAMBIS-OWA, is also the bill’s author and sponsor. The Bulacan Economic Zone and Freeport is expected to create economic growth and income-earning opportunities, particularly to the residents of Bulacan, through selfsustaining investments within the ecozone, Garin said. Jovee Marie N. Dela Cruz

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More health-care workers needed to fight Covid-19 By Claudeth Mocon-Ciriaco Correspondent

HE Department of Health (DOH) is appealing to all qualified health-care workers to heed government’s call to apply for jobs under the department’s emergency hiring program. The DOH admitted that it still lacks over 2,600 medical workers to help the country battle the Covid-19 pandemic. Of the 10,693 openings for doctors, nurses and other health-care workers under the emergency hiring program, the DOH has already hired 8,056 as of September 12, or 75.34 percent of the requirement. The program started in the middle of April 2020. Some 43 percent hired under the program were deployed to public hospitals under the DOH, 17 percent were sent to laboratories, or Covid-19 diagnostics facilities, and 15 percent were dispatched to isolation and quarantine facilities, or temporary treatment and monitoring facilities. “We are still appealing to those with medical training to join in the effort. Let’s save people. Someone’s mom or dad, son or daughter, spouse, or sibling needs critical care,” Health Secretary Francisco T. Duque III said. Meanwhile, 979, or 12 percent, were sent to local government units and other hospitals and 554, or 7 percent, were sent to Covid-19 referral facilities. Nurses account for the biggest chunk of new hires by profession, followed by medical technologists. There were 2,701 nurses hired under the program followed by 1,356 medical technologists. The Department of Budget a nd Ma n agement ea r m a rked

P1.74 billion for the emergency hiring program that would have translated to an average salary of P163,146 for four months from mid April to August. The bulk of the funds, or P1.58 billion, went to Covid referral hospitals, DOH designated diagnostic facilities and public hospitals under the agency. “We would like to express our gratitude to the brave health workers who heeded the call to serve and protect our patients, and we appeal for more medical frontliners to join us in fighting Covid-19. Tayo ding mga kapwa Pilipino ang magtutulungan para labanan at alagaan ang kapwa natin Pilipino sa kinakaharap nating pandemya. Together, let us beat Covid-19! We will heal as one,” remarked Duque. With the recent signing of the Bayanihan to Recover as One Act, or Bayanihan 2 into law, the health system will now be better equipped to combat the pandemic and health-care workers will not be hindered from fulfilling their passion to heal and save lives. “The passage of Bayanihan 2 is a win for every Filipino, most especially for every health-care worker who tirelessly caters to all our Covid-19 patients. Aside from the procurement of various health equipment that will ramp up our fight against Covid-19, this law will allow us to better care for our true heroes and ensure that they are protected and provided for,” Duque said as he thanked Congress for passing the Bayanihan II, and to President Duterte for signing it into law. For more information on the hiring process visit bit.ly/hrhhiringFAQs. For further inquiries, you may also e-mail hcwhiring@doh.gov.ph or call 7266-7979.

Gatchalian eases teachers, students’ pandemic fears By Butch Fernandez @butchfBM

EN. Sher win T. Gatchalian held out hopes that the Bayanihan 2 subsidy recently signed into law by President Duterte will keep hundreds of thousands of teachers, as well as millions of students in schools, despite the pandemic. Gatchalian recalled that last April and May, “we saw private schools encountering problems in enrollment.” The senator said: “Marami kasi sa kanilang mga estudyante mga anak ng OFWs, marami sa kanila nasa abroad ang nagpapaaral at alam naman natin na ang pandemya na ito hindi limitado dito sa ating bansa, buong mundo apektado kaya maraming nawalan ng trabaho,” Gatchalian said. Sa kasalukuyan, kalahati lang ng 4 million ng mga estudyante sa mga private schools ang nag-enroll. Two million ang hindi nag-enroll sa private schools natin.” To date, Gatchalian estimated that “almost 300,000 students transferred from private to public schools, and still more did not enroll. “Marami pa rin ang hindi nag-enroll. Sa ganitong punto, maraming mga private schools na ang nagsara, close to 800 for now at ’yan ay close to about 43,000 students ang hindi nakapag-aral at dahil dun, meron na tayong close to 3,000 teachers and nonteaching staff na naapektuhan. Karamihan sa kanila, 3,200 to be exact ay walang trabaho ngayon.” In a radio interview, Gatchalian said this was why the Senate approved allocation of P300-million fund subsidy for teachers and P600 million for displaced students. “Kaya naisipan ng Senado na maglagay ng pondo para tulungan sila kaya naglaan tayo ng P300 million worth

of subsidy na pwedeng ibigay sa mga teachers natin and nonteaching staff at naglaan din tayo ng about P600 million para sa ating mga displaced students. Ito ’yung mga estudyanteng hindi naman sila part ng scholarship program pero dahil nga hindi sila makapag-enroll naglaan din ng pondo para matulungan natin sila.” As a result, he assured that those who were unable to enroll earlier “can now enroll as a result of this subsidy from Bayanihan.” Gatchalian added that once the implementing rules and regulations are issued, a Senate oversight committee will “closely monitor” its implementation. “Paglabas ng IRR, ito rin ay isang tututukan ng ating kumite, magkakaroon ako ng pagdinig sa Miyerkules. Isa sa mga tututukan natin ’yung pag-implement netong subsidy na ibibigay sa teaching and nonteaching staff at sa mga estudyanteng hindi nakapagenroll sa private schools. Talagang yan ang intensyon ng subsidiya para masigurado na tuloy-tuloy ’yung kanilang pag-aaral kahit na nasa pandemya tayo.” The senator confirmed that the committee will likewise look into the DepEd hiring, noting that there are still 43,000 available positions for teachers. “Marami pa medyo nagulat din ako. Kailangan pa ng DepEd ng 43,000 at ’yun na nga hinihikayat natin ang ating mga teachers and nonteaching staff na mag-apply sa DepEd.” He, however, reminded that the DepEd had adopted stricter qualifications even as it is looking to hire 43,000 more teachers. “Dapat nakapasa ka ng board pero ganunpaman doon sa mga teachers natin na nawalan ng trabaho, ito ay isang magandang oportunidad para mapunan yung kinakailangan natin na 43,000 na guro.”

Editor: Vittorio V. Vitug • Wednesday, September 16, 2020 A3

DepEd readies Oct. 5 opening of classes in face of virus, budget cut challenges

By Jovee Marie N. Dela Cruz

@joveemarie

HE Department of Education (DepEd) on Tuesday said the enrollment for school year 20202021, which is set to open on October 5, has already reached 24.4 million. During the briefing on DepEd’s P568-billion budget for 2021, Education Secretary Leonor Magtolis Briones said of the 24.4 million learners, 22.31 million students are from public schools, representing 98.85 percent of all expected enrollees from public schools. Learners from private schools, the education chief said, have now reached 2.08 million. Briones earlier said the migration of learners from private schools to public schools has stopped at 398,930 in the past two weeks. “When Covid-19 struck, we looked for ways by which we could continue the learning process even as we struggle to ensure the health, safety and welfare of all our learners,” she said. “We have prepared our teachers, our school leaders, including the parents. But we have not given up on our health standards because these are our primary considerations,” she said. For 2021, the agency has proposed a P1.1-trillion budget but the DBM only granted a total of P605 billion, including automatic appropriations. “We are looking at the future of education. Therefore, this budget that we are requesting will set the groundwork for exploring technologies for remote learning,” she said. “Online learning is part of the blended learning package we are implementing in basic education. We have put up the online platform DepEd Commons with up to 9 million subscribers,” Briones added. According to Education Undersecretary Diosdado San Antonio, DepEd will produce self-learning

modules for 59 percent of the enrollees without Internet access in public schools. The agency’s estimated funding requirement for self-learning module reproduction is P35 billion but was only given P15 billion under the National Expenditure Program and an additional P5 billion under the unprogrammed funds. Meanwhile, DepEd Undersecretary for Finance Annalyn Sevilla said the agency has allocated fund for the computerization program next year. “What we have really is the allocation for the computerization program, provision of equipment. But for [Internet] allowances, we don’t have that yet,” said Sevilla, adding the agency still has yet to determine how much would be enough as a monthly Internet allowance for teachers. Sevilla said the department is now looking at P350 to P500 monthly Internet allowance for teachers. Meanwhile, Briones said the aspect of Internet connectivity is still one of the challenges to the online learning program of the agency. With this, House Deputy Majority Leader and Bagong Henerasyon Rep. Bernadette Herrera is calling for a congressional inquiry into what she called “sad state” of Internet speed and connectivity in the country. Herrera said that while the Philippines has one of the slowest Internet speeds in the world, it charges relatively high rates for the service that has become an essential commodity amid the worst public health crisis of this generation. “As the Covid-19 pandemic struck, fast, efficient and stable

Group reiterates call to declare entire Manila Bay a ‘reclamation-free zone’ By Jonathan L. Mayuga @jonlmayuga

GROUP composed mostly of small fisherfolk is reiterating its call to the Department of Environment and Natural Resources (DENR) to declare the entire Manila Bay as “off limits” to land reclamation activities. The Pambansang Lakas ng Kilusang Mamamalakaya ng Pilipinas (Pamalakaya) urged the DENR, which heads the Manila Bay rehabilitation task force, to revoke the environmental compliance certificates (ECCs) issued to several reclamation projects in the area and declare the historic bay a “reclamationfree zone.” The group said the proposed 320-hectare reclamation project in Bacoor City, Cavite, and the land development reclamation for the Bulacan airport project, have already secured ECCs. “While the DENR is making a fuss out of feces, it fails to recognize the actual and the biggest threat in Manila Bay— the massive reclamation projects that wipe out mangrove forests and seagrasses, and cause irreversible damage and pollution in the waters,” Fernando Hicap, Pamalakaya national chairman said in a news statement.

“How about declar[ing] the Manila Bay a reclamation-free zone to save it from further ecological destruction and revive its marine and fishery resources?” he asked. The proposed “discipline zone” along the stretch of the Manila Baywalk “reeks poorblaming,” while exonerating government agencies that facilitate destructively projects and those actual “big-business environmental plunderers” from accountability, Hicap alleged. Hicap, also former Anakpawis Party-list representative during the 16th Congress, mentioned pending House Bills prohibiting reclamation in Manila Bay, namely, the HB 257 declaring the Manila Bay a reclamation-free zone which was re-filed by Bayan Muna Partylist along with the Makabayan bloc, and the HB 3169 seeking to ban reclamation in Manila Bay and to declare it as a heritage site, filed by Pangasinan Rep. Rose Marie “Baby” Arenas. “From dolomite ‘white sand’ filling to a ‘discipline zone.’ The DENR’s misplaced priorities and superficial solutions to the degrading Manila Bay are costing the Filipinos a fortune instead of a community-based and scienceinformed rehabilitation program that aims to restore the bay’s fishery resources,” Hicap stated.

Internet access is not only needed for communication and access to information, it also plays an important role in managing business operations, exploring novel sources of personal income, and continuity of education,” Herrera said as she filed House Resolution 1193. In the resolution, Herrera wants the appropriate House committee to find out why the country’s Internet connection is relatively slow and expensive. The party-list lawmaker cited the recent Speedtest Global Index for Mobile Internet, which showed the Philippines ranking 113th out of 117 countries with its average speed of 16.95 megabits per second (Mbps). The country also ranked 109th in the fixed broadband category with an average speed of 25.07 Mbps.

Hiring

MOREOVER, DepEd Undersecretary Jesus Mateo said there are more than 65,000 plantilla positions available in the agency. Currently, Mateo said there are 988,567 positions, 55,807 of which are unfilled. Next year, he added, the agency sought for budget to hire 10,000 personnel to maintain pupil-teacher ratio. Also, he said the department is still awaiting the final guidelines on the provision of subsidies for students and displaced teachers under the Bayanihan to Heal as One Act of the Bayanihan 2. “A s of tod ay, 8 65 pr iv ate schools suspended operations for school year 2020-2021. Most of those which closed down are elementary schools,” he added.

Budget restoration

FOR her part, Assistant Minority Leader and ACT Teachers Rep. France Castro demanded for the restoration of the slashed budget for the DepEd and higher budget for the implementation of health measures in schools. The teacher lawmaker asked in her interpellation if DepEd allotted funding for the implementation of health measures in schools to pro-

tect the teachers, non-teaching personnel and the students. It was revealed that the proposed 2021 budget for DepEd included P4 billion for the implementation of health measures in schools but this amount does not cover testing and treatment of teachers and nonteaching personnel of the DepEd. Castro also said it was also revealed that there were zero budget allocations for the World Teachers’ Day incentive and the annual medical checkup for teachers amounting to P1000 per teacher and P500 per teacher, respectively. “To be able to adequately prepare for a safe reopening of schools amid the pandemic, the Duterte administration should allocate more funds for education,” Castro said. “We must restore the zeroed budget item under the DepEd for Special Education Program, School Dental Health Care Program, World Teachers’ Day Incentive, and the Annual Medical Check-up for Teachers. We must also restore the slashed P5.36 million under the Basic Education Facilities that will create more classrooms, the slashed P5.06 million for the Basic Education Curriculum, the P19.59 million cut from the Early Language Literacy and Numeracy Program, the cut amounting to P500 million for the School-Based Feeding Program and the P8.61 million cut from the Teacher Quality Development Program,” Castro said. The Makabayan solon also raised the issue on the ratio of modules that would be used for the blended learning. It was revealed that sharing of modules by two to four learners would be a possible arrangement. “Not having a 1:1 module-learner ratio is problematic especially with the possibility of a transmission of the virus through the delivery and swapping of these modules,” Castro stressed. “This is why we need to allocate mode funds for the printing and distribution of modules so that our learners will not have to resort to the sharing of modules in this time of a pandemic.”

AFP transforms former ASG ‘lair’ into military reservation

OP regional military officials led by Armed Forces Western Mindanao Command chief Maj. Gen. Corleto Vinluan Jr. visited on Monday Sampinit Complex, the former bastion of the Abu Sayyaf Group (ASG) in Basilan, as the military lays down the groundwork for the conversion of the sprawling forested area into a military reservation. Corleto, accompanied by Basilan officials led by Gov. Jim Hataman Salliman and Rep. Mujiv Hataman, checked on the status of the 200-hectare lot donated by the Municipality of Sumisip to the Armed Forces of the Philippines. The thickly forested Sampinit in Sumisip used to be a fortress and symbol of the ASG’s existence in Basilan for years before it was cleared by the military with years of sustained operations where countless lives from both sides were lost. During the visit into the former stronghold of the homegrown terror group, Vinluan, whose party also included Sumisip Mayor Jul-Adnan Hataman, declared the complex as a “springboard for satanic acts” as it was in the area where most kidnap victims were beheaded in the past after they, or their families, failed to pay ransom money. Sampinit Complex was the ASG’s stronghold for at least 20 years and where the local terrorist group had held at least 200 of its kidnap victims. It used to be the training site

for ASG fighters and other recruits from other islands of Mindanao. “We want this area to be converted into a military reservation for it to be off-limits to lawless groups and be declared as a peace zone,” the military quoted Gov. Hataman as saying during the visit. Vinluan also checked the Mahatallang Roundball, the new highway that connect the Mahatallang area to the adjoining Punoh Lumot and Punoh Timugen in Sampinit Complex. “I am personally elated seeing the fruits of our soldiers’ hard work and dedication,” Vinluan said. “Their indefatigable service led to the restoration of this sanctuary. Rest assured that we will continue their legacy by eliminating hostility and bringing about the normalcy in the area,” he added. In Luzon, meanwhile five former New People’s Army rebels surrendered to security forces as a result of a localized peace negotiation in Kalayaan, Laguna over the weekend. Capt. Jayrald Ternio, spokesman of the Army’s 2nd Infantry Division, said negotiationstookplaceatBarangaySan Antonio in Kalayaan wherein the former rebels turned over three firearms. In his report, Brig. Gen. Alex Rillera, commander of the 202nd Infantry Brigade, said the former rebels belong to the NPA’s Sub Regional Military Area, or SRMA 4A and 4C, which operates in the boundaries of Batangas, Cavite, Rizal and Quezon. Rene Acosta

A4 Wednesday, September 16, 2020 • Editor: Vittorio V. Vitug

Economy BusinessMirror

Solons push 4-point agenda to revive public transport, boost NCR economy

By Jovee Marie N. Dela Cruz

@joveemarie

OUSE leaders Tuesday pushed for the revival of public transportation in Metro Manila as they revealed that 1.7 million workers are stranded every day in the National Capital Region (NCR). In a joint statement, House Committee on Economic Affairs Chairman Sharon Garin, House Committee on Ways and Means Chairman Joey Salceda, House economic cluster co-chairman and Marikina Rep. Stella Luz Quimbo, and House Committee on Transportation Chairman Edgar Mary Sarmiento said lack of public transportations delay the country’s economic recovery. Salceda said without sufficient public transport to move workers, who comprise the backbone of the economy, the actual operational economy falls to 36 percent. “Higher supply than demand for public transportation is best way to ensure social distancing,” the Bicol lawmaker added. According to the National Economic and Development Authority, an economy that is 75 percent open based on the number of workers allowed to go to work, is actually just 59 percent open if public transportation remains limited. According to Sarmiento, out of the 50,000 jeepneys in Metro Manila, only 17,000 are operating. On the other hand, only 3,900 buses out of the 4,600 city buses are plying their routes. Other operators are not encouraged to run their fleet as the limited PUV capacity

makes their operations non-sustainable. Meanwhile, 13,000 provincial buses are not yet allowed to operate by the Inter-Agency Task Force on Emerging Infectious Diseases (IATF) until now. Quimbo also said that the main concern at this juncture is the lack of public transportation, particularly for workers, due to ongoing capacity restrictions. “With a lack of public transportation, workers will effectively be unable to earn their pay, and businesses will face difficulty returning to full capacity, despite the lifting of lockdown restrictions in their own sector,” she added. According to Quimbo, what the economy needs is “sufficient supply of transport that conforms to minimum health standards in order to minimize the risk of spreading the virus and exacerbating its impact.” Based on available data, Quimbo explained that the lack of public transportation may be about over 1.7 million stranded workers each day, or 54 percent of the 3.151 million workers who rely on public transportation in Metro Manila.

Recommendation

GARIN, for her part, said four recom-

mendations have been formulated to increase supply of public transportation, especially for jeepneys and buses in Metro Manila. “Public transportation has been identified as the primary and most important factor in jump-starting the country’s economy,” she stressed. The lawmakers recommended to the Department of Transportation (DOTr) and Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF-EID) to increase the allowed number of routes and number of public-utility vehicles. They said there is a need to increase public transportation by providing incentives “should additional roadworthy jeepneys and buses be allowed to operate, the passenger capacity would increase by more than 2 million easily, even if one considers physical distancing and limited each PUV [public-utility vehicle] to four trips per day.” The lawmakers are proposing the full and immediate implementation of service contracting, in which DOTr pays the operators and drivers based on the kilometers they were able to run, in which they leave the station on schedule, whether in full passenger capacity or not. Under the Bayanihan 2 Act, P5.58 billion is allocated for service contracting, which should provide stranded workers a P45 per day fund support for three months, equivalent to a 33 percent subsidy on daily transportation expenses for workers. The lawmakers also said proposed to broaden work-from-home regime for government workers. Salceda said there are roughly 400,000 government employees in NCR. “If you can reduce those who need to go to work and use our trans-

port resources to just 10 percent, or 40,000, you effectively free up another 360,000 seats every day for the rest of the private sector. That’s another 6 percent to 7 percent of the work force allowed to go to work under GCQ [general community quarantine],” he explained. The lawmakers also proposed to increase passenger capacity per PUV. Moreover, Garin said similarly cited promising findings in Japan and France, which was made possible through observance of the mask mandate, good ventilation and sanitation, and limiting closerange conversations. She said DOTr is set to implement the new guidelines which will set social distancing in public transport from 1 meter to 0.5 meters, increasing passenger capacity by 50 percent. For his part, 1-Pacman Rep. Eric Pineda, chairman of House labor committee, said that 70 percent of those working in public transportation have not had any source of livelihood for six months. “The situation is so dire that jeepney drivers have resorted to begging on the streets as a way to feed their families. In fact, it’s not only the drivers who have lost their source of livelihood—but also the 41 percent of the workers in Metro Manila who have been allowed to go back to work but cannot because of lack of public transportation,” he added. The lawmakers believe that increasing the supply of public transportation through the combination of the four recommendations is necessary to ensure that the 3.151 million workers in Metro Manila get to their workplaces and go back to their families with less risk of getting infected with Covid-19 while riding public transportation.

SBMA restarts ₧122.7-M rehab of security fence, perimeter road By Henry Empeño

Correspondent

UBIC BAY FREEPORT—Following the easing of Covid-19 restrictions in public works projects, the Subic Bay Metropolitan Authority (SBMA) has resumed the rehabilitation of a perimeter fence and perimeter road dating back to US Navy days to improve the security of this leading business and industrial zone. The two projects worth a total of P122.7 million were disrupted by the onset of the Covid-19 pandemic last March but are now “back in full force,” said SBMA Chairman and Administrator Wilma T. Eisma on Tuesday. Eisma said the P69.7-million perimeter fencing project will cover a 7-kilometer stretch from the Kalaklan Gate leading to Zambales

until the Kalayaan Gate, which exits at the eastern part of Olongapo City. The P53-million perimeter road rehabilitation project, meanwhile, will run from the 14th Street Gate leading to the central part of Olongapo, up to the Kalayaan Gate. “The two projects are complementary,” Eisma said. “The fencing project will improve the security at the free port perimeter, while the road rehabilitation project will improve management of access along the perimeter areas,” she added. The SBMA Engineering Department said previously that the perimeter fence project, which started last January, will be finished by October 28 this year. The project, however, was stalled by the pandemic and is now about 53 percent done, with new project

completion date set in April 2021. SBMA project engineers said the project involves the installation of special load-bearing concrete blocks with the strength of 2,500 psi to replace the chain-link perimeter fence that has been destroyed in many places. The project also includes clearing and excavation works, column and tie beam installation, and plastering works. Meanwhile, the perimeter road rehabilitation project also started in January with initial completion date in August this year. Now about 11 percent completed, the project is expected to be finished in February next year. This project will repair the deteriorating perimeter road that separates the Subic Bay Freeport Zone from adjacent communities in Olongapo, and improve drainage along the perimeter road as well.

It involves concreting an areas totaling 6,614 square meters with Portland Cement Concrete Pavement (PCCP), a material that SBMA Engineering said was specifically used to yield a strong and durable, yet cost effective and workable structure that can take heavy loads like trucks that usually utilized the perimeter road. Aside from paving works, the project includes clearing and grubbing, leveling and compaction, and installation of forms. Both the perimeter fence and the perimeter road now under rehabilitation are remnants of the security network erected by the US Navy around the fenced-in portion of the former military base. The US Navy finally vacated Subic in 1992, thus paving the way for the creation of the Subic Bay Freeport Zone.

www.businessmirror.com.ph

Bahrain reopens recruitment for Filipino domestic workers By Samuel P. Medenilla @sam_medenilla

AHRAIN has reopened its door for Filipinos and other migrant household service workers (HSWs). This after the Department of Labor and Employment (DOLE) reported that the Labor Market Regulatory Authority (LMRA) of the Kingdom of Bahrain has resumed the recruitment of foreign HSWs on Monday. Citing the report of the Philippine Overseas Labor Office (POLO) in Bahrain, Labor Secretary Silvestre H. Bello III disclosed that the Bahraini employers prefer Filipinos for the said vacancies. “As verified by the number of recruitment documents submitted to POLO-Bahrain for processing, recruitment agencies expect that the huge gap in the demand specifically for domestic workers, will be filled up by Filipino workers,” Bello said in a news statement issued on Tuesday. DOLE said the LMRA is now bracing for the expected influx of migrant HSWs in Bahrain

because of their high demand in Bahraini households. The LMRA urged Bahraini employers to only hire foreign HSWs through licensed expatriate employees employment offices “to ensure that mitigation measures against the spread of novel coronavirus disease [Covid-19] are strictly followed and workers’ rights are upheld and protected.” Last March, the Bahraini government suspended the recruitment of foreign workers because of the onset of the Covid-19 pandemic. This resulted to a 9-percent decline in the number of deployed overseas Filipino worker (OFW) from January to June this year to 16,576 from 18,663 in the same period in 2019. Bahrain only started relaxing its restriction for hiring foreign workers last month with its renewal of the issuance of work permits of expatriate skilled workers on August 9, 2020. It was followed by the lifting of the temporary suspension for the recruitment of migrant HSWs on September 14, 2020.

‘PHL economy may benefit more if OFWs stay after pandemic’ continued from a8

As the Philippine peso strengthened against the US dollar—the peso is currently the best performing currency in the region—OFWs were prompted to send more remittances. They noted that last May, the average peso-dollar exchange rate was P50.09 to the dollar. However, the peso appreciated to P49.47 to the dollar in June and P48.84 in July. “With families at home needing more money, Filipinos abroad had no choice but to send higher amounts to meet the usual Philippine peso value of household expenses. Of course, overseas Filipinos are among the ‘losers’ when the Philippine peso appreciates versus the US dollar,” they said. Ang and Opiniano said remittances are bound to recover under the new normal when vaccines are made to all or majority of the world’s population. This will also go hand in hand with the opening up of economies and the time when billions worth of stimulus packages have begun boosting the economies of OFW destination countries.

Recovering

ULTIMATELY, Acting Neda Secretary Karl Kendrick T. Chua said in his speech at the APPC on Tuesday that the country’s new normal will be defined by efforts

to make the economy resilient. “The task ahead requires innovative and creative solutions that can effectively balance both our Covid and other objectives. That is why the government’s response is a phased and adaptive recovery approach that prioritizes health, as well as the recovery of consumer confidence towards opening up the economy,” Chua said. These efforts include passing key legislation such as the Government Financial Institutions Unified Initiatives to Distressed Enterprises for Economic Recovery (GUIDE), Financial Institutions Strategic Transfer (FIST), and the Corporate Recovery and Tax Incentives for Enterprises (CREATE) bills, to aid in the recovery of the country. Chua said the national budget for 2021 aims to create some 1.6 million jobs as the infrastructure budget is increased to P1.12 trillion. Chua said economic recovery will rely on how much the country would be able to keep the economy open, while practicing appropriate social distancing and proper health protocols. He said GDP is projected to contract by 5.5 percent in 2020 with a band of -4.5 to -6.6 percent before recovering to around 6.5 to 7.5 percent in 2021 and 2022.

Task Force not yet done with PhilHealth probes—DOJ chief Senate President Vicente Sotto III criticized the noninclusion of Duque from the list of government officials facing charges, saying Duque’s attempt to wash his hands off the mess makes him liable for another offense in the Revised Penal Code: criminal negligence.

Ongoing probe

ROQUE, however, stressed ex-officio members of PhilHealth are still not absolved since the investigation on the irregularities in the state insurer is still ongoing. “This is only the beginning. It is indicated in the report that the investigation of NBI [National Bureau of

Investigation] and DOJ [Department of Justice] and Ombudsman [on the matter] is ongoing,” Roque said in an online press briefing on Tuesday. The said agencies may recommend the filling of more charges in the coming weeks, Roque said. Among those recommended to be criminally charged were resigned PhilHealth President and Chief Executive Officer (PCEO) Ricardo C. Morales; Executive Vice President and Chief Operating Officer Arnel de Jesus; Senior Vice President Jovita V. Aragona, Chief Information Officer and Head of the Information Management Sector; Senior Vice President Renato Limsiaco Jr.; Senior

Vice President Israel Francis A. Pargas; Officer in Charge Calixto Gabuya Jr.; and Division Chief Bobby A. Crisostomo. DOJ spokesman and Undersecretary Markk Perete said the charges would be filed against those named in the report as soon as the complaints and the collation of supporting documents are finalized. He said criminal and administrative cases would be filed either with the Office of the Ombudsman, with prosecutors or with PhilHealth depending on the crime committed and/or rank of the respondent. The task force turned down media’s request for a copy of the report, saying that it contains information on ongoing

investigations member-agencies of the task force. In its 177-page report, the task force concluded that “persons who are supposed to set the policies and operational guidelines for the management of PhilHealth—the Board of Directors and the Executive Committee—have not shown the due diligence required of them in the discharge of their duties.”

Officials air side

EMBATTLED PhilHealth officials vowed to yield to any instructions that President Duterte may issue following the submission of the report of the task force. While the state health insurer

said it has yet to receive its official copy of the Task Force PhilHealth report, it expressed hope that the report would shed light on those who should be accountable, as well as those who are innocent. “As always, it is reiterating its unwavering commitment to truth and justice. May the said report, which is also based on the recent congressional hearings, guide the proper authorities in pursuing those who had been culpable of wrongdoing and exonerate those that are innocent,” PhilHealth said in a statement signed by its EVP and COO Arnel F. de Jesus. PhilHealth issued the statement after President Duterte approved the filing

continued from a8

of charges against at least six former and current officials of the agency, including former PhilHealth CEO and President Ricardo Morales, who resigned last month to get treatment for his lymphoma, and de Jesus. Duterte noted the listed officials supposedly violated the anti-graft law, engaged in malversation of public funds or property; committed gross neglect, and violated the internal revenue code; and concealed important documents. Despite this, PhilHealth said it will continue to cooperate with authorities on subsequent investigations for the sake of truth and transparency. With Bernadette D. Nicolas

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

The World

Asia’s economy seen shrinking for first time since 1960s–ADB

eveloping Asia’s coronavirus-battered economy will shrink for the first time since the early 1960s, with the level of output next year still seen below pre-pandemic projections even as growth recovers, according to the Asian Development Bank. The region’s gross domestic product will decline by 0.7 percent in 2020, down from June’s projection of an increase of 0.1 percent, the Manila-based bank said in a report on Tuesday. A contraction this year would be the first since 1962, Yasuyuki Sawada, the ADB’s chief economist, said in a livestreamed briefing. “The economic threat posed by the Covid-19 pandemic remains potent, as extended first waves or recurring outbreaks could prompt further containment measures,” Sawada said. Downturns across developing Asia are more widespread than previous crises, with three-quarters of economies in the region tipped to shrink this year, he said. China will buck the trend and is forecast to expand 1.8 percent this year—unchanged from June’s projection—as successful public health measures provide a springboard for growth, according to the ADB. Growth is forecast to accelerate to 7.7 percent in 2021, up from a previous forecast of 7.4 percent. In India, where lockdowns have stalled private spending, GDP will shrink by 9 percent this year, sharply down from June’s forecast of -4 percent, the ADB said. There were also big downgrades for the

Philippines and Thailand, which are now projected to contract 7.3 percent and 8 percent respectively. The downgrades took into account that the pandemic has been “more serious” than initially anticipated, Sawada said in an interview Tuesday with Bloomberg TV’s Haslinda Amin and Yvonne Man. “Having said that, our baseline assumption is that health risks will be basically contained within this year.” “Large-scale” fiscal stimulus has helped cushion the blow and provides a base for a rebound, Sawada said.

Coming rebound

Growth in Developing Asia— a region that excludes advanced nations like Japan, Australia and New Zealand—will rebound to 6.8 percent in 2021, in part because it will be measured against a weak 2020, Sawada said. That will still leave next year’s level of GDP below pre-coronavirus projections, implying that the recovery is only “partial” and “not full.” Virus containment “seems to be translated into growth performance,” and a prolonged pandemic remains the biggest downside risk this year and the next, he said. US-China trade tensions and technology conflicts and financial vulnerabilities amid the pandemic also weigh on growth, Sawada said. Policies focused on protecting lives and livelihoods, and ensuring a safe return to work and restart of businesses, are crucial to ensuring a sustained recovery for the region, he said. Bloomberg News

BusinessMirror

Wednesday, September 16, 2020

EU leaders press China president on market access, human rights

RUSSELS—The European Union on Monday urged China to further open its markets up to European companies and prove that it really does want to secure an investment agreement this year with the bloc, its largest trading partner.

After a two-hour videoconference, German Chancellor Angela Merkel, EU Council President Charles Michel and EU Commission President Ursula von der Leyen said they also pressed Chinese President Xi Jinping on human rights and the need for international cooperation to tackle the coronavirus pandemic. As an economic competitor to China, the 27-nation EU has struggled to balance its commer-

cial interests against its concerns for human rights in the country, particularly as Beijing has grown more assertive in recent years. Von der Leyen, who leads the EU’s executive body that manages trade on behalf of the member countries, noted that trade and investment talks have been stepped up but despite some recent progress “a lot, a lot, still remains to be done.” “The European market is open,

and European companies must have fair and equal access to the Chinese market in return,” she told reporters. Xi did not take part in the post-summit news conference. Citing a lack of opportunities in China’s communications, IT, biotech and health care sectors, she said “we see that our investors just face too many barriers in these key sectors, and for us, with market access, it’s not just a question of meeting halfway, but it’s a question of rebalancing the asymmetry.” “China has to conv ince us that it is worth having an investment agreement,” von der Leyen said, acknowledging the struggle involved in securing one by the end of the year as the Europeans had hoped. Turning to human rights issues, Michel said the three had a “quite intense discussion” with Xi, notably on China’s restive far western province of Xinjiang,

Johnson’s lawbreaking Brexit bill passes first Commons hurdle

NITED KINGDOM Prime Minister Boris Johnson’s plan to renege on part of the Brexit divorce deal passed its first hurdle in Parliament late Monday after a bruising debate in which senior members of his own party denounced the move. The House of Commons passed the Internal Market Bill by 340 to 263 in its first main vote, allowing it to go through to the next stage in the parliamentary process on Tuesday. The prime minister said the proposed legislation, which will rewrite part of the Withdrawal Agreement, is “essential” to maintain the U.K.’s economic and political integrity. He accused the European Union of making “absurd” threats to stop food moving from mainland Great Britain to Northern Ireland. “The EU hasn’t taken that particular revolver off the table,” Johnson told MPs. “It is such an extraordinary threat, and it seems so incredible the EU could do this, that we are not taking powers in this bill to neutralize that threat, but obviously reserve the right to do so if these threats persist.” Johnson’s decision to rip up part of an international agreement he signed less than a year ago has already pitched the Brexit negotiations into turmoil. The EU has threatened legal action and called on him to withdraw the bill by the end of the month. Pressing on risks jeopardizing efforts to secure a trade deal with the bloc before the Brexit transition period expires at the end of the year. While the prime minister had a comfortable majority in Monday night’s vote, with only two Tories voting against him for now and others abstaining, there will be opportunities for further rebellions as the bill passes through the Commons. Johnson will then face a bigger obstacle in the House of Lords, where Tory grandees including former leader Michael Howard have denounced the legislation and could delay its progress. Lawmakers on both sides of

the House of Commons said the government’s admission that the proposed legislation would breach international law will weaken Britain’s place in the world and hobble its attempts to call other countries—including Russia, China and Zimbabwe—to account. “Britain has been a beacon in some very difficult places of the world for support for the rule of law, and our support is relied upon,” former Tory International Development Secretary Andrew Mitchell said. “We have a duty to uphold the rule of law.”

‘Insurance policy’

Conservative former Attorneys General Geoffrey Cox and Jeremy Wright said they wouldn’t back a bill that breaks international law, and were joined by former finance minister Sajid Javid. Rehman Chishti, Johnson’s special envoy for freedom of religion or belief, quit earlier in the day, saying he couldn’t vote for the plan. “I understand how some people will feel unease over the use of these powers, and I share that sentiment myself and I have absolutely no desire to use these measures,” Johnson said. “They are an insurance policy, and if we reach agreement with our European friends—which I still believe is possible—they will never be invoked.” Tory rebels did offer the prime minister a potential way out with a proposed amendment—which wasn’t put to a vote Monday—that would require the government to hold a further vote in the House of Commons before it could change the terms of the Withdrawal Agreement. For t heir par t, opposition lawmakers lined up to accuse Johnson of failing to deliver on his promise at December’s general election that his deal was “oven ready.” They also said he had failed to live up to his claims that he had provided protection against the exact issues on the Irish border he is now seeking to repair. Bloomberg News

European Council President Charles Michel (right) and European Commission President Ursula von der Leyen attend a press conference following an EU-China virtual summit at the European Council building in Brussels on Monday, September 14, 2020. Michel and Von der Leyen had talks in a videoconference with China’s President Xi Jinping and German Chancellor Angela Merkel. Yves Herman, Pool via AP

where authorities have cracked down on local Uighurs. Michel said Xi appears willing to allow visits into the region by diplomats to check what’s happening. Merkel said the details must still be threshed out. C h inese of f ic i a ls have re peatedly denied allegations of genocide, forced sterilization and the mass detention of nearly 1 million Uighur Muslims in X injiang as lies fabricated by anti- China forces. They claim that the Uighurs are treated equally, and that Beijing always protects the rights of China’s ethnic minorities. Michel said the Europeans also underlined that China’s national security law for Hong Kong “continues to raise grave concerns,” that the region’s autonomy should be respected and that “democratic voices” in Hong Kong should be heard. They also encouraged X i to help tackle the coronavirus pandemic—which was first detected in the Chinese city of Wuhan late last year—and contribute to vaccine research by cooperating with international organizations like the World Health Organization. “It is important also to continue understanding the origins of the pandemic and therefore we were very clear that it is very important to give WHO all the possibilities to lead its investigations on the origin of Covid-19,” von der Leyen said. The spread of the pandemic has created new obstacles to EUChina ties, notably what Brussels sees as a China-orchestrated campaign of disinformation about the disease that could put lives at risk. The EU has seen over 142,700 confirmed virus-related deaths from the pandemic, according to a tally by Johns Hopkins University, but experts say all numbers undercount the true toll due to missed cases and limited testing. AP

China warns US of ‘serious damage’ to relations over Taiwan trade talks

A IPEI , Ta iw a n — C h i n a warned the United States on Monday of potential “serious damage” to their relations if it does not withdraw from an upcoming economic meeting with Taiwan that is expected to be attended by a senior American official. C h i ne s e fore i g n m i n i s t r y spokesman Wang Wenbin urged the US at a daily briefing to “stop all forms of official exchanges with Taiwan, so as to avoid serious damage to China-US re-

lations and peace and stability across the Taiwan Strait.” Ta iwanese med ia repor ted t h at US Under S ec ret a r y of State for Economic Growth, Energy, and the Environment Keith Krach is planning to visit the island later this week for an economic and commercial dialogue with Taiwan’s government. The visit would follow one by US Health Secretary Alex Azar last month. Azar was the highest-level US Cabinet official to visit since a break in formal ties

between the US and Taiwanese government in 1979, when the US accepted a “one-China policy” with Beijing as its government. A visit by Krach is likely to inspire further anger from China. China considers self-ruled Taiwan part of its own territory, and strongly opposes any official contacts between other nations and the island. Taiwan’s Ministry of Foreign Affairs confirmed last week that it was in negotiations with the US on such talks, but did not com-

ment on a specific date or who might attend from Washington. Tensions are high between the US and China over issues including trade, cybersecurity, technology and Hong Kong’s new national security law. Relations have deteriorated further since the coronavirus outbreak. Trump blames China for the pandemic, and he and his administration h ave repeated ly acc used t he country of hiding crucial information about the virus from the global community. AP

Anti-inflammatory drug may shorten Covid recovery time

drug company says that adding an antiinflammatory medicine to a drug already widely used for hospitalized Covid-19 patients shortens their time to recovery by an additional day. Eli Lilly announced the results on Monday from a 1,000-person study sponsored by the US National Institute of Allergy and Infectious Diseases. The results have not yet been published or reviewed by independent scientists, but the government confirmed that Lilly’s statement was accurate. The study tested baricitinib,

a pill that Indianapolis-based Lilly already sells as Olumiant to treat rheumatoid arthritis, the less common form of arthritis that occurs when a mistaken or overreacting immune system attacks joints, causing inflammation. An overactive immune system also can lead to serious problems in coronavirus patients. All study participants received remdesivir, a Gilead Sciences drug previously shown to reduce the time to recovery, defined as being well enough to leave the hospital, by four days on average. Those who also were

given baricitinib recovered one day sooner than those given remdesivir alone, Lilly said. Lilly said it planned to discuss with regulators the possible emergency use of baricitinib for hospitalized Covid-19 patients. If that’s approved, Lilly will propose that the drug be sold through usual commercial means. Based on current pricing, the government would pay $105 per patient per day, and for people with private insurance, hospitals would pay about $150 per day, Lilly said. What a patient ends up paying

out of pocket depends on many factors. It would be important to know how many study participants also received steroid drugs, which have been shown in other research to lower the risk of death for severely ill, hospitalized Covid-19 patients, said Dr. Jesse Goodman, former US Food and Drug Administration chief scientist now at Georgetown University who had no role in the study. Figuring out how to best use the various drugs shown to help “is something we’re going to have to work at,” he said. AP

A6 Wednesday, September 16, 2020 • Editor: Angel R. Calso

Opinion BusinessMirror

editorial

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Climate crisis exists

he wildfires in California and the melting of the Arctic’s largest remaining ice shelf are the latest developments that lend credence to the assertion of many scientists that a climate crisis exists and that the planet is in trouble. While there are many skeptics who believe that the climate crisis is a hoax, these disasters give us a good reason to take a second look at what climate scientists have been warning us about for years. We cannot see the ozone layer and greenhouse-gas emissions that harm us, but we have certainly felt the impact of strong typhoons and how these natural disasters have hurt our families and our sources of livelihood. The Philippines is no stranger to the effects of global warming. In recent years, it has been struck by strong typhoons—Supertyphoon Yolanda, Typhoon Pablo and Typhoon Ondoy. These natural disasters have killed thousands of Filipinos and damaged crops in large swaths of agricultural lands, causing farmers to incur billions of pesos in losses (See, “Disasters cost PHL P389 billion; recovery at P560 billion,” in the BusinessMirror, October 16, 2018). Of the natural disasters that struck the Philippines from 2011 to 2018, the largest damage cost was P125.56 billion incurred in 2013 when Yolanda unleashed its fury in the country, according to the National Economic and Development Authority. The country is highly vulnerable to the adverse impact of climate change, including rising sea levels, increased frequency of extreme weather events, rising temperatures and extreme rainfall, according to Climatelinks. It also noted that sea levels in the Philippines are rising faster than the global average, increasing the hazard posed by storm surges and threatening permanent inundation of low-lying areas. Despite the risks posed by more intense typhoons and the threat posed by storm surges, a large segment of the Philippine population continues to depend on agriculture and fisheries for their livelihood. This prompted the government to set up a Climate Change Commission following the enactment of Republic Act 9729, or the Climate Change Act of 2009. The commission is the lead policy-making body of the government tasked to coordinate, monitor and evaluate government programs and ensure mainstreaming of climate change in national, local, and sectoral development plans. It wants to see a climate-resilient and climate-smart Philippines with highly adaptive communities. However, these efforts and those undertaken by other countries that are also highly vulnerable to climate change are not enough to shield them from the ill effects of a warming planet. The Philippines and other vulnerable countries are committed to ambitious goals that can help mitigate the effects of global warming, specifically the reduction of harmful greenhouse-gas emissions that cause the thinning of the ozone layer. However, countries that account for a huge chunk of emissions must do more to save the planet. While man-made greenhouse-gas emissions were steady at 33 gigatons in 2019, the International Energy Agency expressed hope that this will be further reduced in the near future. Multilateral development banks and other organizations can play a key role in reducing energy-related emissions. We agree with civil society organizations, which stressed that there is a need to align their country partnerships with the Paris Climate agreement and to revisit its energy policy (See, “ADB prodded to step up in climate finance,” in the BusinessMirror, September 14, 2020). The world must get rid of practices and technology that harm the ozone layer. This is crucial for the survival of vulnerable countries like the Philippines. Saving the planet from the adverse effects of climate change ensures the survival of mankind. Since 2005

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Aurora C. Ignacio

All About Social Security

or 63 years, the Social Security System (SSS) has been continuously providing meaningful social security protection to its members and their families. This wouldn’t have been possible if its fund management is not at par with international standards, norms, and best practices as followed by our Asian social security counterparts. So, how does SSS manage the hard-earned money of its members? The fund cycle starts with what we call the “lifeblood of SSS,” which refers to the paid contributions of SSS employers and members, particularly the covered employees, self-employed and voluntary members, OFW members including nonworking spouses. All of these contributions are deposited to the SSS Reserve Fund. A part of the reserve fund, however, is being used for the operating expenses and benefit disbursements. Operating expenses pertains to employees’ salaries and wages, supplies and materials, depreciation, as well as the maintenance and upgrading of SSS offices. Benefit disbursement, on the other hand, refers to the release of sickness, maternity, disability, retirement benefit, unemployment, and death benefits to qualified members and their beneficiaries. In fact, we are guided by the specific provision of Section 25 of Republic Act 11199 which reads,

“…all money paid to or collected by the SSS every year under this Act, and all accruals thereto, shall be deposited, administered and disbursed in the same manner and under the same conditions and requirements as provided by law for other public special funds.” The same provision also grants a permissible portion of the reserve fund to be utilized for disbursement of administrative and operational expenses, which is not more than 12 percent of the total yearly contributions plus 3 percent of other revenues. Historically, the administrative and operational expenses of SSS are always way below the permissible percentage. In 2019, the Operational Expenses versus charter limit were brought down to 36 percent from 53 percent in 2015. Other portions of the reserve funds that are not needed to fulfill our benefit obligations are placed in the “Investment Reserve Fund” which is currently managed by the Social Security Commission (SSC). Based on Section 26 of the Social

A love letter to our nurses

From January to July 2020, SSS posted total revenues of P136.98 billion, which came from P119.20 billion worth of members’ contribution and P17.78 billion worth of investment and other income. Meanwhile, SSS paid P112.76 billion worth of benefits and incurred P4.80 billion in operation expenses, which translate to net revenue of P19.41 billion and reserve fund of P601.53 billion. Security Act of 2018, the Commission “shall manage and invest with the skill, care, prudence and diligence necessary to earn an annual income not less than the average rates of treasury bills or any other acceptable market yield indicator in any or in all of the following undertaking, under such rules and regulations as may be prescribed by the Commission.” For this purpose, a portion of the SSS Reserve Fund is allocated for investments wherein income derived from it goes back to the reserve fund. The past and present fund managers of SSS have put in all their talents and expertise to ensure the stability, sustainability, and viability of the pension fund by striking a balance between the revenues and expenditures. Further, they ensured that investments shall satisfy the requirements of liquidity, safety/security and yield in order to ensure the actuarial solvency of the funds of the System, as mandated by law. From January to July 2020, SSS posted total revenues of P136.98 billion, which came from P119.20 bil-

feel bad that our government is preventing some of our nurses from leaving to work in countries where a more advanced healthcare system has led to a much better control of the Covid-19. Our Constitution speaks about the promotion of employment, not its prevention. Yet, here we are at an impasse. Your foreign employers are waiting for you, but my guess is, not for long. Meanwhile, the Inter-Agency Task Force (IATF) for the Management of Emerging Infectious Diseases wants you to stay as medical reservists, in case of another surge in cases.

The State should promote employment, not get in the way of it. The IATF and the POEA should consider allowing overseas employment in countries that have managed to flatten the curve for the longest period of time, limiting the approval of job orders first and foremost to companies with a proven track record of caring for our OFWs. The “new normal” is up to us to design, in a way that would enable more of our citizens to thrive and flourish, here and overseas.

There is nothing wrong or malicious about the IATF’s sentiments. I am sure that their collective desire to keep you home is more because of the unpredictability of the virus, and the limitations of our own health care system. I do have a problem about this State-imposed “deployment ban” being indefinite. Labor markets

deployment ban. It would help a lot if both the government and private sector can agree on the parameters or indicators that would signal the reopening of overseas employment. As a cancer patient, I would prefer that the best of you, dear nurses, stay. But, I understand that you have families to feed, and dreams to pursue. You did not build your careers

Jennifer A. Ng Vittorio V. Vitug

Senior Editors

Creative Director Chief Photographer

Understanding the SSS fund cycle

Susan V. Ople

Scribbles

do march on, and foreign employers —especially those managing worldclass hospitals—can easily turn to other countries to source their manpower needs. It would help a lot if our licensed recruitment agencies and labor attaches are given guidance as to the conditions that would lead to the gradual or calibrated lifting of this

lion worth of members’ contribution and P17.78 billion worth of investment and other income. Meanwhile, SSS paid P112.76 billion worth of benefits and incurred P4.80 billion in operation expenses, which translate to net revenue of P19.41 billion and reserve fund of P601.53 billion. Indeed, managing the fund is very similar to the balancing act of a tightrope artist high above our heads. The tightrope artist has to maintain a balanced center so as not to fall. Too far left, and he falls. Too far right, and he also falls. Just like the tightrope artist, the SSS has to maintain a balanced center between revenues and expenditures. Too little revenues from employers and members’ contributions, and the SSS’ funds will quickly diminish. Too much expenditures through various forms of benefit enhancements, and the SSS’ funds will also be drained. With our current finances, the SSS Fund Cycle will not continue to function without our members’ and employers’ contributions and our dedicated work force who run our institution. Keeping this in mind, the SSS Management with their expertise and sound decisions will continue to perform its mandate of ensuring the maximum profitability of investible funds and adequate resources for various benefit releases to members and pensioners through a culture that is based on efficient and beneficial policies. Aurora C. Ignacio is SSS president and chief executive officer. We welcome your questions and insights on the topics that we discuss. E-mail mediaaffairs@sss. gov.ph for topics that you might want us to discuss.

overnight. Aside from spending so much on your education, you also had to endure long hours as an intern, prior to employment as severely underpaid nurses. Although government pay has since been increased, some private hospitals have not been as generous. Yet, you keep your uniform immaculately white, and give patients the cheerful bedside support that they need. Government needs to prove its worth as your employer. And so do all the private hospitals and clinics. They cannot simply say we have thousands of jobs waiting for our nurses and leave it to each one of you to discover where these jobs are. On the other hand, you have concrete offers from overseas from well-known hospitals that offer much better pay for a fixed contract that assures you of at least two to three years of financial stability. In the real world, an applicant that has the best credentials is offered the highest pay. Isn’t that the case for any profession? Why would See “OPLE,” A7

Opinion

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SC decision on construction regulation: A win for competition advocacy Arsenio M. Balisacan

Competition Matters

ecently, while most of us have been glued on the ubiquitous news of the pandemic, competition advocacy quietly chalked up a milestone in the country. This came via a gamechanging ruling of the Supreme Court on the Philippine Contractors Accreditation Board v. Manila Water. The SC has deemed unconstitutional PCAB’s nationality distinction in the classification of contractors applying for licenses.

To give context, prior to the SC decision, PCAB, the authorized licensing body, issues two types of licenses to contractors—regular and special licenses. Regular licenses are given to local firms, authorizing them to engage in several contracting activities for a year. On the other hand, foreign firms or companies with more than 40% foreign ownership may only obtain a special license and must have a separate license for each project. The Philippine Competition Commission (PCC) estimates that this policy increases the latter’s application expenses by 12 times. Recognizing this policy’s negative impact on the competition landscape of the construction industry, PCC presented itself as amicus curiae (‘friend of the court’) to the SC in 2016 as it heard the above-mentioned case. In its brief, PCC argued that the nationality-based restriction significantly hinders entry of players in the construction industry and that it violates the State’s policy against unfair competition as enshrined in the Constitution. The high court concurred with PCC’s arguments, thus its ruling against PCAB. Why is this ruling of importance to the country? The construction sector occupies a significant part in the Philippine economy. It employed more than 2.71 million Filipinos in 2015, representing 7 percent of total employment in the country. Its gross value increased by 40 percent between 2010 and 2015. Public construction grew by 8 percent, while private construction swelled by a whopping 58 percent! Despite the industry’s rapid growth, out of 1,600 special licenses issued in 2015, only 20 were to foreign firms and 4 to joint ventures or consortiums with foreign participation. PCC also noted that only a few new licenses were issued, and that three-fourths of the total licenses issued were merely renewals or amendments. These observations imply that the construction industry has remained structurally unchanged and insulated from the dynamics of global competition. When we examine the World Bank’s Product Market Regulation indicators, we find that often, stateenabled restrictions or policies are misinformed and lead to unintended consequences that distort the incentives of players in the market. It is highly likely that the unequal treatment has been discouraging the entry of new players into the construction industry. Comparative data show that restrictive policies translate to lower levels of foreign direct investment inflows. More restrictive countries such as the Philippines and Indonesia have lower FDI as a percentage of GDP compared with more liberal ones

Ople. . .

continued from A6

this be any different for our nurses? I propose that the IATF through Department of Labor and Employment opens a jobs portal specifically for our nurses. The jobs portal will have an updated list of all vacancies for nurses, with the following information: location, number of hours

like Vietnam and Malaysia. Particularly in 2014, FDI in the Philippine construction industry was barely 1 percent of the GDP. This not only dampens capital accumulation but also hampers technology transfer, sharing of best practices, and access to international networks, which benefit the construction industry. Already, the Philippines suffers from significantly higher construction costs relative to its comparable peers in the Asean. Arcadis Philippines Inc., a design and consultancy firm, reports that in 2020 the average construction costs in Manila are higher than in Bangkok, Ho Chi Minh, and Kuala Lumpur by 17 percent to 145 percent, depending on the type of structure. This is likely brought about by having fewer, less innovative players in the market than what is optimal, as well as the ineffective weeding out of inefficient firms. The high prices hinder the construction sector from maximizing the potential economic activities it could generate both as provider of inputs to production and as consumer of services and products from other sectors, such as electricity, telecommunications, transport, and logistics. In this regard, the SC ruling is expected to yield significant positive spillover effects within and across sectors. Moreover, the SC ruling acquires tremendous significance in view of the national government’s ‘Build, Build, Build’ program. By further enabling foreign participation in the construction sector, more likely every peso that goes into infrastructure projects becomes more efficiently spent. In other words, Filipinos obtain more value from taxpayers’ money. Healthy market competition entails fair participation of foreign players, as these firms have the potential to increase competitive pressure on domestic incumbents and the capability to bring in new technology and improved business processes. It cannot be overemphasized—more competition provides consumers a wider access to cheaper and higher quality goods and services. In policy design, it is paramount for the whole government architecture to be guided by competition principles. Having a culture of competition helps us achieve our shared goal of inclusive growth and sustainable development.

Wednesday, September 16, 2020 A7

AXA’s Global Health Access Atty. Dennis B. Funa

INSURANCE FORUM

XA Insurance’s Global Health Access (GHA) is a yearly renewable health product with HMO-like features. It was launched in 2016. Certain features would qualify it as a noninsurance product. It lies in the gray area, where the regulator continues to grapple, between HMO products and health insurance. In any case, it does not directly compete with any HMO product in the market because of its high benefit payout. It has several Plan Options one can choose from (Platinum which is the most comprehensive, Gold, Silver, Gold Lite Plus, and Gold Lite which is the least comprehensive), the highest of which offers a yearly coverage limit of P175 million (Platinum). GHA can be availed of locally and anywhere else in the world (worldwide). It can support you in any health issue, any sickness, including critical illnesses and terminal illnesses—there are exceptions, of course. It also covers pandemic diseases, subject to policy provisions. It is available for both inpatient and outpatient treatments (except in the Gold Lite plan where outpatient benefit is available only for 90-day pre & post hospitalization coverage). The policyholder can choose his own doctor even outside AXA’s medical network. This is one distinction of GHA from the regular HMO where the physician must be accredited by

the HMO. It is cashless—meaning payments are made to the hospitals and the doctors directly with the patient not touching a single amount in cash. This feature makes GHA unlike a health insurance product where payments are made to the insured. And this is why it is HMO-like. Of course, there are also valueadded services such as the global concierge, the international emergency medical assistance, the road ambulance transport services, and a 24/7 health support. GHA is available (issue age) to a person as young as 15 days old and up to the age of 70. It is guaranteed renewable until the age of 99. The policyholder must be at least primarily residing in the Philippines. Since there are five Plan Options with differing features, we will adopt the GOLD PLAN for purposes of discussion and presentation. It is the second most comprehensive of

the plans. It has a yearly coverage limit of P100 million. Just like the Platinum Plan, it offers all the major product specifications: Inpatient, Outpatient, Alternative Treatments (wellness), Maternity/Optical/ and Vaccination, Health Screen/ Psychiatric, and Dental. In comparison, Gold Lite, the least comprehensive, only offers Inpatient and Health Screen/Psychiatric products. An inpatient coverage includes surgery, consultations, organ transplants, consumables, and surgical implants. Its outpatient benefit is limited up to P300,000. Alternative treatments are limited up to P60,000. The Health Screen is limited up to P40,000 per year with inner limit of P2,500 for over the counter vitamins and supplement reimbursements. Other benefit coverages include maternity, optical, dental, vaccination, hospice, and second medical opinions. For daily accommodation charges, outside the Philippines, it is limited to a standard single room. For within the Philippines, it is limited to P15,000 per night. For the accommodation of a companion, it is limited to P8,000 per night. There is also a cash benefit of P10,000 per night. There is a benefit for hospice and palliative care with a lifetime benefit limit of P1,250,000. But this is available only after 12 months of cover. There is also an HIV/AIDS lifetime benefit of P2 million. Inpatient rehabilitation is available for a limit of 28 days. For Outpatient services, primary and specialist care, diagnostic scans including physiotherapy, occupational

therapy, and speech therapy, are limited to P300,000. Other outpatient services also available are: a) pre & post hospitalization outpatient treatment (within 90 days prior to hospital admission and 90 days following discharge from hospital); b) radiotherapy and chemotherapy; c) kidney dialysis treatment; d) surgical procedures received as an outpatient; and e) alternative treatment including consultation and treatment, prescribed vitamins and supplements, which is limited to P60,000. Maternity, Dental, Wellness and Optical benefits are available as well. For the maternity, pregnancy and delivery is covered up to P200,000. Routine dental and restorative dental care (available after six months only) is covered 80 percent of eligible expenses up to P60,000. For Wellness, psychiatric treatment is available up to P400,000. Vaccination is covered up to P15,000. Finally, routine optical care is covered up to P12,000. The coverages are subject to exclusions such as congenital diseases, developmental delays, illnesses due to dangerous sports, treatments as a result of alcohol abuse and drug abuse, self-inflicted injuries, sexually transmitted diseases (except HIV/AIDS acquired occupationally or through blood transfusion), among others. For my age bracket, all these are available for an annual premium of a ball park amount of P184,320, payable annually or semi-annually. For a 35-year-old, annual premiums can be as low as only P49,900 for a P100 million coverage.

Perfect storm for the new generation of franchises Dr. Carl E. Balita

Entrepreneurs’ Footprints

he Covid-19 pandemic may be the worst crisis that modern humanity has ever experienced, but it isn’t the first storm that challenged the optimists who anticipate the rainbow after the rain. This pandemic is a perfect storm for the new generation of franchises. This is the optimistic view of Samie Lim, regarded as the Father of Philippine Franchising. For her part, Alegria “Bing” Limjoco, who is regarded as the Mother of Philippine Franchising, said that when the economy is down, entrepreneurs arise. Both of them speak from vision, history and data. They have seen how franchising opened opportunities in past economic crises and recessions.

a renaissance where business and commerce will be better located in the new normal. And bringing the products and services closer to the consumer favors franchising because of the brand leverage. Given these, Samie Lim envisions that the years 2021 through 2025 will make franchising ideal. He sees this period as the Golden Age of Franchising.

The franchise hub of Asia

based International Certified Franchise Executive (ICFE), which annually brings to the country franchise experts to train and certify not only Filipinos but also executives from all over the world. In 2011, the international franchise meetings were once again hosted by the PFA, making the Philippines the Franchise Hub of Asia. Annually, PFA organizes Franchise Asia Philippines, the biggest franchise show in Asia. PFA is currently the Secretariat of the Asia Pacific Franchise Confederation and a member of the Working Committee of the World Franchise Council, whose task is to create activities that will advance franchising globally. And 2020 is PFA’s Silver Anniversary.

Dr. Arsenio M. Balisacan is the chairman of the Philippine Competition Commission. Prior to his appointment to the Commission, he served as socioeconomic planning secretary and, concurrently, director general of the National Economic and Development Authority. He also served as dean of the School of Economics in UP Diliman and directorchief executive of SEARCA.

The system of franchising uses the time, money, connections, experiences, and market base of the person to serve a particular target community. The two critical requisites to expand a franchise are (1) people, who are the franchisees, and (2) place, a location where the franchise will operate. Samie Lim said there is an abundant pool of prospective franchisees that emerged from the pandemic. To him, these include those who retired

or have been offered early retirement. They may have the intention to invest their newly acquired financial resource. Also in the list are the many Filipinos who have lost their jobs, including overseas Filipino workers. There are also thousands of entrepreneurs who closed their businesses not because they are lousy entrepreneurs but because they happened to be in the wrong business for the new normal. Lastly, the quarantine has transformed many “mom-preneurs”—the happy housewives who accidentally became entrepreneurs. These are the potential entrepreneurs that Samie Lim refered to as ideal franchisees who have the time, money, connection, expertise, and market base to serve a market. The place to locate and grow a business, the second requisite in expanding a franchise, is now widely available and very affordable because of the many businesses that have closed. Lessors in crisis are bound to give location rental at a bargain. The disruption that changed consumer behavior, as well as the health paranoia of the market gave way to

The idea of franchising in the Philippines was introduced by Mr. Sergio Ortiz Luiz Jr. who, in 1993, presented to the Philippine Retailers Association a USAID study citing that franchising was the business model of the fastest growing businesses. In the same year, the International Franchise Association based in the United States sent 10 franchise experts and brands to the Philippines. The First Franchise Conference happened in 1994 with an overflowing audience. It was in 1995 when the Philippine Franchise Association (PFA) was born, with Samie Lim as founding president, former Secretary Jose T. Pardo as chairman, and Manny Siggaoat as cofounder. As a PFA cofounder, Bing Limjoco noted that, in the beginning, the Franchise Expo had 70 percent foreign brands with merely 30 percent representing local brands. But she observed that over the years, the proportion has reversed, with 70 percent of the exhibitors being Philippine brands. It is also noteworthy that several brands have penetrated the international franchise scene. In 2001, PFA hosted the World Franchise Council Meeting and the Asia Pacific Franchise Confederation meetings in Manila. In 2002, for the first time in Asia, the PFA brought to the country the Certified Franchise Executive Program from the US-

The Franchise Industry Study (2019) by Dr. Ramon Quesada from the University of the Asia and the Pacific showed that the Franchise industry contributed 7.8 percent to the country’s gross domestic product, which is equivalent to $31 billion. The franchising taxes amounted to P171.07 billion. The direct and indirect taxes of the franchising industry are P83.8 billion and P87.3 billion, respectively. The franchising industry generates about 2 million direct and indirect employment. These contributions are manifestations of the PFA’s mission to promote franchising as a powerful tool for economic development and nation building. PFA is guided by its vision for the Philippines to be the “Center for Franchise Development in Asia.” The PFA’s First Virtual Conference will be on September 21 to 25, 2020 featuring over 25 CEOs, brand owners and experts on the theme “Pivoting Towards the Golden Age of Franchising.” More information is available at www.pfa.org.ph.

of work, compensation, hazard pay, qualifications, and details on how to apply. This way, all the announcements on available jobs with attractive pay are presented for everyone to see. You then give our nurses a clearer option—to work abroad or to stay where the family is. I also propose this: that hospitals, both private and public, be given every opportunity to transform themselves into training institutions with

subsidies from the national government. This way, nursing graduates with little or no experience will have an easier time gaining the proper skills as part of an ever-growing manpower pool of health workers. We need to keep replenishing our manpower pool for health care needs because our population keeps growing, and ailments never cease. For the State to simply say don’t leave because we don’t know when

you’ll be needed here, works from the assumption of fear, not hope. Why not begin the dialogue this way: “We need you here. But we also know that you have jobs waiting for you abroad. So here’s the deal. Can you stay here for at least three to six months more? That would give us the time needed to make sure our health care system and Covid-19 protocols are working at its optimum levels. What do you think?”

and flourish, here and overseas. Ultimately, our own economy will also thrive and flourish as we allow more workers to seek employment in countries that have been more successful than us in dealing with this virus. A more scientific and healthcentric approach to overseas employment is in order; but at least we offer some of these more in-demand professional workers a fighting chance out of poverty.

Bing Limjoco cited a Dub & Bradstreet study indicating a 90 percent success rate in franchising against a non-franchised business. She had seen how brands have grown, and how franchising has transformed the micro and small enterprises to become large enterprises. Indeed, franchising is probably the most resilient and sustainable business model. It is a business model where a franchisee is doing business for himself but not by himself. It is a replication of documented systems that work.

The Golden Age of Franchising

Franchising and the PHL economy

A8 Wednesday, September 16, 2020

House pitches estate tax amnesty deadline extension to Senate By Jovee Marie N. dela Cruz @joveemarie

O accomodate more taxpayers, the House of Representatives on Tuesday endorsed for Senate approval a bill extending the period to avail of the estate tax amnesty. This after lawmakers—voting 209 affirmative, zero negative with no abstention—approved House Bill 7068 on third and final reading. The measure amends Section 6 of Republic Act 11213 or the Tax Amnesty law. The bill extends the period of availment of estate tax amnesty from two years to four years. House Committee on Ways and Means Chairman Joey Sarte Salceda, sponsor of the measure, said the estate tax amnesty allows the transfer of long unsettled estates so these can be productive. “The original deadline of availment and payment on April 23, 2020, has since been extended four times. However, only 23,911 persons have availed of the amnesty, earning only P1.362 billion out of the potential P6 billion,” he said. “Estate tax amnesty extension, as far as it releases land for productive use and raises revenues for the government, should be considered a stimulus bill. The ex-

tension of the estate tax amnesty acknowledges the plain reality that it has become very difficult to process papers because of Covid-19,” he added. According to Salceda, the approval of the estate tax amnesty extension is a “win-win” for all stakeholders. The bill was authored by Majority Leader Martin Romualdez, Tingog Party-list Rep. Yedda Marie Romualdez, and Deputy Majority Leader Wilter Wee Palma II. According to them, amending RA 11213 will enable those who want to take advantage of the program to have ample time to recoup their resources and get back on their feet so they can still apply and pay their estate tax dues. They said this accounts for why everyone with outstanding estate tax liabilities as of December 31, 2017, “is encouraged to take advantage of this excellent and rare opportunity offered by the government.” “It’s just unfortunate that the Philippines is not spared from the ill effects of the Covid-19 pandemic, wherein many people lost their jobs and folded up their businesses. Most economic activities were stalled. The people lost precious period of time and possible sources of income in order to avail of this tax amnesty program of the government,” they noted.

‘PHL economy may benefit more if OFWs stay after pandemic’

By Cai U. Ordinario

@caiordinario

N a post-pandemic world, the country’s first National Economic and Development Authority (Neda) chief said the domestic economy may benefit more if overseas Filipino workers (OFWs) will stay in the country to live and work. In the Annual Public Policy Conference (APPC) of the Philippine Institute for Development Studies (PIDS), former Socioeconomic Planning Secretary Gerardo Sicat said strategies such as sending Filipinos abroad to work may have prevented the country from developing local industries. Sicat said the Marcos administration’s strategy of sending Filipinos abroad in the 1970s was only a temporary measure implemented because of the weakness of the domestic economy and “the high rate of protection” locally against foreign investments.

“What happened was that the country developed a model by which we just try to support the growth of a strong export sector which was designed mainly to export to foreign countries, but they were not integrated to the domestic economy,” Sicat explained. “As a result what we had was a situation in which the domestic economy became relatively isolated from the more efficient export-oriented economy of the world. Now these things are still a problem,” he added. Sicat said that while OFWs were sent abroad to work where capital is abundant, the Philippines failed to work toward siphoning some of the abundant capital abroad into the domestic economy. He said, however, it’s not too late to help the domestic economy. Sicat said the government should work on measures to attract “some useful and more important FDIs” which will help local industries and give employment to millions of Filipinos. This, Sicat said, was what happened to countries abroad which became investment destinations. These countries were able to generate jobs and help workers with their immediate needs. “They don’t have to go abroad to feed their families at home because if they are here, they would really be able to contribute towards the stabilization of a productive home base which supports domestic needs but also the needs of the world as we are able to raise our capacities towards that,” Sicat said.

Pandemic remittances

The pandemic has wreaked havoc on the jobs and ability of thousands of OFWs abroad to provide for their families. Many lost their jobs and around 200,431 OFWs have been repatriated from various parts of the world. While Central Bank data showed remittances continued to improve in July, experts believe it is still too early to celebrate. Data showed remittances from overseas Filipinos (OFs) grew 7.6 percent year-on-year to $3.085 billion in July 2020 from $2.867 billion in July 2019. Data from the Bangko Sentral ng Pilipinas (BSP) showed total remittances for the first seven months of 2020 at $18.658 billion, 2.4 percent lower than the $19.119 billion posted a year ago. For one, the Department of Labor and Employment (DOLE) earlier said another 200,000 OFWs will likely lose their jobs in the coming months due to the pandemic. This means, DOLE said, that by the end of the year a total of 700,000 OFWs will lose their jobs abroad. To date, around 500,000 OFWs have lost their jobs, data showed. “Is this news on June-to-July remittance upticks the ‘awaited turnaround’ for the rejuvenated resurgence of overseas Filipinos’ remittances? Let us not get too excited. Take note: economic recoveries of countries are not automatic,” Ateneo Center for Economic Research and Development Director Alvin Ang and Institute for Migration and Development Issues Head Jeremaiah Opiniano told this newspaper in an e-mail. “The real economic impacts of stimulus packages are not immediate. Bringing down unemployment rates in destination countries is largely a function of how quick the private sector recovers and business cycles get running again. Global trade remains slow,” they added. Ang and Opiniano said one possible reason for improving remittances is the strong peso, which has been appreciating in the past few months. Continued on A4

Senate reso on China ‘debt trap’ on agenda

HE Senate is set to hear on Friday a resolution filed by Senate President Pro Tempore Ralph Recto asking the Duterte administration to avoid incurring more loans from China amid a mounting outcry against the entry into big-ticket projects of Chinese firms involved in illegal Chinese reclamation projects within the West Philippine Sea. “Hopefully we will get twothirds vote to support Resolution 512,” Senator Recto said in an interview with CNN Philippines’s “The Source,” wondering aloud, “why should we reward the Chinese contractors damaging our territory?” A separate Senate resolution filed by Sen. Risa Hontiveros, which Recto and several others support, seeks the blacklisting of Chinese state-owned firms that were earlier reported to have carried out Beijing’s island-building spree, which experts said had considerably damaged the environment. At the same time, Recto warned against the Philippine government falling into a debt trap with China, noting how several other countries that embarked on ambitious Chinese loan-funded projects had ended up deeply indebted for projects of uncertain economic value. This, even as Recto indicated the Senate “will stand on these issues,” referring to issues involving China’s growing role, including the ongoing debate over the installation of Chinese telco towers right inside Camp Aguinaldo, where the Armed Forces of the Philippines is headquartered. Defense and militar y officials recently approved the telco tower installation in the camp by partly Chinese-owned third player Dito Telecommunity, over objections raised in many quarters. Recalling that majority of the senators were able to stop the same initiative last year, Recto added, “ let us see, when we hear their budget,” indicating Executive department officials concerned are expected to be grilled on the issue, despite the AFP’s assent to the telco tower installation inside the camp. Butch Fernandez

Task Force not yet done with PhilHealth probes—DOJ chief By Joel R. San Juan @jrsanjuan1573

& Samuel P. Medenilla

@sam_medenilla

HE Department of Justiceled Task Force PhilHealth on Tuesday said it would continue its probe to identify other individuals involved in the multibillion corruption plaguing the Philippine Health Insurance Corp. The task force issued the statement a day after submitting to President Duterte its report on its 30-day investigation into PhilHealth’s fund mess, recommending the filing of criminal and administrative charges against seven agency officials. However, the task force recommendation was criticized for its failure to include Health Secretary Francisco Duque III and PhilHealth Senior Vice President for Legal Sector Rodolfo del Rosario among those it recommended to

be charged. Justice Secretar y Menardo Guevarra, head of Task Force Philhealth, said that the report submitted to the President was only preliminary and that further investigation will be done to determine whether there are other officials and individuals who should be made liable for the anomalies, “Our report is about our initial findings only. Further investigation will be conducted and more people may be charged,” Guevarra saidd.

Cabinet accountability

Duque and other Cabinet secretaries who are ex-officio members of PhilHealth’s board of directors, could still face charges for their negligence in the performance of their duties, according to Presidential spokesman Harry Roque He made the remark after the task force initially recommended that Duterte only “strongly admonish” them.

Aside from Duque, the other exofficio members of PhilHealth’s Board are Social Welfare Secretary Rolando Bautista, Labor Secretary Silvestre Bello III, Budget Secretary Wendel Avisado and Finance Secretary Carlos Dominguez III. In the initial report it submitted to Duterte on Monday, the task force flagged the said PhilHealth board members for allowing the alleged anomalous Interim Reimbursement Mechanism (IRM) and purchase of overpriced information and community technology (ICT) equipment. It noted the failure of the officials to investigate and prosecute perpetrators of fraud in PhilHealth. The liability of the Cabinet officials, the task force said, was somewhat mitigated by the attempts of PhilHealth’s executive committee to hide pertinent documents from the PhilHealth Board of Directors. Continued on A4

Companies BusinessMirror

www.businessmirror.com.ph

Wednesday, September 16, 2020

Udenna pegs oil exploration cost at $30M

By Lenie Lectura

@llectura

avao-based businessman Dennis A. Uy’s Udenna Corp. might set aside roughly $30 million to pursue oil exploration activities in waters disputed by China. “It’s $15 million per area,” Phoenix Petroleum Philippines Inc. Senior Vice President for External Affairs Business Development and Security Raymond Zorilla said in a text message Tuesday when asked about the size of investment needed for Udenna Corp. to push through with the exploration activities. Udenna Corp., the parent firm of Phoenix Petroleum, nominated to explore areas 7 and 8 blocks that are within Reed Bank, also known as Recto Bank. China, Philippines, Vietnam, Malaysia, Taiwan and Brunei all claim parts of the South China Sea, which is known as West Philippine Sea in the Philippines. Its nomination to explore the said

blocks was opened by the Department of Energy (DOE) late Monday afternoon. Aside from Udenna Corp.,the Panglilinan-led PXP Energy Corp. also submitted a nominated bid for area no. 6 block, which falls in the North of Reed Bank area of South China Sea. PXP said and Philodrill Corp. earlier submitted a bid to conduct oil and gas exploration activities in area no. 7, one of the 14 predetermined areas (PDAs) offered by the DOE under the Philippine Conventional Energy Contracting Program (PCECP). “We look forward to being granted a new service contract in the Sulu Sea,” said PXP President Daniel Ste-

phen Carlos during the company’s annual meeting last July. “Once a new service contract is awarded, our immediate plan is to re-process 1,600 square kilometers of 3D data.” PXP Energy holds a 78.98-percent operating interest in Service Contract (SC) 72 or the contract to explore Recto Bank in the West Philippine Sea through Londonlisted Forum Energy Plc. It also has a direct operating interest of 50 percent in SC 75 northwest Palawan. It is currently waiting for guidance from the Philippine government in respect to any future activity in the SCs. “PXP, through Forum Energy Limited, will take guidance from the Philippine government in respect of any future activity in SC 72 and SC 75. The company is mindful that the Malampaya gas resource, which supplies about 40 percent of Luzon’s power requirements, could be exhausted within the next decade. The company, therefore, remains hopeful that the force majeure imposed on SC 72 and SC 75 will be lifted by DOE soon for the company to be able to resume exploration works in these SCs,” it said earlier.

The DOE also opened the bid nomination of Troika Giant Power Corp., which wants to explore Area no. 5 Block or the Mindoro-Cuyo Basin. Nominated area no. 6 covers 1.432 million hectares while nominated area no.7 covers 1.5 million hectares. The last nominated area, no. 8, is 1.412 million hectares. The DOE said these are not disputed areas as they are within the Philippines’s exclusive economic zone. All bids, according to the DOE, have complied with the legal and technical requirements. However, their bids are still subject to approvals.

Evaluation

Pursuant to the Guidelines and Checklist in DOE Department Circular DC2017-12-0017, or the PCECP Circular, the DOE's Energy Resource Development Bureau's Review and Evaluation Committee (REC), shall perform a "completeness check" on all submitted area applications. This will determine if the submissions may qualify for further substantive legal, technical, and financial evaluation.

‘Govt must spend for Naia rehab’ By Lorenz S. Marasigan @lorenzmarasigan

lawmaker on Tuesday warned the Department of Transportation (DOTr) not to pursue the privatization of the Ninoy Aquino International Airport (Naia) as it is disadvantageous to the flying public. Puwersa ng Bayaning Atleta Party-list Rep. Jericho Nograles said during the budget hearing for the DOTr that the unsolicited proposal is “onerous and unfair” as the government opened up opportunities for the private sector to “make money” instead of developing the airport itself. He claimed that the Manila International Airport Authority (Miaa) has sufficient funds to undertake the P107-billion deal submitted by partners Megawide Construction Corp. and GMR Infrastructures Ltd. of India. “Miaa has sufficient equity to develop the project by itself. For some reason since 2016, they removed the development of Naia from the priority list of projects. I cannot think of a reason why it was taken out conveniently despite having enough money—except that they are making it convenient for Miaa to not spend the people’s money properly so that they can invite private individuals to make money off of our passengers,” Nograles said. He added that the government

has made it easier for the private sector to bag the deal by sweetening the terms of the project. “I would like to manifest that the 70-30 equity-debt finance requirement was renegotiated. And during a meeting on July 24, the minimum equity requirement was lifted because the private group cannot raise necessary equity of at least P32 billion. It’s scary if we pursue this,” he said. Nograles added: “It reveals that we are giving extra sweeteners to the private sector. The original proposal was with an 18-year concession period. During the July 24 meeting, they changed it to 25 years to allow the private concessionaire to make more money. It doesn’t look right. I think we have to consider scrutinizing the billions of pesos in Miaa and we must consider that we do not have to pursue the expansion through these onerous and unfair provisions.”

Project terms

Transportation Undersecretary Reuben Reinoso noted that the group has been required by the National Economic and Development Authority (Neda) Investment Coordination Committee (ICC) to submit additional financial documents to supplement the proposal. “The ICC technical board is requesting for additional documentary proof of their financial capability,” he said. “It’s really up to the Neda ICC to prescribe a final

deadline. Miaa is trying to compel the proponent to submit it as soon as possible so they can forward the requested document to the ICC technical board.” For his part, Transportation Secretary Arthur Tugade noted that the sweeter terms were not only extended to the GMR-Megawide tandem, but was also offered to the original proponent of the project, the Naia Consortium. “Because of the pandemic, the recovery at this time was greatly affected. That’s why the original proponents requested for a change. In the discussions what was reached was not change the financial numbers, but give an extension of time to help the recover investments,” he said. To recall, Naia Consortium— then a group of 7 conglomerates that later on became 6—was denied of the project, after it did not reach an agreement with the government over its provisions. It had the project under its belt for about 2 years. GMR-Megawide then submitted the same project under different terms. It is now being studied by the government. A representative from GMRMegawide said the current proposal is “based on the provisions required by the DOTr” for unsolicited airport deals. The representative said the provisions of the proposal may change depending on the negotiations with the government. Based on its previous proposal

submitted in March 2018, GMRMegawide proposes to spend $3 billion to redevelop and expand Naia. The multibillion-dollar proposal is divided into several phases—the first 6 years of the operations would focus on the expansion of the existing terminals, the optimization of the current runways and the capacity expansion of the whole airport complex. Immediately upon takeover, the group proposes to construct fulllength parallel taxiways for both runways, an additional rapid-exit taxiway for the primary runway, the extension of a second runway and the provision of maximum aircraft stands. These solutions will increase airfield capacity to 950 to 1,000 aircraft movements per day, a 35-percent increase from the current 730 aircraft movements daily. Within the first 2 years, the group will rehabilitate and expand the existing terminals, which will roughly double the space and result in over 700,000 square meters of terminal area. By that time, the airport will be able to handle as many as 72 million passengers annually, a huge jump from the current 30 million annual passenger capacity. The old proposal carries a concession period of 18 years. GMR-Megawide is the developer of the new Mactan-Cebu International Airport.

Qualified applications shall be subjected to further exhaustive evaluations from the REC, before the endorsement of the highestranked application to the DOE Secretary. This would then be followed by the signing of a corresponding SC by the President. “There will be a memo to [DOE] Secretary Cusi informing the bid opening results, followed by a letter to applicants on results of completeness check to undergo substantive legal, financial and technical evaluation. The documents will then be evaluated by the technical working group [TWG] for 15 working days. After which, REC will endorse the result of the TWG evaluation that could take 5 working days. The REC will then submit a memo to Secretary Cusi for endorsement of the winning applicants. The secretary will make an endorsement to the Office of the President, estimated to take 5 working days,” DOE Assistant Secretary Leonido Pulido III said in a text message when asked how long the post evaluation will take before the agency seeks Malacañang’s approval. The nomination of an area for

exploration is one of the two ways by which investors can participate in the DOE’s PCEP. The process for this option begins by requesting the DOE for an Area Clearance. The other option is choosing an area from the 14 PDAs offered by the DOE. The DOE is hoping that the contracting round would result in finding another Malampaya, the offshore Palawan project that fuels 5 power plants in Batangas province with a combined capacity of 3,211 megawatts. That natural gas field is estimated to be depleted by 2024. In a statement, Cusi said Udenna, Troika and PXP Energy passed the technical, legal, and financial “completeness check” conducted during the opening of the bids for nominated areas in Offshore Mindoro and Recto Bank Basin. “As quarantine restrictions gradually ease, we actively welcome all PCECP applications that will help us maximize the exploration, development, and utilization of our indigenous energy resources to help us attain energy security and independence,” he said.

Limpe-Aw in Forbes Asia list of power businesswomen By VG Cabuag @villygc

he chief of Destileria Limtuaco landed in this year’s edition of Forbes Asia’s Power Businesswomen list, which trained the spotlight on 25 outstanding female leaders in Asia Pacific. Olivia Limpe-Aw, 57, chairman and CEO of Destileria Limtuaco, made it to the list of outstanding businesswomen in the region, dominated by India and China, two of the world's most populous nations, and also the country's Southeast Asian neighbors led by Thailand. Limpe-Aw is the fifth-generation head of Destileria Limtuaco, the Philippines’s oldest distiller, which her great-great granduncle founded in 1852. She is the fifth of seven daughters and is also president of a book publishing company. Since taking the helm in 2004, she has added new products and focused on growing the business overseas. The company now sells more than 40 spirits, wines and liqueurs, including tropical-fruit blends, and exports within Asia and to the United States. When some cities in the country earlier this year banned alcohol during the lockdowns, Destileria

Limtuaco switched to making hand sanitizer and disinfectants. “As the world battles with uncertainties brought about by the pandemic, it is more important than ever that Forbes Asia highlights these businesswomen who are rising to the occasion and excelling during these challenging times," Rana Wehbe Watson, editor of the 2020 Asia’s Power Businesswomen list, said. “The list this year recognizes 25 women at the helm of companies and institutions across a wide range of industries such as biotech, education, logistics and law. Their track record of success and resilient leadership set inspiring examples for others to follow.” India had the most number of businesswomen in the list with four, including Roshni Nadar Malhotra, chairman of HCL Technologies, the first woman to chair a listed tech firm in India and one of a handful of female chairpersons in the male-dominated global tech industry. China and Thailand both had three on the list, followed by South Korea, Australia and Southeast Asian neighbors Singapore, Vietnam and Indonia, which had two each.

UN, groups unveil rice ecolabel Water rates to go down in October A new ecolabel has been launched globally by a group of over 100 public and private organizations backed by the United Nations to help consumers to identify rice products that were grown sustainably. The Sustainable Rice Platform (SRP), led by the UN Environment Programme (UNEP) and the International Rice Research Institute, launched last September 14 its SRP-verified label that seeks to “reduce the environmental impact of one of the largest food crops in the world.” “With the new label, consumers will be able to trace the rice back to its origin country. The scheme will also benefit an entire industry,” UNEP said. “By stocking SRP-verified rice, retailers can make significant and measurable contributions to sustainability commitments and climate change targets.” The label is a product of the over 100-member group’s new assurance scheme that provides consumers the confidence that rice products follow SRP Standard for Sustainable Rice Cultivation, the world's

first voluntary sustainability standard for rice, according to UNEP. The standard is grounded on “proven best practices and provides a science-based process to assess compliance,” it added. UNEP said rice production “has an undeniable environmental impact” as over 3.5 billion people rely on the crop as a daily staple. UNEP noted that rice farming consumes up to onethird of the world's developed freshwater resources and generates up to 20 percent of global anthropogenic emissions of methane. “Employing best practices in rice farming can reduce water use by some 20 percent and methane emissions from flooded rice fields by up to 50 per-

cent,” it said. UNEP said the Assurance Scheme would be managed by Germany-based GLOBALG.A.P, overseeing the approval of qualified verification bodies that will be responsible for inspection of producers based on the SRP Standard. It added that NEPCon-Preferred by Nature, a Denmark-based nonprofit organization, is the first to be approved to perform SRP verification audits. “SRP was established to address global environmental and social challenges in rice production. The Assurance Scheme offers supply chain actors a robust, cost-effective and transparent path to sustainable procurement,” SRP Executive Director Wyn Ellis said. “Consumers are increasingly demanding that food is produced sustainably, and now they have a reliable way to choose environmentally friendly rice,” Ellis added. UNEP said rice farmers’ net income would increase by 10 percent to 20 percent if they switch to SRP practices. Jasper Emmanuel Y. Arcalas

By Jonathan L. Mayuga @jonlmayuga

he Board of Trustees (BOT) of the Metropolitan Waterworks and Sewerage System (MWSS) has approved the 4th quarter foreign currency differential adjustment (FCDA) effective October 1. Under the FCDA, which was recommended by the MWSS Regulatory Office, the Manila Water Co. Inc. (MWCI) will implement a rollback of P0.33 per cubic meter. This is a reduction of 1.17 percent from the company’s 2020 average basic charge of P28.52 per cubic meter. FCDA is a mechanism that allows the private water conces-

sionaires of the MWSS to recover losses or give back gains arising from fluctuations in the foreign exchange rates. It is a corrective mechanism formulated by the MWSS RO to avoid under-recovery or over-recovery caused by foreign exchange movements, the mechanism is done quarterly. The previous adjustment was P0.48 per cu. m. MWSS Chief Regulator Patrick Ty said MWCI residential customers consuming 10 cubic meters or less, except lifeline customers who are exempt from the quarterly FCDA charges, will see a decline of P0.78 per month on their bills. Meanwhile, those consuming 20 cubic meters per month and 30 cubic meters per month will see their

bills go down by P1.73 and P3.52, respectively. Meanwhile, Maynilad Water Services Inc. (MWSI), which serves the West Zone concession area, will apply an FCDA of negative 0.26 percent of its 2020 Average Basic Charge of P36.24 per cubic meter or negative P0.09 per cubic meter. This is also a downward adjustment of P0.01 per cubic meter from the previous FCDA of negative P0.08 per cubic meter. The water bills of MWSI residential customers consuming 10 cubic meters or less are expected to go down by P0.06. Those consuming 20 cubic meters per month and 30 cubic meters per month can expect their bills to decline by P0.24 and P0.50, respectively.

Companies BusinessMirror

Wednesday, September 16, 2020

PSE STOCK QUOTATIONS

September 15, 2020

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

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

44.5 90.05 64.25 21.75 8.26 35.5 8.7 17.1 24.05 49.5 95.45 16.5 96.35 54 0.78 23 0.56 2.8 7.21 1.01 0.59 155.1 1900

45 90.1 64.55 21.85 8.27 35.85 8.88 17.38 24.1 49.9 104.9 16.58 96.4 54.05 0.8 23.1 0.6 2.81 7.89 1.02 0.62 158.1 1969

45.25 89.8 64.5 21.65 8.18 35.1 9.82 17.38 23.85 49.9 104.9 16.2 96.45 54 0.77 22.9 0.56 2.72 7.25 1.04 0.64 158.8 1901

45.25 90.05 65.75 21.85 8.27 35.85 9.82 17.38 24.7 49.95 104.9 16.56 96.6 54.1 0.8 23 0.61 2.81 7.25 1.04 0.64 158.8 1901

44.3 88.85 64.25 21.65 8.11 34.7 8.01 17.38 23.5 49.9 95.5 16.2 96.05 54 0.77 22.9 0.56 2.71 7.25 1.02 0.59 155 1900

45 90.05 64.25 21.8 8.26 35.85 8.88 17.38 24.05 49.9 95.5 16.5 96.4 54.05 0.8 23 0.6 2.81 7.25 1.02 0.62 155.1 1900

14700 2910840 645140 67900 155800 2735700 119300 100 3014500 300 60 20700 971270 30350 28000 5400 5000 31000 400 55000 14000 620 110

659500 259722138 41669780 1478020 1279523 96621400 978798 1738 72468780 14975 5825 339358 93622114 1640702.5 21590 124190 2890 85560 2900 56390 8450 96189 209030

-102460 -87311071.5 -21048467 -71866 9005415 -19328865 2865 -182558 45608748 -461871.5 1588 152000

INDUSTRIAL AC ENERGY 3.04 3.05 3.22 3.24 3.01 3.04 46238000 144011410 ALSONS CONS 1.23 1.24 1.22 1.24 1.22 1.24 492000 604070 ABOITIZ POWER 26.85 26.9 27.1 27.2 26.9 26.9 973600 26249825 BASIC ENERGY 0.17 0.173 0.179 0.18 0.168 0.173 2320000 401490 FIRST GEN 25.3 25.35 25 25.6 24.8 25.3 3699200 92991790 FIRST PHIL HLDG 60.95 61 61.1 62 60.6 60.95 14660 893982.5 MERALCO 278.6 279 273 280 268 278.6 917600 254409904 MANILA WATER 14 14.02 14.2 14.22 14 14 593500 8350722 PETRON 3.08 3.09 3.09 3.09 3.07 3.08 499000 1538680 PETROENERGY 3.18 3.31 3.15 3.15 3.15 3.15 1000 3150 PHX PETROLEUM 10.8 10.96 10.78 10.96 10.78 10.96 82200 891160 PILIPINAS SHELL 17.6 17.62 17.76 17.76 17.6 17.62 262600 4641256 SPC POWER 9.16 9.17 9.11 9.18 9.1 9.17 88100 807304 AGRINURTURE 7.8 7.95 7.98 8.1 7.72 7.94 75700 600270 AXELUM 2.34 2.35 2.43 2.43 2.35 2.35 3614000 8635810 BOGO MEDELLIN 76.1 76.8 76.8 76.8 76.8 76.8 130 9984 CNTRL AZUCARERA 11.44 11.6 11.5 11.5 11.5 11.5 500 5750 CENTURY FOOD 18 18.04 17.84 18.2 17.5 18.04 17238900 310874360 DEL MONTE 4.8 4.89 4.89 4.89 4.78 4.8 44000 214280 DNL INDUS 5.48 5.49 5.58 5.6 5.47 5.49 28287800 155313512 EMPERADOR 9.89 9.91 9.9 9.95 9.89 9.91 491600 4868605 SMC FOODANDBEV 63.85 64.5 64 64.5 63.7 64.5 103430 6621994.5 ALLIANCE SELECT 0.65 0.66 0.65 0.66 0.65 0.65 274000 178400 FRUITAS HLDG 1.22 1.23 1.26 1.27 1.22 1.23 14474000 17973660 GINEBRA 46.5 46.6 47.5 48 46.6 46.6 41400 1963240 JOLLIBEE 134.7 134.9 135 135.5 134.5 134.9 780190 105217837 MACAY HLDG 7.46 8.25 8.27 8.27 8.27 8.27 1000 8270 MAXS GROUP 4.9 4.92 4.91 4.93 4.89 4.91 113000 554230 SHAKEYS PIZZA 5.95 5.98 6.05 6.05 5.92 5.98 129500 768964 ROXAS AND CO 1.16 1.17 1.22 1.24 1.16 1.16 12611000 15048460 RFM CORP 4.57 4.62 4.79 4.79 4.6 4.72 15000 70970 ROXAS HLDG 1.96 1.97 1.96 2.03 1.91 1.97 338000 656880 SWIFT FOODS 0.106 0.11 0.11 0.11 0.106 0.106 1490000 158460 UNIV ROBINA 141.2 141.5 141.6 142 139 141.2 1141360 160816080 VITARICH 0.78 0.79 0.78 0.79 0.77 0.78 1340000 1049140 VICTORIAS 2.25 2.4 2.24 2.35 2.24 2.24 221000 518860 CONCRETE A 51.1 51.5 51.1 51.5 51.05 51.5 480 24551.5 CONCRETE B 51.15 54.1 51.15 54.75 51.15 54.1 450 23158 CEMEX HLDG 1.51 1.52 1.54 1.56 1.5 1.52 13435000 20458650 DAVINCI CAPITAL 3.15 3.47 3.16 3.16 3.15 3.15 5000 15780 EAGLE CEMENT 13.8 13.86 14.2 14.2 12.68 13.8 1292200 17650208 EEI CORP 6.46 6.47 6.5 6.7 6.4 6.46 594400 3849684 HOLCIM 5.8 5.81 5.98 5.98 5.72 5.8 3294800 19155904 MEGAWIDE 7.38 7.4 7.43 7.55 7.35 7.4 2825900 21099064 PHINMA 8.51 8.85 8.5 8.85 8.5 8.85 3000 25610 TKC METALS 0.66 0.68 0.68 0.68 0.68 0.68 26000 17680 VULCAN INDL 0.74 0.75 0.73 0.75 0.73 0.75 48000 35340 CROWN ASIA 1.89 1.95 1.88 1.9 1.88 1.9 38000 71910 EUROMED 1.85 1.87 1.84 1.89 1.83 1.85 61000 113730 LMG CORP 4.35 4.4 4.4 4.4 4.4 4.4 1000 4400 MABUHAY VINYL 4.5 4.68 4.6 4.6 4.6 4.6 12000 55200 PRYCE CORP 4.07 4.18 4.18 4.18 4.18 4.18 2000 8360 CONCEPCION 20.05 21.5 21 21 21 21 2400 50400 GREENERGY 2.16 2.17 2.16 2.19 2.15 2.17 5959000 12944830 INTEGRATED MICR 5.9 6 6.41 6.44 5.88 5.9 1745400 10592555 IONICS 1.02 1.03 0.98 1.05 0.98 1.02 1928000 1964560 SFA SEMICON 1.37 1.38 1.39 1.4 1.35 1.38 654000 901630 CIRTEK HLDG 6.06 6.07 5.9 6.13 5.9 6.07 8810400 53156987

-3818120 -57040 -10293470 -117210 -728040 3833114 247890 1459070 -14688 67734 3649438 -43510 -2607239 -381033 -5686497.5 -3250 78640 -57910 -45466649 9840 52670 -39270 -61770 -19260 -97671849 -780 512140 5135370 7720 36667 -1202358 1366871 9520 112430 -1925612 -139985

HOLDING & FRIMS

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

0.48 7.72 700 47.05 6.97 2.25 6.3 0.54 0.59 0.58 5.24 4.11 8.5 403 3.06 62.1 0.6 2.41 8.7 0.51 3.53 0.76 2.5 0.97 922 100.5 129 0.137

0.485 8.08 705 47.1 6.98 2.28 6.5 0.55 0.6 0.6 5.27 4.12 8.59 404.4 3.15 62.9 0.62 2.42 8.74 0.53 3.55 0.8 2.6 0.99 937 101 130 0.14

0.49 8.1 700 47.8 6.83 2.3 6.5 0.57 0.6 0.6 5.3 4.13 8.72 405 3.15 62 0.59 2.47 9 0.53 3.51 0.8 2.6 0.97 910.5 101 130 0.143

0.49 8.1 705 48.4 7.02 2.33 6.5 0.57 0.62 0.6 5.3 4.22 8.72 408.4 3.15 62.9 0.63 2.47 9 0.54 3.57 0.8 2.6 0.97 937 101 130 0.143

0.48 7.72 698 47.1 6.77 2.21 6.3 0.55 0.58 0.6 5.23 4.1 8.5 403 3.15 61.8 0.59 2.4 8.65 0.51 3.51 0.8 2.6 0.96 900 100 130 0.136

0.48 8.09 705 47.1 6.97 2.25 6.3 0.55 0.59 0.6 5.24 4.11 8.59 403 3.15 62.9 0.61 2.41 8.7 0.54 3.55 0.8 2.6 0.97 937 100.5 130 0.136

6510000 28400 107030 652300 10361100 2682000 3400 217000 2553000 27000 726700 3284000 175000 131600 17000 1817380 83000 1678000 4222700 21000 16151000 2000 30000 27000 339660 71650 30 3250000

3155500 -1901750 229497 75078635 -35859005 30878975 -18610030 71571183 20328191 6041600 21600 121580 1528810 16200 3815452 -1479228 13618230 273410 1491576 -71696 53172166 -25931644 53550 -15750 113973289.5 -56596245.5 51230 590 4060550 -3569640 36,761,146( 24,928,043.9999) 10980 57353000 -5900790 1600 78000 26180 315263170 62775440 7204319 -452433 3900 448640 -

PROPERTY

ARTHALAND CORP ANCHOR LAND AYALA LAND ARANETA PROP AREIT RT BELLE CORP A BROWN CITYLAND DEVT CROWN EQUITIES CEBU HLDG CEB LANDMASTERS CENTURY PROP CYBER BAY DOUBLEDRAGON DM WENCESLAO EMPIRE EAST EVER GOTESCO FILINVEST LAND GLOBAL ESTATE 8990 HLDG PHIL INFRADEV CITY AND LAND MEGAWORLD MRC ALLIED PHIL ESTATES PRIMEX CORP ROBINSONS LAND ROCKWELL SHANG PROP STA LUCIA LAND SM PRIME HLDG VISTAMALLS SUNTRUST HOME VISTA LAND

0.53 7.14 31.55 0.98 25.6 1.37 0.8 0.78 0.127 5.72 4.99 0.365 0.265 14.46 5.88 0.26 0.085 0.91 0.76 7.31 1.22 0.7 3.18 0.246 0.29 1.12 14.98 1.49 2.65 1.89 28.5 3.75 1.21 3.24

0.54 8.3 31.95 1 25.65 1.38 0.81 0.85 0.13 5.92 5.03 0.375 0.28 14.5 5.9 0.27 0.086 0.92 0.79 7.45 1.23 0.73 3.19 0.247 0.31 1.13 15 1.54 2.67 1.92 28.55 3.8 1.22 3.25

0.54 7.11 31.25 0.98 25.65 1.36 0.81 0.81 0.125 5.9 4.98 0.375 0.27 14.6 5.9 0.27 0.086 0.92 0.79 7.25 1.24 0.7 3.17 0.248 0.305 1.12 14.9 1.54 2.67 1.96 28.95 3.89 1.24 3.31

0.54 7.11 31.95 1 25.7 1.38 0.82 0.81 0.131 5.91 5.06 0.375 0.27 14.68 5.9 0.275 0.086 0.92 0.79 7.45 1.24 0.7 3.2 0.25 0.305 1.13 15.14 1.54 2.67 1.96 29 3.89 1.27 3.31

0.53 7.11 30.85 0.95 25.6 1.36 0.8 0.8 0.125 5.9 4.98 0.365 0.265 14.44 5.8 0.27 0.086 0.9 0.76 7.25 1.21 0.7 3.13 0.246 0.305 1.12 14.86 1.5 2.65 1.86 28.35 3.8 1.21 3.24

0.54 7.11 31.95 1 25.65 1.37 0.81 0.8 0.13 5.9 4.99 0.365 0.265 14.46 5.9 0.275 0.086 0.91 0.76 7.45 1.23 0.7 3.19 0.247 0.305 1.13 15 1.5 2.65 1.92 28.5 3.8 1.21 3.24

342000 400 9732400 203000 615200 106000 3285000 98000 430000 47000 247700 5250000 100000 239200 663800 300000 160000 30923000 1157000 10000 4612000 12000 21551000 6030000 10000 75000 2416400 621000 2000 167000 9837100 122000 1215000 1578000

184270 2844 307676755 197900 15766400 146190 2657080 78670 55020 277595 1246099 1946800 26800 3476102 3911672 81450 13760 28145640 892790 74300 5661000 8400 68316800 1494020 3050 84190 36190358 935080 5320 319300 280602005 467100 1484560 5136730

139796405 -5983870 -23420 26250 -126100 -370000 -2006660 -60310 -1756260 7700 -67050 292440 -5436670 -20377184 -2650 -167965945 -64940 30250 -565700

SERVICES ABS CBN 7.01 7.04 7 7.04 6.98 7.01 212700 1491448 GMA NETWORK 5.09 5.1 5.1 5.1 5.05 5.09 568300 2882571 MLA BRDCASTING 11.2 11.8 11.8 11.8 11.8 11.8 100 1180 GLOBE TELECOM 2074 2108 2124 2124 2064 2074 32850 68338330 PLDT 1405 1407 1440 1440 1397 1405 278935 392943465 APOLLO GLOBAL 0.055 0.056 0.057 0.058 0.055 0.055 21930000 1219210 DFNN INC 2.98 3.09 2.86 3.1 2.85 3.1 169000 509310 DITO CME HLDG 3.63 3.64 3.65 3.75 3.56 3.64 57570000 211950370 IMPERIAL 1.36 1.43 1.45 1.45 1.44 1.44 13000 18780 ISLAND INFO 0.072 0.073 0.072 0.073 0.07 0.072 560000 40210 JACKSTONES 1.58 1.61 1.61 1.63 1.58 1.58 61000 97540 NOW CORP 2.41 2.42 2.4 2.56 2.36 2.41 23314000 57707830 TRANSPACIFIC BR 0.18 0.181 0.179 0.182 0.179 0.18 2960000 532790 PHILWEB 2.4 2.42 2.31 2.44 2.3 2.4 2150000 5085290 2GO GROUP 8.5 8.55 8.68 8.68 8.46 8.55 17800 152347 ASIAN TERMINALS 15.72 16.48 16.5 16.68 16.5 16.68 1200 19890 CHELSEA 3.49 3.5 3.6 3.7 3.48 3.49 1485000 5337500 CEBU AIR 37.95 38 37.5 38.5 37.5 38 219100 8331465 INTL CONTAINER 106.2 107 109 109 106.1 107 1141620 122249718 LBC EXPRESS 15.18 15.5 15.5 15.5 15.5 15.5 2200 34100 LORENZO SHIPPNG 0.75 0.82 0.75 0.75 0.75 0.75 12000 9000 MACROASIA 4.74 4.75 4.75 4.83 4.75 4.75 2603000 12439440 METROALLIANCE A 1.55 1.56 1.55 1.57 1.54 1.55 180000 279400 METROALLIANCE B 1.65 1.99 1.45 1.45 1.45 1.45 1000 1450 PAL HLDG 5.8 5.86 5.9 5.9 5.8 5.8 7100 41463 HARBOR STAR 1.16 1.18 1.14 1.19 1.14 1.18 3853000 4533040 BOULEVARD HLDG 0.026 0.027 0.027 0.028 0.027 0.027 72600000 1964600 WATERFRONT 0.385 0.395 0.38 0.38 0.38 0.38 50000 19000 STI HLDG 0.365 0.37 0.37 0.375 0.36 0.365 15590000 5720000 BERJAYA 3.29 3.3 3.3 3.49 3.03 3.3 4359000 14295870 BLOOMBERRY 6.99 7 6.78 7.04 6.7 6.99 2505500 17271175 PACIFIC ONLINE 1.92 1.98 2 2 1.91 1.91 77000 148840 LEISURE AND RES 1.34 1.35 1.34 1.34 1.32 1.34 59000 78660 PH RESORTS GRP 2.15 2.24 2.3 2.3 2.16 2.24 20000 45060 PREMIUM LEISURE 0.32 0.325 0.315 0.325 0.315 0.32 4380000 1406100 ALLHOME 5.89 5.9 5.75 5.93 5.75 5.89 1922400 11307996 METRO RETAIL 1.39 1.4 1.41 1.41 1.39 1.4 1196000 1675640 PUREGOLD 48.5 48.55 48.55 49.15 48.5 48.55 2274300 110684295 ROBINSONS RTL 67.9 68 69 69 67.85 68 557780 37898582.5 PHIL SEVEN CORP 119.5 120 119.5 120 119.5 120 7800 935725 SSI GROUP 1.19 1.2 1.2 1.24 1.16 1.19 15472000 18536250 WILCON DEPOT 16 16.04 15.9 16.1 15.9 16.04 1284300 20587432 APC GROUP 0.295 0.3 0.295 0.3 0.29 0.3 2060000 607400 EASYCALL 6.13 6.14 6.07 6.14 6.07 6.13 19100 116699 GOLDEN BRIA 298 299 299 299 288 299 130 38760 PRMIERE HORIZON 0.221 0.223 0.225 0.225 0.221 0.223 4360000 973270 SBS PHIL CORP 4.32 4.54 4.32 4.32 4.32 4.32 15000 64800

-41485690 -179492955 29150 -30000 6860430 -845430 -228000 7320 -4847525 -23511245 -152230 -7670 11800 -36000 -17870 -2648917 19960 -2053519 70500 11121950 -20919264.5 -1130 -4985470 -811366 147500 -35880 -

MINING & OIL ATOK 7.15 7.9 7.94 7.94 7.15 7.9 2600 19613 APEX MINING 1.61 1.62 1.56 1.62 1.56 1.61 6738000 10794100 -611140 ABRA MINING 0.0008 0.0009 0.0009 0.0009 0.0008 0.0009 72000000 62400 -2400 ATLAS MINING 3.87 3.95 3.91 3.95 3.84 3.9 357000 1380670 -70300 BENGUET A 2.7 2.75 2.73 2.75 2.7 2.75 91000 247930 BENGUET B 2.69 2.8 2.8 2.8 2.7 2.8 15000 41570 COAL ASIA HLDG 0.222 0.226 0.226 0.227 0.222 0.226 1340000 300400 CENTURY PEAK 2.43 2.55 2.57 2.57 2.57 2.57 1000 2570 DIZON MINES 7.77 7.84 7.84 7.85 7.77 7.84 2100 16404 FERRONICKEL 1.26 1.27 1.3 1.31 1.26 1.26 7525000 9612990 1315310 GEOGRACE 0.229 0.232 0.229 0.231 0.229 0.23 60000 13800 LEPANTO A 0.147 0.148 0.146 0.148 0.146 0.148 3560000 524880 LEPANTO B 0.146 0.15 0.146 0.146 0.146 0.146 100000 14600 MANILA MINING A 0.0095 0.0098 0.0097 0.0098 0.0097 0.0097 6000000 58400 MARCVENTURES 0.94 0.95 0.96 0.96 0.93 0.94 1462000 1372180 NIHAO 2.07 2.08 2.08 2.11 2.07 2.08 373000 776180 NICKEL ASIA 3.09 3.1 3.12 3.17 3.06 3.09 9763000 30357830 -12081290 OMICO CORP 0.365 0.385 0.365 0.39 0.365 0.39 30000 11200 ORNTL PENINSULA 0.56 0.58 0.56 0.58 0.55 0.58 1042000 580770 PX MINING 4.23 4.25 4.15 4.28 4.15 4.23 3688000 15648190 2749950 SEMIRARA MINING 9.88 9.89 9.99 9.99 9.86 9.88 1129300 11175726 -849239 UNITED PARAGON 0.0048 0.005 0.0049 0.005 0.0048 0.005 19000000 93100 ACE ENEXOR 5.78 5.9 6.02 6.12 5.75 5.9 263600 1528352 20227 ORNTL PETROL B 0.0083 0.0084 0.0083 0.0084 0.0083 0.0084 10000000 83700 PHILODRILL 0.0085 0.0087 0.0088 0.0088 0.0085 0.0087 29000000 247700 PXP ENERGY 5.45 5.47 5.5 5.7 5.33 5.45 2805800 15329557 -999466 PREFFERED AC PREF B1 512 515 513 513 512 512 600 307410 ALCO PREF B 100 103.4 100 100 100 100 20 2000 AC PREF B2R 507 512 506 506 506 506 1000 506000 DD PREF 100.9 101 101 101 100.9 101 20500 2069488 312790 GLO PREF P 510 515 510 510 510 510 100 51000 GTCAP PREF B 1021 1029 1029 1029 1021 1021 40 40960 MWIDE PREF 101.2 101.5 101.5 101.5 101.5 101.5 100 10150 PNX PREF 3A 96.6 98.25 97.05 97.05 96.5 96.6 1670 161612 PNX PREF 4 940 946.5 940 940 940 940 4890 4596600 PCOR PREF 2B 1020 1080 1080 1080 1080 1080 35 37800 SMC PREF 2C 78.4 78.95 78.5 79 78.4 78.4 87280 6847678.5 SMC PREF 2E 76 76.95 76.5 77 76.5 77 19620 1503040 SMC PREF 2F 76.85 78 77.2 78 76.85 76.85 21640 1668563.5 SMC PREF 2G 76.1 76.8 76.1 76.8 75.4 76.8 15610 1182465 SMC PREF 2H 76.3 77 76.6 76.6 76.2 76.3 8920 680407 SMC PREF 2I 76.6 78.5 78 78.5 78 78.5 21830 1709049 PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 6.7 6.8 6.7 6.7 6.7 6.7 4500 30150 -10050 GMA HLDG PDR 4.89 4.95 5 5 4.95 4.95 141000 698000 -698000 WARRANTS LR WARRANT 0.64 0.65 0.64 0.65 0.64 0.65 135000 87150 SMALL & MEDIUM ENTERPRISES ALTUS PROP 10.3 10.34 10.36 10.6 10.26 10.3 291600 3013926 592 ITALPINAS 2.02 2.03 2.03 2.07 1.94 2.02 4865000 9712180 18180 KEPWEALTH 5.47 5.54 5.48 5.6 5.33 5.47 64000 351752 MAKATI FINANCE 2.06 - 1.85 2.35 1.85 2.35 70000 157030 MERRYMART 3.03 3.04 3.04 3.11 3.01 3.03 29188000 89527540 -7615790 XURPAS 0.53 0.54 0.52 0.54 0.51 0.53 4651000 2454960 EXHANGE TRADE FUNDS FIRST METRO ETF 90.6 91 91 91 90.1 91 8730 792514.5 156875

www.businessmirror.com.ph

Cirtek US unit bags contract to supply antenna to carrier

By VG Cabuag

@villygc

he US unit of Laguna-based Cirtek Holdings Philippines Corp. on Tuesday said it bagged a deal for a master purchase agreement with one of the top 5 wireless carriers in North America. Cirtek said Quintel USA Inc. clinched the deal and will support the carrier's effort to launch its full commercial 5G services using fresh spectrum starting next year. The company did not name the telco, which spent close to $500 million to acquire the 5G spectrum. The said carrier will spend close to $1 billion in capital expenditures this year, up by 27 percent from last year. The overall US wireless carriers are projected to grow its spending

by 11 percent to $35 billion in 2021. “Quintel is pleased to take part in building and transforming the information technology and connectivity revolution ahead as networks transition to 5G. Among the portfolio being launched, is our flagship 14-Port Small Cell Canister solution,” the company said. The 5G or the fifth generation of mobile network allows the connection to the internet of other machines other the the mobile phones

and other smart devices. It uses smaller antennas, which are connected to a bigger network, to connect devices at faster rate than the 4G or 3G networks. Michael Liu, Quintel president and Cirtek Holdings executive vice president, said Quintel’s new antennas cover all low-band spectrum at 600, 700 and 850 megahertz and mid-band spectrum at 1.6 to 2.6 gigahertz and 5 Gh in North America, including the US, Canada and Mexico. It is also capable of handling new spectrum bands, “being vital for delivering bulk of what will be 5G services in sub 6GHz spectrum critical of the deployment, a feature first and yet unseen in the market,” he said. He said Quintel will launch a new platform of small cell antenna products to complement its growing multi-port base station antenna portfolio designed to its new customer’s next generation network.

Cirtek earlier said its net income in the January-to-June period more than doubled to $4.98 million from last year's $2.28 million, despite a decrease in revenues. The company said it had consolidated revenues of $42.3 million for the period, some 13 percent lower than last year's $48.64 million. “The decrease accounted for was mainly due to the 25 percent decrease in revenue contribution of Quintel, a US-based product and R and D (research and development) company acquired in 2017 and 12 percent decrease in revenue contribution from semiconductor business,” the company said. Revenues from Quintel for the period reached $12.7 million. Revenues from its antenna manufacturing before consolidation rose 4 percent to $11.4 million from last year's $11.04 million, while those from the semiconductor business fell 12 percent to $18.1 million from $20.6 million last year.

ITCs get DICT provisional certificates By Lorenz S. Marasigan @lorenzmarasigan

he Department of Information and Communications Technology (DICT) has issued provisional certificates of registration to independent tower companies (ITCs) to accelerate the roll out of common towers in the Philippines. A total of 23 tower companies received provisional certificates that allow them to “own, construct, manage, and operate one or more Passive Telecommunications Towers Infrastructures.” “This should provide them with ample time to complete all the requirements for full ITC registration and permitting within the time period. Likewise, this should also provide enough time for ITCs to start their roll-out,” ICT Secretary Gregorio Honasan II said.

The provisional certificates are valid until December 31. “We need these tower companies to continue mobilizing and building out towers now, that’s why we granted them this provisional certificate to ease their transition under the new circular. We have to be diligent to ensure capacity of certified ITCs and we need to balance diligence with the urgency to improve our current ICT infrastructure,” Honasan said. He added that interested tower companies may also register with the DICT through its online portal. “This new registration system is a big step towards our goal of reducing procedural delays in the permitting of ITCs. This will also allow the continuance of our services amid the community quarantine. With the application now done online, we hope to encourage more ITCs to register with the DICT and avail of

Cebu frontliners given life insurance coverage

onglomerateSanMiguel Corp. (SMC) on Tuesday said it provided life insurance coverage to about 5,000 medical frontliners from 18 hospitals in Cebu, who are now insured for P2 million each. “We started this initiative several months ago, at the height of Covid-19 (coronavirus disease 2019) cases in Cebu, when our medical front liners there were really having a hard time. Many of them were also testing positive for the coronavirus. We wanted to do something to help protect them, and to show our solidarity and support for them,” company president Ramon S. Ang said. With the insurance packages, obtained through Cocolife, Ang said that medical front liners in Cebu can now have added security as they save lives and fight the virus. “Saving lives is still our highest priority. Unfortunately, Covid-19 can affect anyone, even our doctors and nurses. As much as possible, we cannot lose any more lives, especially not our medical front liners, because they are the ones tasked to save lives. Through this effort, we hope they feel that their everyday sacrifices are valued and appreciated,” Ang said.

Under the program, San Miguel will pay for all the premiums for the insurance of medical frontliners. SMC’s insurance package has benefited frontliners in the following Cebu hospitals: Perpetual Succor Hospital, Cebu Doctors University Hospital, Southwestern University Medical Center, St. Vincent General Hospital, Mendero Medical Center, Visayas Community Medical Center, Adventist Hospital Cebu, Chong Hua Hospital, Cebu South General Hospital, Cebu Velez General Hospital, Cebu City Medical Center, Vicente Sotto Memorial Medical Center, Talisay District Hospital, Arc Hospital, Cebu North, Mactan Doctors’ Hospital, Allegiant Regional Care, and University of Cebu Medical Center. Some 61 Infectious disease specialists and pulmonologists and hundreds of other medical workers were also provided the same insurance coverage. Since the start of the pandemic, San Miguel has been at the forefront of private sector efforts to mitigate the impacts of Covid-19, including a P500million medical response package for testing machines. VG Cabuag

the advantages of the whole common tower initiative,” Honasan said. Currently, there are 23 tower companies that the ICT department has existing memoranda of understanding and or agreement with.

mutual funds

Shared telco infrastructure is seen to boost both coverage and speed of the Internet in the country, which is now adapting a new normal, wherein almost everything is digital due to the pandemic.

September 15, 2020

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 197.18 -23.77% -11.14% -4.86% -21.7% ATRAM Alpha Opportunity Fund, Inc. -a 1.0838 -30.49% -13.04% -2.55% -21.58% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.6416 -34.17% -15.74% -6.77% -28.18% Climbs Share Capital Equity Investment Fund Corp. -a 0.6723 -30.59% -12.58% n.a. -25.13% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.6847 -20.38% n.a. n.a. -19.38% First Metro Save and Learn Equity Fund,Inc. -a 4.2451 -22.13% -9.35% -4.26% -20.33% First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.6629 -24.28% -11.89% n.a. -22.34% MBG Equity Investment Fund, Inc. -a 83.37 -29.03% n.a. n.a. -19.23% PAMI Equity Index Fund, Inc. -a 39.5579 -24.39% -9.8% -3.6% -22.86% Philam Strategic Growth Fund, Inc. -a 424.66 -22% -9.17% -3.75% -20.29% Philequity Alpha One Fund, Inc. -a,d,5 0.881 n.a. n.a. n.a. -14.47% Philequity Dividend Yield Fund, Inc. -a 1.0105 -23.34% -9.12% -3.35% -21.48% Philequity Fund, Inc. -a 29.5792 -23.63% -8.77% -3.03% -21.95% Philequity MSCI Philippine Index Fund, Inc. -a 0.7792 -24.79% n.a. n.a. -23.47% Philequity PSE Index Fund Inc. -a 4.0384 -24.03% -9.17% -3.01% -22.69% Philippine Stock Index Fund Corp. -a 675.2 -23.91% -9.28% -3.13% -22.57% Soldivo Strategic Growth Fund, Inc. -a 0.6081 -33.69% -13.25% -7.01% -28.58% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.119 -27.64% -10.78% -4.44% -25.9% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.7738 -24.11% -9.46% -3.19% -22.68% United Fund, Inc. -a 2.8169 -24.2% -8.44% -2.61% -22.89% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 90.6777 -23.79% -8.83% -2.34% -22.47% Primarily invested in foreign currency securities ATRAM AsiaPlus Equity Fund, Inc. -b $1.0459 8.47% -0.24% 3.71% 1.7% Sun Life Prosperity World Voyager Fund, Inc. -a $1.4886 15.09% 7.46% n.a. 7.97% Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.5613 -6.14% -4.86% -2.8% -0.1% ATRAM Philippine Balanced Fund, Inc. -a 2.0531 -10.83% -5.15% -1.19% -5.87% First Metro Save and Learn Balanced Fund Inc. -a 2.4027 -9.71% -3.7% -2.23% -8.69% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.1733 n.a. n.a. n.a. -24.16% NCM Mutual Fund of the Phils., Inc. -a 1.8402 -6.28% -1.57% 0.3% -6.19% PAMI Horizon Fund, Inc. -a 3.4697 -8.89% -3.23% -0.89% -8.43% Philam Fund, Inc. -a 15.4637 -9.25% -3.51% -1.03% -8.83% Solidaritas Fund, Inc. -a 1.9146 -11.13% -4.32% -1.1% -9.78% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.262 -16.22% -5.6% -2.32% -15.57% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.9353 -8.38% n.a. n.a. -7.92% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.8361 -17.27% n.a. n.a. -16.09% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.8112 -19.56% n.a. n.a. -18.32% Sun Life Prosperity Dynamic Fund, Inc. -a 0.8048 -18.55% -6.67% -3.1% -17.44% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.0392 2.35% 2.74% 2.09% 2.62% PAMI Asia Balanced Fund, Inc. -b $1.0374 5.04% 0.54% 3.59% 2.51% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.0955 8.98% 5.18% 5.78% 4.73% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.158 4.59% 2.71% n.a. 2.6% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 368.21 4.12% 3.12% 2.6% 2.87% ATRAM Corporate Bond Fund, Inc. -a 1.9485 1.78% 0.86% 0.25% 2.44% Cocolife Fixed Income Fund, Inc. -a 3.1995 3.87% 4.82% 5.02% 2.62% Ekklesia Mutual Fund Inc. -a 2.299 4.67% 2.81% 2.29% 3.4% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4511 5.17% 3.39% 2.02% 3.9% Philam Bond Fund, Inc. -a 4.646 8.24% 4.26% 2.67% 6.25% Philam Managed Income Fund, Inc. -a,6 1.3089 5.86% 4.31% 2.43% 4.15% Philequity Peso Bond Fund, Inc. -a 3.9506 5.67% 4.26% 2.32% 4.29% Soldivo Bond Fund, Inc. -a 1.0326 9.04% 3.48% 1.81% 7.08% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1685 5.34% 4.7% 2.88% 3.02% Sun Life Prosperity GS Fund, Inc. -a 1.7348 4.21% 3.97% 2.31% 1.98% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $478.52 2.98% 2.49% 2.85% 2.17% ALFM Euro Bond Fund, Inc. -a Є217.18 -1.41% 0.77% 1.17% -1.19% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.238 3.46% 2.98% 2.7% 2.55% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0263 1.54% 1.57% 1.59% 1.94% PAMI Global Bond Fund, Inc -b $1.0892 -0.79% 0.18% 0.32% -0.4% Philam Dollar Bond Fund, Inc. -a $2.4979 3.37% 3.54% 3.43% 3.93% Philequity Dollar Income Fund Inc. -a $0.0611079 1.75% 2.09% 2.04% 1.34% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.2152 1.64% 1.96% 2.59% 1.26% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 129.03 3.62% 3.29% 2.5% 2.54% First Metro Save and Learn Money Market Fund, Inc. -a 1.0445 2.24% n.a. n.a. 1.77% Sun Life Prosperity Money Market Fund, Inc. -a 1.2897 2.89% 3.03% 2.61% 1.95% Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0485 1.58% n.a. n.a. 0.98% Feeder Funds Primarily invested in Peso securities Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d,7 1.0113 n.a. n.a. n.a. n.a. Primarily invested in foreign currency securities ALFM Global Multi-Asset Income Fund Inc. -b,d,2 $0.95 n.a. n.a. n.a. -4.04% a - NAVPS as of the previous banking day. b - NAVPS as of two banking days ago. c - Listed in the PSE. d - in Net Asset Value per Unit (NAVPU). 1 - Launch date is September 28, 2019. 2 - Launch date is November 15, 2019. 3 - Adjusted due to stock dividend issuance last October 9, 2019. 4 - Renaming was approved by the SEC last October 12, 2018 (formerly, One Wealthy Nation Fund, Inc.). 5 - Launch date is December 09, 2019. 6 - Re-classified into a Bond Fund starting February 21, 2020 (Formerly a Money Market Fund).

7 - Launch date is July 6, 2020.

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

see the latest NAVPS/NAVPU."

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Entrepreneur

MSMEs see recovery in 3 to 6 months, survey reveals

early half of micro, small and medium enterprises (MSMEs) negatively impacted by the Covid-19 pandemic expect to recover in three to six months as they implement strategies to sustain the demand of their products and services, a survey result indicated. Michelle Llorente, policy analyst at United Nations Development Programme in the Philippines, bared the result of the second MSME value chain rapid response survey conducted by UNDP Philippines from July 13 to 23, indicating the Covid-19 impact on operations of the MSMEs. “With the majority of the population encouraged to continue staying home despite the lifting of the ECQ [enhanced community quarantine], 81 percent of total respondents confirmed that demand for goods and services remains sluggish,” she said in a webinar organized by UNDP Philippines and Philippine Disaster Resilience Foundation (PDRF) through the SIKAP MSME Recovery Hub. Llorente said all respondents from the creative arts and entertainment industry experience reduced demand for their services, while other sectors that had the highest percentage of reported lower demand were accommodation, administrative support services, agriculture, food and beverage, and other service activities. The second round of the survey was conducted to 285 MSME respondents, majority of them are from the National Capital Region (NCR), Caraga, Central Luzon and Calabarzon (Cavite, Laguna, Batangas, Rizal and Quezon). Seventy nine percent of them are in operation for zero to 10 years. On the supply side, Llorente said MSME respondents identified factors that prevented them from continuing the delivery of their products and services, including logistics, temporary closure of distributors, the government guidelines on businesses allowed to operate, and shortage of raw materials due to lack of stocks from suppliers. To address these challenges, Llorente added the survey result found that MSMEs have started implementing adaptive measures, foremost of these is digitalization, followed by diversification of products and services, and provision of non-cash payment options for their customers. “In terms of the general business measures, the top responses were cost reduction, request for private financing, and pivot into new business. As we can see, all these measures showed that MSMEs continue to find ways to adapt to the current circumstances to keep their businesses afloat,” she added. Llorente said 80 percent of the MSME respondents had business continuity plans focused on new ways of conducting day-to-day operations [60 percent], risk assessment [40 percent], and impact analysis [33 percent]. The number is much higher compared to the result of the first round of the survey indicating that 50 percent of the respondents did not have any business continuity plan, she added. The UNDP Philippines conducted the first MSME value chain rapid response survey to 315 respondents from May 1 to 15 during the time there was still a strict lockdown. Majority of the respondents were from the NCR, Calabarzon, and Central Luzon. Despite these challenges, Llorente said 45 percent of the respondents in the second round of the survey expected to recover in the next three to six months, while only 12 percent expected to permanently close shops. Considering the result of the survey, she added UNDP Philippines pressed the need to widen firms’ reach of financial intermediaries by maximizing the government’s MSME credit guarantee scheme, improve awareness and knowledge of MSME on green and sustainable business practices, strengthen supply chain management and integration of local suppliers, and provide digital training to firms and expanding their Internet connectivity.

BusinessMirror

Editor: Vittorio V. Vitug • Wednesday, September 16, 2020 B3

Study shows Apac SMEs adapt to remote work setup amid Covid By Roderick L. Abad

@rodrik_28

Contributor

MALL and medium enterprises (SMEs) in Asia-Pacific (Apac) are adaptive of a remote working environment by taking immediate actions to implement the “work from home” arrangements for employees amid the Covid-19 pandemic, revealed a study. Based on SAP’s study dubbed “Digital Resilient, and Experiencedriven: How Small and Midsize Organizations Can Prepare for the New Economy,” 77 percent of the respondents had adjusted to remote work arrangements for employees in response to the crisis, as compared to respondents in Europe and the Americas at 75 percent and 71 percent, respectively. Sixty-one percent of Apac SMEs said they created remote work setups for employees during this period, while 69 percent invested in information technology and collaboration solutions to support remote access and/or online learning. Interestingly, 10 percent of them reported that the pandemic has no effect on their ability to accommodate remote work and maintain employee productivity.

Apart from ensuring their continuous operations during this period, many small and midsize businesses in the region are also actively exploring new channels to get their products and services to customers (66 percent, vs. 64 percent in the Americas and 59 percent in Europe) and developing new products and service offerings (46 percent, vs. 40 percent in the Americas and 49 percent in Europe). “SMEs across the region—like their counterparts around the world—have certain advantages over larger competitors in terms of agility and closeness to the customer,” said Edward Cone, editorial director of thought leadership and technology practice lead at Oxford Economics. “Yet even before the pandemic, SMEs in Apac also faced meaningful challenges in keeping up

the pace of digital transformation.” The survey also revealed that Covid-19 has significantly impacted Apac SMEs’ ability to compete with bigger firms in the same industry, with 45 percent of them reporting that the pandemic has had a significant effect on their operations and strategies in this area. The crisis has also affected the ability to operate at full capacity (45 percent), the ability of the supply chains to keep up with demands (40 percent), and the ability to keep existing customers (40 percent). Some participants said that they had to fully restructure business strategy and operations in these areas to reduce the impact of the pandemic. Before the outbreak, SMEs in the region were positive about their long-term prospects. Many expect that in the next three years, their market share (62 percent), budget/ revenue (76 percent), number of full-time employees (59 percent), and profitability (78 percent) will increase somewhat or substantially. Looking forward to that, they are prioritizing improving the customer experience (40 percent), growth (38 percent) and attracting new customers (28 percent). They believe that the key to providing high-quality customer experience lies in high-quality products and/or services (70 percent), fast and convenient delivery (64 percent) and competitive pricing (62 percent), with the customer-service business function bearing the most responsibility for delivering those

QBO celebrates 4 years, ₧167 million in funding assistance for start-ups

ugust marks the fourth anniversary since QBO Innovation Hub first opened its doors in 2016. As the country’s first publicprivate initiative created through a partnership between IdeaSpace, J.P. Morgan, Department of Science and Technology, and the Department of Trade and Industry, QBO has significantly contributed to the growth of the Philippine start-up ecosystem by serving as a platform for the startup community to collaborate, develop talent, and grow. Although a lot has changed, one thing remains true: QBO remains fiercely committed to their mission of creating a globally competitive startup ecosystem in the Philippines through championing innovation. Nobody could have imagined how far QBO would go, or that it would foster such an incredible community. In sharing their pride in all that they’ve accomplished, QBO organized a simple yet meaningful virtual birthday celebration to thank everyone for their support as well as look back at some amazing milestones. Of course, QBO would not have been possible without the incredible support of PLDT and Metro Pacific

Chairman Manuel “Manny” V. Pangilinan who also took part in celebrating the fourth anniversary of QBO. In his message, Manny Pangilinan stated that “everyone—business, government, communities, families, and individuals—has to change the way they do things to survive and prosper. This simply means going digital. But that’s precisely up [QBO’s] alley—digital innovation is in your genes; it is actually what defines you.” High-impact tech startups gathered during the INQBATION Startup Showcase, an initiative of QBO Innovation Hub in partnership with J.P. Morgan that aims to put a spotlight on 15 scalable startups and help them connect with potential investors and partners. Indeed, QBO has raised over P167 million in funding assistance and successfully incubated many techenabled start-ups including Kumu, a Filipino-centric live streaming social app; Payo, a gateway that simplifies cash on delivery transactions; Senti, a customer-centric AI solutions startup that’s been actively supporting the Department of Health in the Covid-19 fight; Cropital, a crowdfunding platform connecting anyone to finance

local farmers; Mad Travel, a social tourism platform that supports marginalized communities in the Philippines; among others. With over 205 partners and collaborators, it also continues to assist start-ups across all stages and sectors in the different parts of their venture’s journey. QBO currently supports a total of 7,700 members and 421 start-ups in the QMMUNITY by providing a full range of free programs and services including introductory classes, workshops, feedback and consultation sessions, mentorship, and investment support and other growth opportunities. With Science Secretary Fortunato de la Peña’s relentless pursuit of innovation, he believes that in tandem with various government initiatives, QBO will continue to push the boundaries of tech despite the challenges posed by the pandemic through “[supporting] more startups that will meet the demands of the new normal.” He is optimistic and confident that QBO will create waves that will propel “the Philippines to be [the] top in the region for having the best and the biggest number of start-ups.”

Nograles hits ‘mislabeling’ of consumer products, wants erring traders punished

Cabinet official has condemned “mislabeling” activities by some unscrupulous traders to benefit from the government’s “buy local” program, insisting they should be punished for their illegal act. “It’s unfortunate na mayroon ngang gumagawa ng ganito. Pero hindi naman sila dapat nakakalusot. I know of particular example to that. Bawal po ang mislabeling at may mga batas tayo against that,” said Cabinet Secretary Karlo Nograles during a Facebook Live session. It was brought to Nograles’ attention that some erring businessmen label imported products as locally made

to capitalize on the government’s “buy local” campaign, especially in the rice, poultry and construction industries. “Actually, puwede iyang ireklamo sa DTI [Department of Trade and Industry]. Alam na ng DTI kung ano ang kailangan nilang gawin sa mislabeling,” added Nograles, who also heads the government’s Inter-Agency Task Force (IATF) on Zero Hunger. Nograles pointed out that mislabeling is a strong indication that the government’s “buy local” is gaining traction among consumers. “Kung mayroong mga unscrupulous diyan na mini-mislabel nila na made in the Philippines, ibig sabihin marami sa

mga kababayan na natin ang bumibili ng local products,” he said. Nograles also reiterated the importance of patronizing local products, saying it will help revive the economy and protect businesses and jobs. “Pinag-uusapan na rin po natin how to get the economy back on its feet, paano natin mare-revive ang ekonomiya, the best thing to do is buy local, buy Filipino,” Nograles said. “Sa ganung paraan, natutulungan natin ang kapwa natin na mga MSMEs, mga negosyante,mga maliliit na negosyante, lalung lalo na itong small and medium enterprises at entrepreneurs at natutulungan natin ang kanilang pamilya,” he added.

experiences (cited by 70 percent of respondents). Upgrading analytics on customer data is viewed as a go-to strategy to improve customer experience: 28 percent already have done this across the organization, and 52 percent have started to. Many SMEs in the region have made moderate progress toward digital transformation (39 percent), and 21 percent have made substantial progress or completely transformed; within three years, 19 percent expect to have completely transformed. Technology-wise, they tap HR/ talent management software (66 percent), governance and cybersecurity software (63 percent) and finance and risk management software (59 percent) in some applications/projects or already used them at scale. Mobile devices and mobile business process enablement, and business management solutions (ERP software) top the pilot implementation, and Apac SMEs consider emerging technologies, AI/ML and Internet of Things as their main investment priority. At present, they view the upskilling/reskilling of the current workforce (30 percent), lack of coordination between different departments (29 percent), and inability to gain insights from data (28 percent) as key internal challenges. External challenges for them, such as changing customer wants and needs (40 percent), competition from larger organizations (39 percent), and adapting to a rapidly changing marketplace (27 percent) emerge as

hindrances to their business success. “Today’s new normal requires businesses to pivot and adapt with speed. SMEs in the region seem to understand that the sense of urgency to digitally transform their businesses will give them an advantage through the pandemic and beyond,” said Claus Andresen, senior vice president and head of general business (SME) and emerging markets growth, Asia Pacific & Japan. “With the adoption of an intelligent enterprise strategy, SMEs can establish a digital core that will power the entire organization, embedding data-driven insights and decision-making processes across the business. This is crucial in enabling business agility, further strengthening the ability of SMEs to adapt to dynamic market conditions. “I am confident SMEs in the region will be able to emerge stronger, having forged closer bonds with customers and employees, while developing innovative services and products that will put them on a strong growth trajectory as the world economy recovers,” he stressed. Conducted in collaboration with Oxford Economics from February 27 to April 30, the study engaged 2,000 respondents, 832 of them were from the following Apac markets: Australia, China, India, Japan, New Zealand, the Philippines, Singapore, and South Korea. A section detailing answers from 240 respondents on the impact of the Covid-19 pandemic was also added to the survey mid-fieldwork.

30 Mendez, Cavite MSMEs receive livelihood starter kits from DTI 4A

he Department of Trade and Industry Region 4A, through its Livelihood Seeding Program— Negosyo Serbisyo sa Barangay (LSPNSB), distributed P200,000 worth of livelihood starter kits for sari-sari store, carinderia, and fruits and vegetable vending to 30 selected microentrepreneurs from Mendez, Cavite on September 10, 2020. Among the recipients were residents of Barangay Anuling Cerca 1 and 2, Anuling Lejos 1 and 2, and Palocpoc 1 and 2. The LSP-NSB is a program of the DTI that allows a wider reach of business development assistance by bringing government services closer to the people through partnerships between relevant local government units and DTI officials. Through Barangay Development Councils (BDCs), the DTI shall help capacitate Barangay personnel to provide basic business advisory, or information dissemination services to MSMEs in the locality. The DTI 4A team led by Regional Director Marilou Q. Toledo was warmly welcomed by local government officials of Mendez represented by Executive Assistant Romeo Chavez and the Barangay Captains. In his welcome remarks, Chavez thanked the DTI for the opportunity given to their entrepreneurs as they now have the chance to recover

and restart their businesses. “We, in the DTI, are always keen to provide assistance to our entrepreneurs through the presence of our Negosyo Centers in the province. We encourage our existing and aspiring entrepreneurs to not hesitate in seeking our help as our services and programs are always available for you,” said DTI Cavite Officer-in-Charge Director Revelyn A. Cortez. Toledo, on the other hand, emphasized the importance of livelihood sustainability, citing that the amount of investment, or capital, is not a measure of success. “It is discipline, knowledge, and innovation that drive the success of every business,” said Toledo. “Ang maliit na puhunan ay maaaring maging daan sa pag-abot ng mga pangarap. Kahit gaano man kaliit ang iyong negosyo, mahalaga ang parte nito sa ekonomiya. Kaya hiling ng DTI sa ating mga micro, small, and medium enterprises ay ipakita na lumalago ang kanilang mga negosyo gaano man ito kaliit,” added Toledo. To date, 85 out of 135 targeted beneficiaries were already granted livelihood starter kits in the Province of Cavite. Along with the distribution of starter kits is the provision of capability-building seminars for the MSMEs.

A group of about 30 micropreneurs from Mendez, Cavite receive their MSME starter kits from the Department of Trade and Industry Region 4A through the Livelihood Seeding Program—Negosyo Serbisyo sa Barangay on September 10, 2020.

Show BusinessMirror

Wednesday, September 16, 2020 â&#x20AC;˘ Editor: Gerard S. Ramos

www.businessmirror.com.ph

Autopsy report: â&#x20AC;&#x2DC;Gleeâ&#x20AC;&#x2122; star called for help as she drowned HEâ&#x20AC;&#x2122;S FOUND LOVE

SO this actor and a new talent did a project together and now it seems that they have fallen in love. At first, people were skeptical if the project would succeed because the other talent was not very popular. But they have been proven wrong. The project was a success and the chemistry between the two stars was undeniable. The magic between them could be seen onscreen. Well, the magic is real. At first everyone thought that they were just becoming friends. The actor is known to be protective of his personal life. Later on, their coworkers realized that they do like each other a lot. The actor is a lot more open now than he was before. He is very proud of the younger guy. Do we see more projects with them together? Probably.

WHINING EMPLOYEE

THIS network employee has been raising a stink because the company wants to hire new creatives like writers and even producers to boost their creative department. But the employee claims she and her group are enough, that they can handle the networkâ&#x20AC;&#x2122;s requirements and needs. This is not true because the employeeâ&#x20AC;&#x2122;s concept are so old and tired. Many of the networkâ&#x20AC;&#x2122;s viewers have stopped watching her shows. Employee sought the help of someone powerful to stop the entry of nee blood. For now, she is succeeding. The employeeâ&#x20AC;&#x2122;s powerful connection has actually managed to postpone most of the new hirings. But for how long?Â

TARGET OF RUMORS

DESPITE rumors linking her to her exâ&#x20AC;&#x2122;s father, this starlet is very happy with her life right now. Itâ&#x20AC;&#x2122;s not clear if she did indeed approach her exâ&#x20AC;&#x2122;s dad for help. What is clear is that sheâ&#x20AC;&#x2122;s dating someone whoâ&#x20AC;&#x2122;s a celebrity in his own right but not from show business. She and the new guy in her life are very happy together. There have been so many nasty talks about this girl with regard to her ex-boyfriend and everything, giving people of a bad impression of her. These rumors have truthfully not helped her career. They say itâ&#x20AC;&#x2122;s still publicity, whether good or bad. In the starletâ&#x20AC;&#x2122;s case, all the bad publicity has been bad for her and her career. Now that she has another chance at happiness, these rumors are back to haunt her.

THE PRIVILEGE

ONE of those who were afflicted with Covid-19 was a socialite, and to illustrate the difference between an average citizen contracting it versus someone who is rich, this woman simply isolated herself in a five-star hotel (she was symptomatic). She was attended to by a nurse, who had another room beside her, and doctors who were on call. She emerged from quarantine 21 days later and went back to her normal life. The rich are hardly affected by the pandemic because they have all their resources to use whatever happens. Covid-19 is not an equalizer, as some people will say. When this illness hits the poor, they are helpless against its potentially fatal effects. The rich merely use their money and things are okay.

BY ANDREW DALTON The Associated Press

OS ANGELESâ&#x20AC;&#x201D;An autopsy report released recently says Glee actor Naya Rivera raised her arm and called for help as she accidentally drowned while boating with her four-year-old son on a California lake. Once his mother had helped him back on to the boat, the boy â&#x20AC;&#x153;noticed the decedent put her arm up in the air and yelled â&#x20AC;&#x2DC;help,â&#x20AC;&#x2122;â&#x20AC;? the report from the Ventura County Medical Examiner says. â&#x20AC;&#x153;The decedent then disappeared in to the water.â&#x20AC;? Authorities had previously said that Rivera had drowned accidentally after putting the boy, Josey Hollis Dorsey, back on the boat at Lake Piru northwest of Los Angeles on July 8, but had not mentioned her shouting for help. Rivera â&#x20AC;&#x153;knew how to swim well,â&#x20AC;? the report said. The man who rented her the pontoon boat said she declined a life vest, but he put one aboard anyway. It revealed that the 33-year-old Rivera had previous problems with vertigo, had a recent sinus infection, and had a small amount of prescribed amphetamines in her system, but did not identify physical conditions or drugs as factors in her death. Toxicology tests also showed she had small, therapeutic amounts of the anti-anxiety drug diazepam and the appetite suppressant phentermine in her system. Josey, Riveraâ&#x20AC;&#x2122;s son with her former husband, actor Ryan Dorsey, was found sleeping and alone on the drifting boat later that afternoon. Five days later, her body was found floating in an area of the lake that is about 30 feet deep. The Ventura County Sheriffâ&#x20AC;&#x2122;s Office said she was most likely trapped in thick vegetation underwater for several days before floating to the top. Josey was immediately reunited with his father and other relatives. The day before her death, Rivera tweeted a photo of the two of them that read, â&#x20AC;&#x153;just the two of us.â&#x20AC;? In her memoir, she called him â&#x20AC;&#x153;my greatest success, and I will never do any better than him.â&#x20AC;? Riveraâ&#x20AC;&#x2122;s death was the third of a major cast

Todayâ&#x20AC;&#x2122;s Horoscope By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Nick Jonas, 28; Kyla Pratt, 34; Alexis Bledel, 39; Amy Poehler, 49. HAPPY BIRTHDAY: Stop procrastinating and start doing. You are on the threshold of something awesome and need to pick up the pace and finish what you are pursuing. Donâ&#x20AC;&#x2122;t complicate matters with issues you cannot control. Sidestep anything that could mess with your mind. Stay focused on what you want to accomplish, and success will follow. Your numbers are 9, 16, 24, 28, 32, 34, 43.

ARIES (March 21-April 19): Take a moment to digest whatâ&#x20AC;&#x2122;s happening around you before deciding to jump into the mix and take action. A reserved approach will put you in a much better position to negotiate on your behalf. Look at the big picture. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

TAURUS (April 20-May 20): A change doesnâ&#x20AC;&#x2122;t have to be drastic, but it does need to make sense and encourage better days ahead. Refuse to let your emotions take over and ruin a good thing. Truth matters if you want long-lasting results. Follow your heart. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

GEMINI (May 21-June 20): A situation will not be as it appears. Donâ&#x20AC;&#x2122;t act on an assumption, or you will end up in an unsettled place. Back up and channel your energy into personal gain, growth and physical well-being. â&#x2DC;&#x2026;â&#x2DC;&#x2026;

CANCER (June 21-July 22): Spend more time on details, truth and making changes that will stand the test of time. Concentrate on partnerships and how you can contribute as a team player. Donâ&#x20AC;&#x2122;t be fooled by someone with big ideas that are risky and impractical. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

LEO (July 23-Aug. 22): Look over your objectives carefully, and make adjustments before sharing your ideas. You want to do your best to gain support, not alienate yourself from those you need to help you put your plans in motion. Romance is on the rise. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

NAYA RIVERA

member of Glee, the Fox TV musical comedy that Rivera starred in from 2009 to 2015, playing a singing and dancing lesbian cheerleader. Riveraâ&#x20AC;&#x2122;s body was found seven years to the day after costar Cory Monteith died at 31 from a toxic mix of alcohol and heroin. Another costar, Mark Salling, who Rivera dated at one point, killed himself in 2018 at age 35 after pleading guilty to child pornography charges. â&#x2013;

VIRGO (Aug. 23-Sept. 22): Stop worrying about what others do; focus on what you want. A physical change should be put on hold until you research the possibilities further. Put your effort and energy into something concrete and conducive to getting ahead. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

LIBRA (Sept. 23-Oct. 22): Quiet time will help you sort through uncertainty. Relive some of the moments that haunt you, and youâ&#x20AC;&#x2122;ll discover you are putting too much blame on yourself. Let go of the past, and youâ&#x20AC;&#x2122;ll find the path that leads to happiness. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

SCORPIO (Oct. 23-Nov. 21): Size up situations, and prepare to take action. Focus on truth, be fair and commit to what you decide to do next. Change is heading your way, and you want to be prepared to take advantage of whatever opportunity comes your way. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

SARAH, MATTEO SHARE LOVE AND HOPE IN FIRST ONLINE SHOW TOGETHER FOR the first time ever, celebrity couple Sarah Geronimo and Matteo Guidicelli came together to headline an online show to spread love, hope, happiness and gratitude amid these trying times. The online show, titled Love, Landers, is part of the fourth-year anniversary celebration of the countryâ&#x20AC;&#x2122;s fastest-growing membership shopping establishment, Landers Superstore. Throughout the show, Sarah and Matteo took the time to share their love story and experience as newlyweds, their life in quarantine, updates on their respective careers, and more. Of course, the two of them, together with musical director Louie Ocampo, gave heartfelt duet and solo musical performances. Fans were able to sing along from their own homes as Sarah and Matteo performed several songs including â&#x20AC;&#x153;Iâ&#x20AC;&#x2122;ll Be There For Youâ&#x20AC;? and â&#x20AC;&#x153;Tala.â&#x20AC;? Aside from the musical experience,

Sarah and Matteo also encouraged the community to help provide aid to those in need by supporting Landerâ&#x20AC;&#x2122;s Share the Hope donation program. To learn more, visit sharethehope.landers.ph. The show also featured the launch of Landersâ&#x20AC;&#x2122; 100 Blessings campaign which will continue the spirit of gratitude and goodwill toward each other. The campaign encourages social-media users to post a photo showing the person they want to thank. Participants must write a short message addressed to the person in the photo and use the official hashtag: #100Blessings. To keep the gratitude movement going, uploaders may tag their family and friends so they can also create their own thank-you posts. SARAH GERONIMO and Matteo Guidicelli

SAGITTARIUS (Nov. 22-Dec. 21): Think twice before you share your thoughts with others. Someone will misinterpret what you say and meddle in your personal affairs if you arenâ&#x20AC;&#x2122;t careful. Focus on personal gains and changes without disclosing what you are doing. â&#x2DC;&#x2026;â&#x2DC;&#x2026;

CAPRICORN (Dec. 22-Jan. 19): You can wheel and deal all you want. You are in a prime position to advance as long as you donâ&#x20AC;&#x2122;t let your intellect spar with your intuition. Uncertainty will be what holds you back. Donâ&#x20AC;&#x2122;t overreact or overanalyze. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

AQUARIUS (Jan. 20-Feb. 18): Sit tight when dealing with matters that can influence essential partnerships or physical changes you want to make. Look for alternative options, and do your research before heading down a path that is unfamiliar territory. Love who you are. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

PISCES (Feb. 19-March 20): An emotional switch will cause you to change direction. Your feelings will be close to the surface and lead to a place that feels right. Let go of the past, and follow your dreams and the path you desire. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026; BIRTHDAY BABY: You are impulsive, changeable and persistent. You are hardworking and devoted.

â&#x20AC;&#x2DC;shaken or stirredâ&#x20AC;&#x2122; BY BRIAN GUBIN The Universal Crossword/Edited by David Steinberg

ACROSS 1 Iron and Bronze 5 What was revolutionary in the music industry? 9 Surprising victory 14 Mimosa no-no, often 15 Norse god with an eye patch 16 Gullible 17 Easy A star Stone 18 Team-building meal (unscramble letters 3 to 7) 20 A boat or its oar 22 Feeling on opening night 23 Change 25 Start of a Latin apology 26 Sault ___ Marie 27 14x NBA All-Star from Germany (1 to 5) 32 Denver-to-Austin dir. 33 Kylo ___ (Star Wars villain) 34 Revise 37 Tyrion Lannister portrayer (5 to 9) 42 â&#x20AC;&#x153;Wait there, Rover!â&#x20AC;? 43 Kimono sash 44 Fresh start? 46 Rhyming message from Blockbuster

(3 to 7) 51 Crowded kind of lane? 54 Little ___ (tykes) 55 â&#x20AC;&#x153;Somebody That I Used to Knowâ&#x20AC;? singer 56 Tennis period since 1968 59 Letter after rho 61 What you might have after a long day, or a theme hint 63 Events with franks 66 Adversary 67 Plains native 68 Jessica of Machete 69 Mulligans 70 Thirsty totâ&#x20AC;&#x2122;s request 71 Word after â&#x20AC;&#x153;tasteâ&#x20AC;? or â&#x20AC;&#x153;Turingâ&#x20AC;? DOWN 1 Mimic 2 Chewy stick 3 Road in horror films 4 Sissy of Bloodline 5 Wolfâ&#x20AC;&#x2122;s cry 6 Revered person 7 Tree farm tree 8 Printer variety 9 Number in many city addresses

10 Breathe heavily 11 Certain trig ratios 12 18x Grand Slam singles champion Chris 13 Short 19 Actress Cameron 21 Large coffee holder 23 Spots for cleaning products, say? 24 Speech therapistsâ&#x20AC;&#x2122; concerns 25 Underlings 28 Bruins great Bobby 29 Marry 30 Kenanâ&#x20AC;&#x2122;s partner (ELK anagram) 31 NAACP cofounder Wells 35 Able to be lit 36 Minuscule 38 Bar bill 39 Giant squidâ&#x20AC;&#x2122;s giant organ 40 â&#x20AC;&#x153;Donâ&#x20AC;&#x2122;t worry about it,â&#x20AC;? in textspeak 41 White wine aperitif 45 ___ to a Nightingale 47 Certain Turk 48 All lined up 49 Breakfast staple 50 Australian marsupial 51 Lisa Simpsonâ&#x20AC;&#x2122;s dad

52 53 57 58 59 60 62 64

Give oneâ&#x20AC;&#x2122;s viewpoint Irked Lost-and-found fish East Coast ice cream brand Cause of a school closing DIY furniture company â&#x20AC;&#x153;Give ___ restâ&#x20AC;? Lamar Jackson and Patrick Mahomes, for short 65 Prepared to meditate, say Solution to Thursdayâ&#x20AC;&#x2122;s puzzle:

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Workers see more value in employee benefits as pandemic-era annual enrollment nears NEWARK, New Jersey—Amid the Covid-19 pandemic and the resulting economic fallout, workers report a significant increase in the value they place on the benefits offered by their employers, including a double-digit increase in how likely they are to remain at a job based on non-health benefits such as retirement savings, disability insurance, life insurance and other tools to help alleviate financial stress. In a survey by Prudential Financial to understand employee needs and perspectives ahead of the 2020 annual enrollment period, employed respondents overwhelmingly said their benefits programs make up a key part of their compensation (77 percent, up from 67 percent from a year ago) and are a big reason they would stay at a job (73 percent vs 59 percent). Under normal circumstances, open enrollment season poses unique opportunities and challenges for employers and brokers. This year, the impact of Covid-19 will provide the backdrop as they are tasked with curating, administering and communicating the right mix of benefits to support the interconnected physical, mental and financial wellness of their employees. Workers will similarly face enrollment decisions in the current environment—and those choices matter, in unexpected ways. The research found that people who report that their benefits reduced stress are more likely to opt for certain lesseradopted benefits—particularly those that can alleviate unanticipated expenses. Examples include participation in a health savings account, accident insurance and life insurance. Other findings in the survey, conducted on August 3 to 4, include: 75 percent agreed that “[due] to the pandemic, I feel that access to benefits through an employer is now more important than ever before.” 75 percent agreed that “given the current environment, it makes me realize that benefits are a much more important part of a job.” By more than a 2-to-1 margin, respondents said they would “be willing to take a chance on a new job right now if it offered better benefits” (52 percent agree versus 24 percent disagree, with 24 percent neutral). “While we’re pleased to see workers increasingly recognize the value of a comprehensive, cohesive workplace benefits package, we also cannot ignore that this stems from the financial, physical and mental stressors of the pandemic,” said Leston Welsh, head of business segments for Prudential Group Insurance. “Given the uncertainty of the current environment, it’s more important than ever for employers to educate and encourage their employees to choose the solutions that will help safeguard their financial security—over the near and long term.”

BUSINESS WIRE

Editor: Gerard S. Ramos

• Wednesday, September 16, 2020

Employee experience

HAT makes people stay in your organization? I know of some people who started and retired in the same organization. I also know of people who jump from one job to another, and even from one career to the next. What makes people stay? Before, people thought it was the salary, benefits and opportunities for career development. It turns out that it was more than all of these things combined. This is what is called employee experience. Employee experience, or EX, is the sum of all the interactions an employee has with everyone in the organization. While employee engagement looks at developing the best conditions for employees to perform at their peak in a given time (think team building, corporate events and other activities), employee experience looks at the overall interaction of an employee from recruitment all the way to their parting with the organization. Hence, an organization’s management looks at their decision from an employees’ lens and how it is perceived. EX is the means by which you can ensure employee engagement is consistently high and sustained. But take note that EX is not just the responsibility of HR but is a collective effort of the entire organization. To understand employee experience, the organization needs to look at the whole employee life cycle and identify at what point employees disengage either by decreasing performance levels or parting ways with the organization. This means looking at all the stages that an employee goes through such as the recruitment process, onboarding, performance management, promotion and termination. Understanding where employees struggled in their performance will help the organization develop mitigation measures to support the employee’s

performance and development. Aside from the employee life cycle, you also need to understand where you are in your current employee experience. One of the tools you can use is the PEARL Employee Experience Model, which looks at different areas of an employee’s purpose, enablement, autonomy, reward and leadership. The model will help you identify a baseline of your employee experience and which area in your organization needs work in improving the employee experience. From the baseline, the organization’s management needs to take deliberate actions to address identified attrition points. For example, if the attrition cause is in performance management because of a lack of an objective way of measuring achievement, or the need for a career path for employees, then the management needs to take action to address those and if not possible, provide alternatives acceptable to the employees. At the heart of employee experience is what employees go through, so human experience should be the primary consideration rather than process. The tendency of organizations is to think that once a process is delineated, they expect people to follow. However, if you take it from the perspective of the users, it becomes easier to implement because they were consulted in the first place. Remember, what looks good on paper does not automatically mean it will work in real life. And speaking of tools, these should address work productivity and should not just be a means of catching up with technology for the sake of riding the bandwagon. Especially useful are tools that enhance collaboration and communication among departments. This helps to break down silos and encourage more interaction from different parts of the organization. That is also the reason why more organizations are finding value in hiring user experience designers to ensure the tools they develop and implement meet user needs and requirements. Couple this with a design thinking mindset and you have an applications development team that understands what your employees need to get the work done better and faster. In a previous company I worked for, they developed an app which lets employees get in touch with their manager, sends updates to their phone, and makes it handy for an employee to check leave credits, monitor shuttle schedules, and even use the

app as their ticket to corporate events. The app also allowed for real-time mood checkers to give managers an overview of their team’s overall sentiment. If you can find or develop collaborative tools which allow for different departments in your organization to work together, it becomes easier for new and tenured employees to find their niche in the organization and contribute positively to the business objectives. Another area most organizations are starting to realize the importance of is the leadership’s transparency. How are employee’s opinions valued and heard? To ensure optimal employee experience, there has to be a feedback mechanism in place to ensure employees have a way of letting management know of how new policies and ways of working are affecting them. This will also help management calibrate how they approach the rollout of new tools, and in the long run provide a list of needed improvements which can be incorporated in existing and future tools. Alongside increased transparency, provide more opportunities for management touchpoints with people. A leader who takes the time to talk to their employees and treats everybody with respect regardless of position sends a message to everybody in the organization that he cares for their welfare. What would be better is an open-door policy where anyone in the organization can bring to the management their concerns. There are several ways of doing this but the important thing is, people have an opportunity to be heard. If the organization is too big, a sustainable way of engendering transparency is empowering middle managers to make decisions which affect their own departments. This means that you need to trust middle managers to reflect the value of the entire organization and everybody is aligned with how to address work issues and risks. This is where culture plays an important role in maintaining an employee experience reflective of the organization’s vision, mission and core values. Think back to your organization. Why do people stay? Why do they leave? If you can find out which are the factors causing the loss of your top talents, you can provide alternative means to augment what is needed to make them stay. Otherwise, you open yourself to the possibility of employees who do the bare minimum and who only wait for paycheck after paycheck. n

SIA operates special flights to Manila for World Food Programme, global Covid-19 response

SIA Cargo team facilitating the sixth WFP delivery to Manila on flight SQ916 at the Ninoy Aquino International Airport Terminal 3.

SINGAPORE Airlines (SIA) and the Temasek Foundation are partnering with the World Food Programme (WFP) to support the global Covid-19 response to help transport essential medical supplies and other health and humanitarian items by air to points of need around the world. As part of this partnership, six special cargo flights carrying essential medical supplies have since been arranged on scheduled services to Manila. Providing the logistics backbone for global Covid-19 efforts, WFP operates a network of hubs and passenger and cargo airlinks to ensure a steady flow of supplies and support to the frontlines of the pandemic. Since these services commenced in May, WFP has managed more than 800 humanitarian flights to 159 countries, with enough cargo to fill 188 jumbo jets expected to require WFP transport in the coming weeks. “While demand for WFP Common Services grows every week, resources are stretched

incredibly thin and additional support is urgently needed,” said WFP’s Covid-19 Corporate Response Director Amer Daoudi when the partnership was launched in early August. “We are very grateful to Singapore Airlines and Temasek Foundation for stepping up so we can continue delivering life-saving supplies to those who need them most.” Under this agreement, SIA is making ad-hoc charter flights and freight space in its scheduled services available on a cost-recovery basis, with flight costs being covered by a contribution of up to $6.5 million from the Temasek Foundation. Chin Yau Seng, senior vice president for cargo for Singapore Airlines, said: “It is a pleasure for SIA to partner with the WFP and Temasek Foundation in this meaningful program. This will allow us to draw on our expertise as a global airfreight provider, and use our international network to deliver essential supplies to the points of need and help to make a positive impact on the communities that have

been directly affected by Covid-19.” Ng Boon Heong, CEO of Temasek Foundation, said: “We are pleased to partner with the WFP and SIA to help make these flights possible. Together, we will be more capable in combating the Covid-19 global pandemic when we enable synergistic collaborations in the international community.” During this challenging period, the SIA Group has stepped up to support the global fight against the Covid-19 pandemic. The SIA Group has facilitated multiple repatriation flights to bring back individuals stranded away from their home countries. SIA Cargo has also been transporting medical relief supplies and personal protective equipment to places where they are needed, and playing its part in keeping supply lines for essential goods open at a critical time. The group has also donated items, such as blankets and helped to supply meals to communities that have been affected by the pandemic in Singapore.

B6 Wednesday, September 16, 2020

Celebrating a lifetime of whisky, Tamnavulin Vintage Collection made its Philippine debut

OME of the rarest and most precious single malts ever to be matured at the heart of whisky country at Tamnavulin Distillery on Speyside recently made its debut in the Philippines in August 2020. With just four single malts in the Vintages Collection, these rare whiskies capture a richness of character and also a moment in the history from behind the doors of our distillery. Each telling their own story; but collectively showcasing a lifetime of whisky making and nurture over almost 50 years.

Moving back in time, our awardwinning Vintage 1979 tells an inspiring story of its 39 year maturation. A spirit which was amongst the last to be distilled in this decade. With a character shaped by time spent in both first fill Bourbon barrels and 30 Year Old Sherry butts, this single malt exudes an amber glow. With a distinctive nose of Mediterranean orange, fig, almond and ginger cake, this ISC 2019 Gold medal winning single malt offers up a taste defined by pineapple, coffee and dark fruits. Nurtured for 45 years in hand-selected

Bourbon barrels and Oloroso Sherry Butts, Vintage 1973 showcases the long-standing interaction between spirit and wood. The result is a honey gold single malt which tempts the nose with ginger biscuits, sultanas, melon and marzipan, whilst flavours of peach, fruit cake, cinnamon and maple syrup please the palate. Last but by no means least, we have Vintage 1970, the oldest and scarcest of the entire Collection, and in fact all of our maturing stocks. Created just four years after the opening of the distillery in 1966, this ISC 2019 Double Gold Trophy winning 48 year old whisky is full of character; reflecting a true lifetime of maturation. This Vintage began its life in Bourbon barrels, moving into 30 year old Oloroso Sherry Butts before returning to Bourbon barrels to be finally finessed. The resulting character of this golden copper single malt begins with a sweet nose of caramel, pear, walnut cake and praline and leads to tastes of dark treacle, frangipane, coconut and figs. With a commitment to great tasting whisky, to be enjoyed not debated, Tamnavulin Vintages Collection were previously only available in Taiwan but will now be enjoyed in The Philippines. Whilst limited, these precious single malts are now available in select wineshops. The RSPs for Tamnavulin Vintages Collection are: Vintage 1979 – P99,800, Vintage 1973 – P140,800, Vintage 1970 – P210,800.

HSMA holds biggest tourism sale of 2020

ITH the gradual lifting of quarantine restrictions around the country, Filipinos are raring to pack their suitcases and travel, albeit more cautiously, to once again enjoy the country’s beautiful destinations with families and friends. The Department of Tourism recently came up with a campaign to feed every Pinoys’ wanderlust: “Wake Up In the Philippines,” which showcases a series of online videos that feature all of the country’s picturesque beaches, breathtaking mountains, and mouthwatering cuisine. The virtual experience easily inspires one to start planning their next trip in the Philippines, be it in Batanes, Bohol, Boracay—or just about any place they want to visit soon in the country. And with tourism being one of the hardest hit industries--not just here, but all around the world-a local association of hotel marketers are holding a pivotal event aimed at further jumpstarting the Philippines’ hotel and hospitality industry: the September Online Sale, or S.O.S. Organized by the Hotel Sales and Marketing Association (HSMA) Philippines, with the support of the Tourism Promotions Board (TPB), S.O.S. is a twoweek online sale of 89 hotel accommodations and other offerings across the country, to be held from September 15 to 30, 2020. Through HSMA’s website, www.hsma.org.ph, travelers can find exclusive discounts of up to 70 percent off on regular rates of hotels in each of the featured destinations. HSMA Chair Margarita Munsayac assures S.O.S. buyers that all properties featured in the event have passed stringent health and hygiene safety protocols, all of which are also being communicated through their respective social media and digital platforms. “Months of quarantine have enabled these properties to plan carefully and in detail all these protocols, as prescribed by the government, to ensure safety of guests as well as employees," Munsayac says. HSMA President Christine Ibarreta stressed that this initiative offers hope for an estimated 5.7 million hospitality employees and workers. “We have no illusions that life will be the same—if and when restrictions are lifted. But the public’s patronage and advanced bookings from the sale gives us hope that things will get better. It will also enable us to plan ahead in terms of manpower and other operational requirements so that we will be able to hit the ground running when the pandemic scare is over,” shares Ibarreta.

• Buy One, Take One massage offers at The Crimson Resort and Spa; • Buy Now, Travel Later with P6,000 resort credit promo at Discovery Shores; • Three Days, Two Nights packages at the Paradise Garden Resort and Convention Center, and at ShangriLa’s Boracay Resort and Spa; and • A free night at The Lind, for a minimum paid twonight stay.

• Costa Pacifica in Baler, Aurora offers special discounts on wedding package for 30 persons, as well as Buy Now, Stay Later vouchers; • Discounted weekend packages on rooms at Aureo La Union and jacuzzi villas at Vitalis Villas; • 55% off on room rates at Las Casas de Filipinas de Acuzar in Bataan inclusive of a heritage walking tour. Discounted room prices at Quest Plus Conference Center Clark in Pampanga.

Visayas

South of Metro Manila

The ultimate Philippine itinerary

• Dusit Thani Lubi Plantation Resort offers discounted room rates for its Day Experience package inclusive of set lunch; and wedding packages for 25, 50, or 100 persons with P30,000-50,000 discount. • Dusit Thani D2 Davao will offer meeting room packages on a per-person rate, inclusive of special discount promos for room, food & beverage and wedding banquets.

S.O.S. offers options from 89 hotels and resorts all over the country, across eight key destinations: Manila, Pasay, Makati/Bonifacio Global City, the Ortigas Business Center, Quezon City, Northern Luzon, Southern Luzon, Boracay, Visayas, and Palawan/Mindanao. Among the featured destinations and hotels during the 2-week sale are:

Boracay

• Huge discounts on Deluxe Rooms (with breakfast or spa deals) at the Belmont Hotel;

• For families, Bluewater Resorts in Maribago, Panglao, and Sumilon offer up to 60 percent off on their Deluxe Room rates (with breakfast) for a threeday, two-night stay. • The Bellevue Resort Bohol has promos for an overnight, two-night, or three-night stay, which include a 10 percent discount on boat rentals. • Crimson Resort and Spa Mactan has extended its Forever Summer room rates at incluses a 40% spa services discount at its AUM SPA. • In Cebu City, locals can avail of Marco Polo Plaza Cebu’s Staycation Spree deal for two or three nights. • Shangri-La's Mactan Resort and Spa will also be offering their own two-night staycation package, while Savoy Hotel Mactan has a Welcome Back promo for an overnight stay. • Radisson Blu Cebu offers an Intimate Garden Wedding package for 20 persons, which includes an overnight stay for the couple. • Richmonde Hotel Iloilo, is welcoming back its guests with both dining and overnight stay discounts.

Palawan/Mindanao

• Club Paradise Palawan: Break Free vouchers for three-day, two-night stays, inclusive of P6,000 resort credits for use in restaurants, spa, gift shop, and select island tours • Miniloc Island Resort (El Nido Resorts): Deals on four-day, three-night stays, with daily full-board meals. Seda Lio: Overnight stay for two, with P4,000 worth of food and beverage credits • Best Western The Ivywall: Overnight and threeday, two-night stay deals with discounts on local cocktails. • Overnight stay with half-board meals at Aziza Paradise Hotel.

Davao

North of Metro Manila

• In Baguio City, there are huge discounts on accommodations and degustation menu for two persons at Grand Sierra Pines Hotel;

• Acacia Hotel Manila offers special rates for banquet and meeting functions for a minimum of 30 persons. • Extended Forever Summer hotel room rates and special banquet packages at Crimson Hotel Filinvest City. • Assorted room vouchers at The Bellevue Manila. • The Twin Lakes Hotel in Tagaytay city offers room discounts for two, while Quest Hotel also has its own version of a Forever Summer package. • Seda Nuvali has an overnight accommodation promo for two. • Overnight Deluxe Room vouchers at The Bayleaf Cavite. Meanwhile, articipating Metro Manila properties offering heavily-discounted overnight and staycation packages include: Manila, Pasay: Bayview Park Hotel Manila, Belmont Hotel Manila, Conrad Manila, Diamond Hotel Manila, Golden Phoenix Manila, Hilton Manila, Holiday Inn Express Manila Newport City, Hotel 101 - Manila, Jen Manila by Shangri-La, Kabayan Hotel, Midas Hotel and Casino, Savoy Hotel Manila, Sofitel Philippine Plaza, The Bayleaf Intramuros, The Heritage Hotel Manila, and Winford Manila Resorts and Casino. Makati, Bonifacio Global City: Discovery Primea, Dusit Thani Manila, Grand Hyatt Manila, Holiday Inn and Suites Makati, Hotel Celeste, Makati Shangri-La Manila, New World Makati Hotel, Oxford Suites Makati, Seda BGC, Seda Residences Makati, Shangri-La at The Fort, and Valero Grand Suites by Swiss-Belhotel. Ortigas and Quezon City: Ace Hotel and Suites, Astoria Plaza, BSA Twin Towers Hotel, Crowne Plaza and Holiday Inn Manila Galleria, Discovery Suites, Eastwood Richmonde Hotel, Edsa ShangriLa Manila, Joy Nostalg Hotel and Suites Manila, Luxent Hotel, Marco Polo Ortigas Manila, Microtel by Wyndham - UP Technohub, Park Inn by Radisson North Edsa, Richmonde Hotel Ortigas, Seda Vertis North, and The Linden Suites. “We believe that we will see the opening of domestic travel corridors by October, and more by December,” says HSMA vice president Benjie Martinez. “Come summer of 2021, we can expect the hospitality sector to be in a fairly better situation, as more people find ways to wake up in different parts of the Philippines.” Book your ultimate vacation now! For a full list of participating hotels and resorts and their offers, visit www.hsma.org.ph. HSMA’s September Online Sale will run from September 15 to 30, 2020. The vouchers are valid from October 1, 2020 through September 30, 2021.

Harnessing the power of technology amid the age of distance learning

HE global lockdown amid the ongoing pandemic has greatly affected the education sector and has triggered disruptions in the way classes are held this school year. In the Philippines, education officials said that educational institutions will embrace the distance learning approach to ensure that learning among students in all levels remains unhampered. It will also ensure the safety of the students as the country struggles with the health crisis. In a distance learning set up, the interactions happen between the educators and students who are geographically remote from each other during the actual instruction. While distance learning is not a new concept, some recent definitions focus more on it as a new development that requires not just massive technical adjustments but also changes in the way learning institutions will need to operate in general. For Vertiv, a global provider of critical digital infrastructure and continuity solutions, distance learning underlines the importance for educational institutions to leverage technology in order to thrive even in the face of the COVID-19 pandemic. Educational institutions need to ensure the availability of the schools’ IT network for educators to access student information, such as enrollment, class records, among others, even when they are not physically present in the campus. They also need to ensure the accessibility of its IT systems to make modules and other learning materials available for the teachers. In public schools, for instance, learning references can be accessed by educators, parents, and students using DepEd Commons, a project of the Department of Education (DepEd) aimed at supporting the continuous delivery of basic education to Filipino learners through open education resources (OER). Apart from the platforms, learning institutions must also ensure that they can support mobile learning. This refers to learning across multiple contexts, through social and content interactions using personal electronic devices.

Empowering the education sector

Vertiv has been innovating solutions that can help empower the education sector. With its range of uninterruptible power supply (UPS) solutions, Vertiv helps ensure the availability of the school’s critical data center, so access of vital records online remain unhampered. In addition, its range of data center infrastructure management (DCIM) solutions allow IT managers to monitor the

school’s IT infrastructure even when they are not there, physically. Vertiv support schools in improving uptime with its full-range of Liebert UPS, which are future-proof, eco-friendly, and highly efficient. With the school year set to start in October, coinciding with the typhoon season, there is a higher risk for downtimes due to potential power interruption. Vertiv UPS technologies will help cover the backup power needs of the IT infrastructure. For schools that are supporting volumes of critical data, the Vertiv SmartCabinet, a fully integrated, micro data center solution, helps provide an intelligent and integrated infrastructure that allows them to quickly deploy a data center even in tight locations. The SmartCabinet is a solution that combines power, thermal management, and IT management in a simple, rapidly deployable design, making it ideal for schools that need to deploy IT infrastructure quickly across different locations. This solution allows IT managers to standardize processes and centrally manage applications and infrastructure remotely, while still providing low latency computing which is crucial for distance learning. With remote IT management, combined with Vertiv’s efficient and effective deployment services and remote IT management capabilities, expensive trucks rolls are also reduced, allowing the SmartCabinet solution to significantly lower the total cost of ownership compared to traditional approaches. As IT becomes an integral part of the education sector, Vertiv aims to bring together cutting-edge solutions to ensure uninterrupted operations, optimal performance, and scalability of data centers, communication networks, and other critical IT facilities. To learn more about how Vertiv supports the continuity of today’s vital business applications, visit Vertiv.com

CCP caps its 50th anniversary with light and sound show this September

HE Cultural Center of the Philippines officially closed its 50th anniversary celebration and began its journey to another five decades of art making with a simple yet meaningful fitting finale, a light and sound show, on September 16 at its Main Building façade and front lawn. CCP officially celebrated its golden year as an institution on September 8. The plan was to hold several activities covering various art and culture fields and cap the celebration with Luces, another equally mesmerizing light and sound show which would reincarnate Sinag: Festival of Radiance. As Filipinos welcome the -ber months this September, the CCP artistic team believes that it is only fitting to cap the year-long celebration with a finale that will remind every Filipino of what CCP was, has become and will be in this ever-changing and evolving society. The 10-minute show was an exploration of light, projection and sound using the iconic building’s facade as the canvas. The project hopes to represent the role that the arts and culture played in the Past, Present and Future (Kahapon, Ngayon at Bukas). It encapsulates CCP’s 50 years and ushers in the next 50 years with new,

aggressive, and better programs and plans. Tapping into its rich archive, the center's historical timeline, Visual Arts Collection, significant archival footages and digital recordings provided visual narration to highlight each decade of the CCP. The projected images featured CCP’s excellence in the fields of performing, literary, visual and multi-media arts, along with its continuing partnership with its regional network. Engaging the expertise of a projection designer, the CCP partnered with Panasonic, who provides the 22K and 31K ANSI lumens laser projectors. The CCP Light and Sound show is made possible through the artistic and technical team, led by artistic director Chris Millado, project director Ariel S.R. Yonzon, assistant project director Ricardo Eric Cruz, projection designer GA Fallarme, scriptwriter Jose Victor Torres, video messages editor Ian Wong, production manager Renee Angela Manay, assistant production managers for technical Nestor Noviza and Amado Bonifacio III, assistant production manager for administration Monique Trinidad, overall technical director Danilo Villanueva, assistant over-all technical director Camille Balistoy, technical director for lights Louie Alcoran, assistant for lights Edgar Aguja Jr., technical director for sound Jerry Tria, assistant for sound Mark Macapulay, online stream manager Rodel Valiente, on-line stream management team Mara Agleham and on-line stream technical team Alfred Nemenzo, Joshua Orteza, John Traquiña, and Jaz Marciano. For more information, visit the CCP website (www.culturalcenter.gov.ph). Follow the CCP social media accounts in Facebook, Twitter and Instagram for more updates.

BusinessMirror

Editor: Tet Andolong

Wednesday, September 16, 2020 B7

Arthaland holds topping-off of Cebu Exchange By Rizal Raoul S. Reyes

@brownindio

RTHALAND continues to push the green agenda in property development when it recently held the structural toppingoff of Cebu Exchange, the largest multi-certified green office tower in the Philippines with approximately 11 hectares of gross floor area.

Jaime C. Gonzalez, vice chairman and president of Arthaland explained it was a significant milestone as it gave the company the opportunity to promote sustainabilty and green development in Cebu. Strategically located at the gateway of the Cebu IT Park in Cebu City, which is fast emerging as one of the top IT-BPO destinations in the world. It was the first virtual topping-off ceremony by a real-estate developer in the country. Gonzalez said Cebu Exchange is envisioned to have a well-balanced business ecosystem. It will include the latest sustainable building features, green amenities and a diverse retail mix where businesses and individuals can thrive in symmetry. A few notable sustainable features of this unique development will include improved indoor air

quality, building envelope optimization, and a 100 percent renewable-energy source for power. The vast green open spaces in this single tower amount to over 2,600 square meter and are the result of its terrace garden, sky park, and penthouse deck areas which will spread across its various zones. It will use native and endemic plant species for landscaping and it will feature a potager garden with organically grown vegetables and herbs which are highly in demand these days, as well as several welldesigned interactive leisure spaces. Moreover, the building will have its own independent greywater recycling system and materials recovery facility (MRF) integrated into it. Gonzalez said the Cebu Exchange will put emphasis on low emission building materials, low voltage lighting, water-saving plumbing systems, and energy-

Experience safe and efficient housing transactions with Ohmyhome

Arthaland officials pouring the final concrete on the last floor of Cebu Exchange

Rhonda, however, pointed out that customers may also engage the services of Ohmyhome’s full-time in-house property agents at a cost-friendly price. “The company’s proprietary technology will handle approximately 90 percent of the agents’ work such as sourcing for new leads, matching of suitable buyers to sellers, scheduling and advertising. This frees up the agents to focus on the most crucial element of the job—our customers.” This arrangement has been proven effective in Singapore, where Ohmyhome agents perform at the rate of the top 0.1 percent of agents, a level of competence they intend to bring to the Philippine property market. Rhonda said of their third foray into the Southeast Asian region: “We are committed to providing a seamless end-to-end housing transaction that will make everything easier for our Philippine customers. And, in the context of the global pandemic, safe—a critical factor amid the Philippine government’s ongoing concern for health protocols.” Chief Product Officer and Cofounder Race Wong affirmed that Ohmyhome takes off in the Philippine real-estate industry at a most auspicious period. “PropTech is perfect for today’s challenging times, offering value for money as it empowers customers to work out the best possible deals in the Philippine property market,” she said. Ohmyhome couldn’t have chosen a better time to strengthen its global strategy. Prospective Filipino homeowners and property sellers will be happy to know that whatever challenges come, Ohmyhome can provide an easy, quick, and efficient end-to-end solution for all. Reni Salvador

saving air-conditioning systems. “In addition to our unwavering commitment to theses sustainable features, we continue to deliver projects on time and with the highest standards for excellence in design and quality,” Gonzalez explained in a press statement. The handover of Phase 1 units will commence on September 28, 2020, as originally scheduled. Construction is in full swing, keeping in mind stringent health and safety protocols. Those involved in the construction activities are tested upon entry to the construction site and remain within the construction area under very strict protocols and they are provided onsite lodging accommodations during their entire scheduled work period. “We look forward to becoming an integral part of the vibrant Cebu community. During these trying times, we hope Cebu Exchange makes a strong case for the need for more sustainable developments,” Gonzalez stressed.

Cebu Exchange as of September 4

Creba supports enactment of comprehensive housing finance bill By Roderick L. Abad

ITH its forthcoming launch in the Philippines, Ohmyhome (https:// ohmyhome.com/en-ph), Singapore’s leading PropTech start-up, is set to disrupt the local real-estate industry by bringing innovation to the way people buy, sell, and rent their properties. Launched in 2016 as Singapore’s first one-stop online property platform, Ohmyhome was projected to make housing transactions simple, fast, and affordable for everyone as it addressed perennial inefficiencies in the island nation’s real-estate industry. Chief Executive Officer and Cofounder Rhonda Wong identified these as the lack of transparency and relevant information, the high costs involved, and the lengthy time it took to complete transactions. “We learned that the average time it took to buy or sell property in Singapore ranged from three to seven months, a tedious transaction journey that caused tremendous stress for homeowners,” Rhonda related. “We wanted to streamline the entire housing transaction by providing accurate information so that our customers can make informed decisions when buying, selling, or renting their homes.” As in Singapore and Malaysia, Ohmyhome will provide a Do-It-Yourself (DIY) option that will give Philippine customers a chance to simplify their home transaction process. They can browse genuine listings that are free of dummy or duplicate accounts, saving them time in searching for the right property. They can enjoy savings because the DIY platform comes absolutely free—from listing all the way to deal closing.

Photo of the 39th floor

HE Chamber of Real Estate and Builders’ Associations Inc. (Creba) backs the immediate passage of House Bills 3541 and 3837, which seeks to create a Comprehensive Home Financing Program (CHFP) that will make all income-earning Filipinos entitled to fixed, low-interest, long-term housing loans whether they are members of the Social Security System (SSS), Government Service Insurance System (GSIS), or the Pag-lBIG Fund. At the recent public hearing on various bills on shelter finance, Creba National Chairman Charlie A. V. Gorayeb said that such a move is urgent and necessary if the national government is serious in addressing the country’s 6.57 million housing backlog that has grown in unprecedented leaps and bounds amid inadequate housing programs over the years. “To fulfill its Constitutional duty to deliver housing for its people, government must provide affordable and long-term sources

of home loans for the millions of homeless Filipinos, especially the low-income earners,” he said. Under the twin bills, filed by Rep. Micaela S. Violago and Majority Floor Leader Martin Romualdez, respectively, the annual CHFP funding of P270 billion will be raised via bond investments by the SSS at P25 billion; GSIS at P25 billion; a minimum of P70 billion or all of Pag-IBIG Fund’s investible funds for housing in accordance with their respective charters; P100 billion from the unused or residual agri-agra funds of banks plus a P50-billion government budgetary allocation to serve the informal settlers’ segment for 20 years—all with mandatory guaranty cover from the Home Guaranty Corp. This program will be designed exclusively for home loan borrowers with no component for development financing. According to the author, this is to guarantee the use of funds strictly for shelter acquisition by the homeless. If passed into law, the bill amends Republic Act 7835 or the Compre-

hensive and Integrated Shelter Finance Act (CISFA) of 1994. The sources of funds, per Creba National President Noel Toti M. Cariño, have, in fact, been identified by various existing laws and the concerned agencies’ respective charters and need only to be integrated for effective administration to socialized and economic housing beneficiaries. Payable up to 30 years, CHFP loans for residential units in subdivisions or medium-rise condominium buildings shall be P1.5 million and below at 3-percent fixed interest rate for socialized housing, and above P1.5 million up to P3,199,200 at 4 percent for economic housing which shall remain tax-free. The bill appoints Pag-IBIG Fund to administer the loans with the National Home Mortgage Finance Corp. acting as secondary mortgage institution. All income-earning citizens who qualify as beneficiaries under the Urban Development and Housing Act and who have not yet availed housing assistance from any govern-

ment institution shall be eligible for home loans through the CHFP. The high collection efficiency by PagIBIG Fund will be maintained by empowering it to deputize employers, whether public or private, in the prompt collection of housing loan amortizations. Creba envisions a strengthened housing production to the level of 10 million homes within two decades, the centerpiece of its five-point housing agenda. “Intensifying housing production is a win-win solution as it creates a wideranging economic value chain that positively impacts consumption, jobs and taxes and improves the over-all quality of life of people which is much-needed in our collective efforts to recover from the staggering effects of the worldwide Covid-19 pandemic,” Cariño said. The two Creba officials cited that consolidating House Bills 3541 and 3837 gives a complete and doable shelter finance package. They hope that Congress will lead its immediate passage into law.

Ovialand overcomes the challenges of the pandemic

HIS crisis presents an opportunity for companies to do things better, safer, and attuned to the times—the “new normal” way of doing business. This rings true for real-estate companies as they have to adjust their operations, reinvent their sales strategies, and enhance client service management. For Ovialand Inc., a dynamic real-estate company with projects in Laguna, Batangas, and Quezon province, it faced the challenges of the pandemic with confidence, using its deep well of experience to make the company more resilient, quicker to adapt to change, and discerning of the situations at hand. “The past few months were challenging, to say the least, for many businesses. What we initially did was anticipate the worst-case scenario and work our way back from there. That is how we were able to prepare and adjust,” said Pammy Olivares-Vital, president of Ovialand. “The adjustment to the new normal was supported by the entire Ovialand team, who worked together “like clockwork and responded to the needs of each other with-

Aerial view of Sannera San Pablo development of Ovialand

out hindrance, bureaucracy, or miscommunication. “Even prior to the pandemic, our team consciously worked on our dynamics to ensure that we remain objective driven and are not drowned in tasks. We move as one body, with all the moving parts synchronized. This agility was felt by our

clients and partners as we were able to immediately respond and adjust to the reality of the pandemic, while at the same time moving toward our goals,” Vital shared. “We can help restart the economy and do it in a safe and convenient manner—we take this role seriously!”

One of the first adjustments that Ovialand did was to go digital in its processes and communications. The sales team converted their presentations to become online friendly, sales kits were turned to digital visual aids complete with photo galleries and videos, while Zoom sessions were set with clients instead of personal meetings. “Due to these immediate adjustments, we did not feel the pinch of dwindling sales because we adapted to online selling. In fact, our sellers continued to thrive with their incentives and commissions,” said Vital. Since June, they are already back to pre-pandemic sales performances, even showing a 15-percent increase. “We also found out that the market, no matter the situation, still wants a better and beautiful home. Despite the uncertainty, our clients didn’t hesitate to purchase homes from us as they’ve seen our finished developments and ongoing developments that we would deliver as promised.” The digital adjustment was also Ovialand’s way to ensure that each and every employee is safe.

Sports LESSON LEARNED FOR DJOKOVIC BusinessMirror

B8 Wednesday, September 16, 2020

OME—Novak Djokovic learned “a big lesson” after being disqualified from the US Open for unintentionally hitting a line judge in the throat with a ball. The incident eight days ago marked a stunning end to Djokovic’s 29-match winning streak and his bid for an 18th Grand Slam title. “I’m working mentally and emotionally as hard as I am working physically,” Djokovic said Monday at the Italian Open. “I’m trying to be the best version of myself on the court and off the court and I understand that I have outbursts and this is kind of the personality and the player that I have always been. “I’m going to take this in as profound as possible for me as a big lesson. I’ve been thinking about it. I’ve been comprehending. I’ve been talking to my team. It’s just one of these things that is just unfortunate and happens. You have to move on.” The disqualification came during Djokovic’s fourth-round match against Pablo Carreño Busta. As he walked to the Arthur Ashe Stadium sideline for a changeover, trailing Carreño

Busta, 6-5, in the first set, Djokovic—who was seeded and ranked No. 1 and an overwhelming favorite for the championship—angrily smacked a ball behind him. The ball flew right at the line judge, who dropped to her knees at the back of the court and reached for her neck. “It was totally unexpected and very unintended as well,” Djokovic said. “When you hit a ball like that you have a chance to hit somebody that is on the court. The rules are clear. So I accepted it. I had to move on and that’s what I did. “Of course I did not forget about it,” Djokovic added. “I don’t think I’ll ever forget about it, because it’s one of those things that stays in your memory for the rest of your life. But I don’t think I’ll have any major issues coming back to the tour and being able to perform well and hit the tennis ball.” Djokovic said he checked with the lineswoman after the incident and was told she was not seriously injured. “I felt really sorry to cause the shock and drama to her, because she didn’t deserve that in any way,” Djokovic said. “She obviously is volunteering and doing her

YUKA SASO remains ahead in the Player of the Year race in the Japanese Tour.

UKA SASO kept her grip of the No. 1 spot in the Player of the Year race despite finishing at joint 13th place in last Sunday’s Japan Ladies Professional Golf Association (LPGA) Konica Minolta Championship in Okayama. But Saso, winner of two JPLGA tournaments in back-to-back fashion, need to get her act back as an inspired Sakura Koiwai is threateningly close by and Saki Nagamine surged dramatically following her victory at Okayama.

work. She loves tennis, and she’s been there, as I understood, for quite a few years.” Djokovic had won five of the past seven Grand Slam tournaments to raise his total to 17, closing in on rivals Roger Federer, who has a men’s record 20, and Rafael Nadal, who has 19. Federer (injury) and Nadal (concerns about travel amid the coronavirus pandemic) both did not play at the US Open. “Sorry for him. He had an opportunity there,” Nadal said. “But in some way you should not be doing this.... It is important to have the right self-control on the court.” Djokovic has an opening-round bye in Rome. His first match this week will come against either Italian wild-card entry Salvatore Caruso or a qualifier. The tournament at the Foro Italico was rescheduled from May because of the pandemic and will be played without fans in attendance. Nadal, who has a record nine titles in Rome, is on the opposite side of the draw from Djokovic. The Spaniard is returning to tennis for the first time since February. “I am similar to always—maybe a little bit worse because I didn’t compete for the last six months,” Nadal said. “To feel that you’re 100

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

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THAT’S ALL

percent you need matches.” Nadal opens against Carreño Busta. “He’s playing great,” Nadal said. “Going to be a good test.” Like at the US Open, players are being kept in a protective “bubble” and being tested frequently for the coronavirus. But as opposed to the situation in New York, players are not required to wear masks when they enter and leave the court. “All of the players have been tested, so that makes total sense,” sixth-ranked Stefanos Tsitsipas said. “And they don’t have people running around telling you what do and what protocol you have to follow every single minute that you’re in the bubble. “Plus,” Tsitsipas added, “the accommodation is another level.” Men’s players are staying at the five-star Rome Cavalieri, which overlooks the city center from a hilltop. AP

LeBron’s dream very much alive

THE incident at the US Open marks a stunning end to Novak Djokovic’s 29-match winning streak and his bid for an 18th Grand Slam title. AP

SASO HANGING TOUGH The Filipino-Japanese was in the hunt in the first three days but cracked with a closing 76 to finish outside of the Top 10 for the second straight tournament after successively ruling the NEC Karuizawa and Nitori Ladies. Saso, however, still gained 60 points for that 13th place finish to hike her total to 644.85 in the best player race. Ranked No. 78 in the world, she also stayed atop the money list with total earnings of ¥62.088 (P28.5 million). Koiwai, who snapped Saso’s streak at the Golf5 Ladies, is now No. 2 with 536.50 points built around her sixth place finish in the JLPGA

Championship (Y39.64 million), while Nagamine jumped 14 rungs up to No. 3 with 489.75 points after nailing her first LPGA of Japan Tour victory for winnings of Y44.44 million. Erstwhile second-running and Earth Mondahmin Cup winner Ayaka Watanabe, who trailed Saso by 120 points after four tournaments, fell to fourth with 458.50 after missing the cut last week although she remained in second in the money list with Y51.62 million in earnings. The International Container Terminal Services Inc.-backed Saso also remained No. 1 in

the average stroke (69.38) with Koiwai inching closer with 69.41 average and Mika Miyazato at third with 70.58. The two-time Philippine Ladies Open titlist Saso also shared the top spot with Koiwai in top 10 finishes after five events, led the field with three eagles, paced the par-3 average score with 2.79 against Koiwai’s 2.89 and still tops in the number of rounds under 70 with nine against Koiwai’s eight. Saso tries to bounce back in the Desant Ladies Tokai Classic starting on Friday in Aichi hoping to rule the “Driving Queen Contest” event set on the second day.

Duremdes: MPBL eager to complete season in bubble

Milo-BEST Center clinics back online

HE long-running Milo-Basketball Efficiency and Scientific Training (BEST) Center has evolved and would now conduct online clinics starting September 26. Three online programs have been lined up by the 42-year-old training academy in partnership with the country’s leading beverage brand, Milo. These virtual clinic would be bannered by BEST Center’s staple platform of Interactive Basketball Clinic to be handled by the country’s top notch and competent coaches. Milo Sports Executive Luigi Pumaren, BEST Center Executive Vice President Monica Jorge and BEST Center product and Milo ambassadress Ella Fajardo announced the long-awaited resumption of the premier sports academy on Tuesday in the online Philippine Sportswriters Association (PSA) Forum. “We believe that even if we’re in this pandemic, we still have to be active, to be healthy. So we have developed programs for that,” said Jorge, daughter of the late BEST Center founder and former national coach Nic Jorge in the session presented by San Miguel Corp., Go For Gold, Milo, Amelie Hotel Manila, Braska Restaurant and Philippine Amusement and Gaming Corp. and powered by Smart with Upstream Media as official webcast partner. Pumaren, son of champion coach Franz Pumaren, who now handles Adamson University, said the resumption of the BEST Center is the latest sport to be included in the Milo Home Court program launched last August following online classes in karate and taekwondo. “We have expanded our Milo Home Court program with the BEST Center to help and show kids that their dreams and aspirations can still be pursued,” he said.

AHARLIKA Pilipinas Basketball League (MPBL) Commissioner Kenneth Duremdes is open to the idea of following the lead of Philippine Basketball Association’s (PBA) planned bubble for the league to resume its season that was canceled by the Covid-19 pandemic. The PBA Legend Duremdes said the MPBL intends to observe the pro league’s bubble and its accompanying protocols and if they work, he won’t hesitate to do the same. “We’ll look at the PBA model because they are the professional league in the country and we see them as the lead in basketball here in the country,” Duremdes told the online Philippine Sportswriters Association Forum on Tuesday. “Our [MPBL] founder, Senator Manny Pacquiao, said it’s a must for us to finish the national finals of the Lakan Season,” he said. The tournament is down to the last four teams with San Juan and Makati in the North division, and Basilan and Davao

Occidental in the South. Both best-of-three series are tied at 1-1. The winners will move on to the best-of-five National finals. Because of its status as a professional league, the PBA, along with the Philippine Football League and the Chooks-to-Go 3x3 League, were allowed to resume practices under strict protocols. The PBA is finalizing the details of its National Basketball Association-style bubble where all 12 teams will stay for the remainder of the Philippine Cup. Duremdes told the session presented by San Miguel Corp. Go For Gold, Milo, Amelie Hotel Manila, Braska Restaurant and the Philippine Amusement and Gaming Corp. and powered by Smart with Upstream Media said a number of local government units have expressed their willingness to host the final stage of the Lakan Season. The MPBL, he said, is seriously considering an offer from former Sen. Jinggoy Estrada for the use of the family’s private KENNETH DUREMDES addresses Tuesday’s online forum. property and resort in Tanay, Rizal.

Slovenian delight looms at 2020 Tour de France T PRIMOZ ROGLIC (left) and Tadej Pogacar braces for a Slovenian showdown in Tour finale. AP

HERE is only one big question left to be answered at the Tour de France: Which Slovenian will stand on the top of the podium on Sunday on the Champs-Elysees? Baring a crash, or an unexpected event event like a positive Covid-19 test, the final week of racing should offer a showdown between the Jumbo-Visma team leader Primoz Roglic and his young challenger Tadej Pogacar, who rides for the UAE Emirates team. The two rivals from Slovenia have proved their superiority on the big climbs that punctuated the route over the past two weeks. They are only separated by 40 seconds in the general classification ahead of the race’s six remaining stages, which will provide more action in high mountains and an individual time trial before the traditional procession into Paris. “It’s been a long time since I have not been at home, especially in Slovenia, but for sure it might be really crazy and nice,” Roglic said. After defending champion Egan Bernal cracked during Sunday’s grueling ascent to the Grand Colombier to lose more than seven minutes in the Jura mountains, the pair’s closest opponent is another Colombian, Rigoberto Uran, who is lagging

1:34 behind Roglic overall. Ahead of Tuesday’s mountain stage to the ski station of Villard-de-Lans, fourth-place Miguel Angel Lopez has a 1:45 deficit, while Adam Yates, Richie Porte and Mikel Landa trail by more than two minutes. The time difference is not that big, but the way Roglic’s team has been controlling the race so far does not bode well for Uran and the handful of riders who still hope they can turn things around. Using an efficient and simple strategy displayed by the mighty Ineos team in previous years, Jumbo-Visma has dethroned the British outfit as the most potent squad. Their attrition technique is not tactically complicated, requiring a group of strong riders capable of setting a fast and steady tempo in ascents to break up the pack and prevent rivals from launching attacks. That’s exactly what they managed on the Grand Colombier. On the steep ascent of the mountain, Roglic’s Belgian teammate, Wout van Aert, put in an impressive stint that proved fatal to Bernal and Nairo Quintana’s ambitions. Tom Dumoulin, a former Tour runner-up now riding in support of Roglic, then led the reduced pack of favorites until the final 600 meters, when the race leader finally attacked. Unlike Roglic, Pogacar has to deliver alone. His team is lacking collective strength and the 21-year-old Tour rookie has drawn praise for his

aggressive and clever racing. Pogacar beat Roglic in a sprint at the top of the Grand Colombier to claim a second stage win Sunday and reduced his overall deficit thanks to a time bonus. But his options to seize the yellow jersey are not many. He first needs to try to isolate his compatriot in the Alps, then gain more time in Saturday’s race against the clock at the Planche des Belles Filles. Pogacar beat Roglic in the Slovenian time trial championships earlier this year. “The perfect scenario would be to take it on the evening of the final time trial but we live in a real world,” Pogacar said. “If there’s a chance to take it I will try.” Monday was a rest day as riders underwent more coronavirus tests that could rule some out of contention if they return a positive result for Covid-19. If a competitor is confirmed positive, he will be automatically excluded while any team that registers two or more positives could be sent home Tuesday when the results will be unveiled. Roglic said he and his teammates have already been informed they all tested negative. “They said we all have negative tests, so I’m really happy we have one more week of racing here,” he said in comments provided by Jumbo-Visma. Jumbo Visma later said It had not received all the test results. The race health protocol stipulates that all riders plus the staff members should be tested. AP

WITH the Los Angeles Lakers completing a second straight “backdoor sweep” last weekend, this time against the Houston Rockets, LeBron James’s dream of winning his first National Basketball Association (NBA) crown in the West appears very much alive. King James has won three rings in the East—two with the Miami Heat and one with the Cleveland Cavaliers. Transferring to Los Angeles in 2018, he has become the Lakers’ new heart and soul. Definitely, he is the team’s trigger to end a 10-year title drought, the longest in franchise history. And the Lakers seem to be on the right track, first entering the playoffs for the first time in seven seasons and next barging into the Western Conference Finals. In scoring back-to-back victories in the two-round playoffs both set in best-of-seven formats, the Lakers recorded a couple of feats worthy of trivia. As I said in another column, the “backdoor sweep” happens when a team that loses the first game goes on to win the next four games for a 4-1 series triumph. The Lakers did that twice in the successive playoffs—first against Damian Lillard and the Portland Trail Blazers and second against James Harden and the Houston Rockets for similar 4-1 routs. The opposite of the “backdoor sweep” is the “gentleman’s sweep,” which happens when a team leading by 3-0 loses Game Four before it wins Game Five for a 4-1 series victory. Miami did that in the Eastern Conference second round playoffs, speeding to a 3-0 lead over Milwaukee before dropping Game Four for a 3-1 edge. The Heat easily defeated the Bucks in a Game Five mismatch as the reigning MVP, Giannis Antetokounmpo, Milwaukee’s superstar, did not play due to an injury. “I was willing to play but management said no,” said Antetokounmpo, the Greek monster. “They value my health and I appreciate that.” Miami’s 4-1 demolition of Milwaukee will be a big boost to Mike Spoelstra, the Fil-Am Heat coach, entering the East Finals. The Bucks topped the regular season going into the NBA bubble at Lake Buena Vista, Florida, on July 31—with the Heat a mere fifth seed. Game One of the best-of-seven series between Miami and Boston will be played on Wednesday (today), with the Celtics still perhaps reeling from fatigue as a result of their brutal series with Toronto that went to Game Seven. The game will be followed by the winnertake-all contest between the Los Angeles Clippers and the Denver Nuggets starting at 9 a.m. (PHL Time). Will the Nuggets make it a rare three straight wins today, following their second straight come-from-behind 111-98 victory over the embattled Clippers on Monday? Pushed to the brink like in Game Five, the 2-3 Nuggets rallied mightily again in Game Six, erasing another 16-point halftime deficit with a 59-30 final half salvo to steal a 111-98 victory and forge a Game Seven. It’d be cruel and doubly painful for the Clippers should the Nuggets proceed to complete their improbable odyssey today as that would also derail a much-anticipated West Conference Finals between the Lakers and the Clippers. Abangan! THAT’S IT Seemingly, it’s the season of comebacks as Austria’s Dominic Thiem and Japan’s Naomi Osaka scored come-from-behind wins in the US Open tennis over the weekend in New York City. Thiem, 27, defeated the 23-year-old German Alexander Zverev, 2-6, 4-6, 6-4, 6-3, 7-6 for the $3-million top prize in men’s play, while Osaka beat the 31-year-old Belarussian Victoria Azarenka, 1-6, 6-3, 6-3, on the distaff side to increase her net worth to nearly $40 million. And Osaka’s only 22. As I keep saying, there is money in tennis, besides golf, basketball and, yes, boxing.