BusinessMirror September 23, 2020

Pag-IBIG eyes 2022 contribution hike HE Home Development Mutual Fund (PagIBIG Fund) is now considering resetting the implementation of its contribution hike to 2022.

This is part of its comprehensive intervention measures to help members affected by the impact of the novel coronavirus disease (Covid-19), especially the crippling lockdowns.

funds of Pag-IBIG for its housing loans, or to P100 billion from just P60 billion to P70 billion.

“Unfortunately, because of the pandemic, we will not be able to achieve this,” Moti said.

He noted that workers from the public sector, however, requested if the higher contribution rate could be implemented for their sector since the government is helping them pay for the said contributions.

loan borrowers.

The accrued interest for the said 60 days could be paid by the borrowers within the year.

Moti said there is a proposal in the Pag-IBIG board to implement the scheme under Bayanihan 1, wherein the accrued interest could be paid at the end of a loan term, in their latest grace period.

He said the matter will be discussed on Friday at their next board meeting.

Delayed implementation

Grace period

Enough funds

T

A CEMETERY caretaker climbs the stack of tombs at the Himlayang Palanyag in Parañaque City. All cemeteries in Metro Manila will be closed from October 29 to November 4, 2020, to avoid the expected mass gatherings as Filipinos traditionally troop to cemeteries to honor their dead on All Souls’ Day. NONIE REYES

ROTARY CLUB OF MANILA JOURNALISM AWARDS

2006 National Newspaper of the Year 2011 National Newspaper of the Year 2013 Business Newspaper of the Year 2017 Business Newspaper of the Year 2019 Business Newspaper of the Year

By Samuel P. Medenilla

BASED on the results of their stakeholder consultation, Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti said on Tuesday they could defer their scheduled P50 contribution hike by six to 12 months.

“We might delay it by 12 months so it will likely be implemented in January 2022,” Moti said during an interview with PTV.

The contribution hike was supposed to be implemented by January 2021 to raise the available

ASIDE from postponing the contribution hike, Moti said Pag-IBIG will also be implementing a 60-day grace period for loan payments under the Bayanihan to Recover as One Act (Bayanihan 2).

This is aside from the usual loan restructuring made available to their borrowers in order to reduce the impact of their loans on their finances.

Moti said the new round of grace period will benefit their 4 million short-term loan and calamity borrowers as well as the 800,000 housing

MEANWHILE, even with the deferred contribution hike and loan grace period, Moti assured the public that Pag-IBIG has enough funds to provide more loans to its members.

From P603 billion on December 2019, he said, Pag-IBIG’s total net assets grew to P640 billion as of August 2020.

“During these uncertain times we will make sure that your Pag-IBIG Fund will be here for you.

That is our commitment to our members,” Moti said.

BusinessMirror A broader look at today’s business

EJAP JOURNALISM AWARDS

BUSINESS NEWS SOURCE OF THE YEAR (2017, 2018)

DEPARTMENT OF SCIENCE AND TECHNOLOGY

2018 BANTOG MEDIA AWARDS

PHILIPPINE STATISTICS AUTHORITY

DATA CHAMPION

RICE IMPORTERS CHARGED www.businessmirror.com.ph

n

Wednesday, September 23, 2020 Vol. 15 No. 349

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

P1.4B ON UNDERVALUATION

TOURISM Secretary Berna Romulo Puyat is welcomed by the Baguio Tourist Police Force upon her arrival at the Baguio Convention Center for the launch of Ridge and Reef Baguio and Region 1 Travel Corridor, together with Baguio City Mayor Benjamin Magalong on Tuesday. The travel and trade fair showcased “One Town One Product” exhibits from Ilocos Norte, Ilocos Sur, La Union, Pangasinan and Baguio. MAU VICTA

O

By Bernadette D. Nicolas

VER 40 rice importers have been told to pay a combined total of P1.4 billion “additional audited assessment” after the Bureau of Customs (BOC) found them liable for undervaluing their rice shipments from March to June last year.

Sixty entities with the “most number of incidents of deviation and highest percentage discrepancies in duties paid were selected for the transaction-based audit in view of the risk to revenue impact of these entities’ import activities and the relative magnitude of customs revenue to be generated from them.”

For the audit period of March 5 to June 20 last year, Customs Assistant Commissioner and spokes-

person Atty. Vincent Philip Maronilla said records showed a total of 245 entities imported rice, falling under Tariff Heading 1006.

Maronilla told the BusinessMirror that 47 out of the 55 auditees were “found to have committed violations of customs laws and regulations.”

Maronilla, who heads BOC Post-Clearance Audit Group (PCAG), added: “Based on the transaction Continued on A2

‘Half of PHL needs biodiversity protection’

By Cai U. Ordinario

M

ORE than half of the Philippine archipelago should be protected to preserve rare and endangered species and high-biodiversity areas, according to US-based scientists.

The report, “A ‘Global Safety Net’ (GSN) to reverse biodiversity loss and stabilize the Earth’s climate,” said 54 percent or 15.8 million hectares of the Philippines should be considered protected land or areas.

However, only 15 percent of the country is currently considered protected areas.

This means an additional 36 percent should be protected to preserve rare and endan-

gered species and another 2 percent to conserve high-biodiversity areas.

“If we fail to protect lands for ecosystem services and carbon sequestration, we will not be able to achieve the Paris Climate Agreement. The two conventions are intertwined,” Karl Burkart, One Earth Managing director, said.

One Earth is one of the institutions that came up with the GSN.

“There is a very finite amount of natural land that could be converted to human use before we lose the 1.5-degree Celsius window. Therefore, we need to protect all remaining natural lands by 2030—approximately 50 percent of the Earth—in

PESO EXCHANGE RATES n US 48.3670

order to save biodiversity and stabilize our global climate system,” he said.

A group of scientists and experts produced the first comprehensive globalscale analysis of terrestrial areas essential for biodiversity and climate resilience, totaling 50.4 percent of the Earth’s land.

It highlights the importance of protecting and restoring the natural world to address three converging crises—climate change, the loss of biodiversity, and the emergence of novel viruses such as Covid-19.

Based on the report, the Philippines is also ranked 45th out of 70 large countries with a protection level of 3. This means only about 30 percent of the country’s biologi-

cally important land is currently protected.

The Protection Level is a simple score of 0 to 10 based on the percentage of biologically important lands identified in the GSN that are currently designated as protected by each government as recorded in the World Database on Protected Areas (WDPA).

A score of 0 indicates that less than 5 percent of areas of particular importance for biodiversity and ecosystem services are protected. A score of 10 indicates that more than 95 percent of these lands are protected, with a score of 5 indicating that roughly half of important lands are protected.

SAGADA, OTHER NORTH LUZON DESTINATIONS EYE REOPENING TO TOURISTS

By Ma. Stella F. Arnaldo Special to the BusinessMirror

M

ORE destinations in Northern Luzon are considering reopening to tourism, following in the footsteps of Baguio City, which will be accepting tourists from the Ilocos region by October 1.

Benguet and Ifugao are also looking forward to tourists, after meeting with the governors of both provinces on Monday, Tourism Secretary Bernadette Romulo Puyat told the BusinessMirror.

“They are just finalizing what tourist sites will be open,” she said, adding that Sagada, a popular destination especially among foreign tourists, may also follow suit. “For now, they [Sagada] still want a 14day quarantine,” she said, but in the meantime, the municipality will also be identifying the sites that will accept tourists.

She also revealed that Baguio City will be pilot-testing the use of SD Biosensor’s Covid-19 antigen test for some visitors, alongside the RT-PCR test, still considered by the World Health Organization as the gold standard in testing for the novel coronavirus. “Results of the antigen test is in 15 minutes,” she said, compared to the RT-PCR where results can take at least 5 to 8 hours.

WHO had approved the pilot-testing in Baguio City, which will help determine the accuracy of said antigen test from South See “Sagada,” A2

See “Biodiversity,” A2

n JAPAN 0.4621 n UK 61.9968 n HK 6.2411 n CHINA 7.1082 n SINGAPORE 35.5248 n AUSTRALIA 34.9403 n EU 56.9328 n SAUDI ARABIA 12.8968

Source: BSP (September 22, 2020)

News BusinessMirror

A2 Wednesday, September 23, 2020

Biodiversity…

Continued from A1

Those in the Asean-5 that are part of the large country classification include Thailand, Malaysia and Indonesia.

Thailand was ranked 19th with a protection level of 6; Malaysia, 42nd with a protection level of 3; and Indonesia, 47th with a protection level of 2.

“The Global Safety Net shows a way forward to conserve wild places and ensure that nature isn’t something left in a few remote, far-off places. All of humanity deserve access to nature and the myriad of benefits it provides to our mental, physical and spiritual health,” Carly Vynne-Baker, strategic partner at research firm RESOLVE, said.

The report concludes that an additional 35.3 percent of land is needed to conserve sites of particular importance for biodiversity and ecosystem services.

Some 50 ecoregions and 20 countries contribute disproportionately to the total. One immediate priority identified is the protection of 2.3 percent of land area, which provides critical habitat for the world’s most endangered species.

The paper presents for the first time a “common but differentiated” approach for area-based targets under the United Nations Convention on Biological Diversity, which will be held next year in Kunming, China.

Each of the world’s 846 ecoregions has a unique combination of layers, offering recommended area-based conservation targets for each country.

The two-year research effort builds upon multiple global-scale data sets to identify areas that require conservation beyond the 15.1 percent of land area currently protected.

These are compiled into five main layers at a 1- kilometer resolution: Species Rarity Sites, High Biodiversity Areas, Large Mammal Landscapes, Intact Wilderness, and Climate Stabilization Areas.

The research team was led by the research organization RESOLVE in collaboration with the University of Minnesota, Arizona State University, Globaïa, and others with support from One Earth.

www.businessmirror.com.ph

DOH hails ‘calamity’ status extension as Covid cases rise

T

PRESIDENT Duterte has extended the state of calamity in the country by a year to allow the government to draw emergency funds faster to fight the Covid-19 pandemic and harness the police and military to maintain law and order. ALBERT ALCAIN/

By Claudeth Mocon-Ciriaco

HE Department of Health (DOH) on Tuesday welcomed the extension of the declaration of a state of calamity in the country as a means for sustaining the response to Covid-19, as confirmed cases surged to 291,789.

Of the confirmed cases, 56,097 (19.2 percent) are active cases, 230,643 (79.0 percent) have recovered and 5,049 (1.7 percent) have died.

Health Undersecretary Maria Rosario Vergeire said the extension of a state of calamity would mean a better Covid-19 response.

Earlier, the BusinessMirror quoted private economists and analysts as saying that while the

extension bodes well for the economy, the government should at all times observe judicious spending to conserve sparse resources. “[With] the signing of the [extension] of the state of calamity, we can say that we can ensure fast, prompt response for Covid-19 treatment,” Vergeire said.

She stressed it would be easy to mobilize the national government agencies and local

MALACAÑANG PRESIDENTIAL PHOTOGRAPHERS DIVISION VIA AP

government units for the needed resources.

On September 16, President Duterte signed Proclamation 1021 extending the state of calamity “for a period of one year,” or from September 13, 2020, to September 12, 2021, “unless earlier lifted or extended as circumstances may warrant.”

The proclamation also under-

scored the increasing number of Covid-19 positive cases and deaths “despite efforts and interventions to contain the same.”

On the other hand, law-enforcement agencies, with the support of the Armed Forces of the Philippines, were directed to continue undertaking all necessary measures “to ensure peace and order” in affected areas.

Rice importers charged ₧1.4B on undervaluation Continued from A1

audit conducted, the Bureau of Customs found the audited importers liable for the payment of deficiency customs duties, penalties, surcharges and interest for the period 05 March to 20 June 2019 in the ag-

gregate amount of One Billion Four Hundred Seventeen Million One Hundred Sixty-Seven Thousand Three Hundred Sixty-Eight Pesos and 10/100 (Php 1,417,167,368.10), representing deficiency assessments arising from the following issues: 1) Customs Value, (2) Tariff Classifica-

tion (3) Insurance, (4) Freight, and (5) Surcharge.”

Maronilla said they have already informed the rice importers of the results of the transaction audit.

While the audited rice importers found to have violations may still appeal, Maronilla said that, pending the appeal, they still “need to pay under protest.”

As for the remaining five importers, the BOC said they discovered during the audit that 66 out of the 752 import entries examined pertaining to these five auditees were still under Tentative Assessment subject to pending dispute settlement proceedings with the respective ports of entry.

“The PCAG, upon instructions with the Commissioner of Customs, deferred the audit examination and investigation of these five (5) auditees to preserve the integrity of the audit findings, pending their final readjustment based on the final resolution of the VCRC (Valuation and Classification Review Committee) proceedings or protest case, as the case may be, pursuant to Section 425 of the CMTA (Customs Modernization and Tariff Act) in relation to Section 4.1.2 of CAO (Customs Administrative Order) No. 01-2019,” he said.

Maronilla added they are also conducting an audit for rice shipments covering January to June this year and expect to finish this by yearend.

‘Clearly undervalued’

IN a separate statement on Tuesday, Customs Commissioner Rey Leonardo Guerrero said the BOC found some rice shipments to be “clearly undervalued,” although he assured Finance Secretary Carlos Dominguez III that rice stocks imported by private traders during the pandemic would still be subject to “post-modification and postaudit” to ensure that undervalued shipments are properly assessed and subsequently paid with the correct amount of duties and taxes.

“But those are subject to postmodification and post-audit. And in the meantime, we are still conducting the post-modification, verifying the payments of rice because some of them are clearly undervalued. So we will catch up in the

post-modification and post-audit,” Guerrero said at a recent Department of Finance (DOF) Executive Committee meeting held via Zoom.

Maronilla clarified to this paper that Guerrero was referring to the audit findings, and again some shipments with tentative assessment early this year.

For the release of shipments under tentative assessment, the importer will be required to post the required security, whether in the form of surety bond or cash bond.

Guerrero said the BOC has also responded to reports by concerned citizens regarding warehouses suspected of storing smuggled rice stocks by immediately issuing Letters of Authority to enable BOC officers to inspect such warehouses and seize goods without the requisite importation permits.

“We actually raided them and we found out that many of these warehouses were operating legally and their stocks are covered by proper documents,” Guerrero said.

In June, the Federation of Free Farmers (FFF) claimed that the government lost at least P890 million in tariff revenues from over 766,000 metric tons of the staple imported from January to April.

The FFF also estimated that the undervaluation in rice imports last year resulted in a tariff shortfall of P1.9 billion.

The amount “should have helped farmers cope with the ill effects of liberalized rice imports and even Covid-19,” the FFF said.

Since the enactment of the rice trade liberalization (RTL) law which deregulated the industry, the BusinessMirror has published several reports regarding the alleged undervaluation of rice imports, as discrepancies in import figures were flagged by farmers groups. (Read first story here: https://businessmirror.com. ph/2019/07/09/undervalued-riceimports-may-have-caused-p5-billion-gap-in-tariff-collection/) As early as July 2019, the BOC told the BusinessMirror that there were indeed inconsistencies in the import figures being disclosed by rice importers with the prevailing international market quotations. (Read story here: https://businessmirror.com. ph/2019/07/12/b-o-c-toprobe-january-june-riceimports/)

On July 6, 2020, the BusinessMirror reported that the BOC and the FFF have agreed to form a “small group” that would focus on the issue of rice import undervaluation to boost the government’s tariff revenues and help farmers amid the Covid-19 pandemic.

Sagada…

Continued from A1

Korea. “If it proves to be accurate, then we can use it in our tourism destinations,” said Romulo Puyat, who has been trying to reopen travel sites all over the country to help hasten the recovery of the tourism sector.

The DOT chief was in the summer capital of the Philippines to officially launch on Tuesday the city’s first online visitor management system. “We are introducing a new digital monitoring system that will be used to keep track of visitor activities to protect our tourists and the communities within the new green corridor. This will also complement the stringent inter-provincial border controls designed to safeguard the public’s health and safety in CAR [Cordillera Administrative Region] and Region 1 [Ilocos],” she said in her opening remarks.

Dubbed the Baguio Visitor Information and Travel Assistance (Visita), the digital platform will have the following features:

• A Visitor Web Dashboard for account registration, travel registration, payments, QR coupon reading, and dispensing travel advisories and tourism information;

• A site portal for the profile registration of tourism establishments, services and sites. It also hosts the check in/out mechanism and centralized contact-tracing database;

• An administration interface, for real-time monitoring of visitor profiles and sites visited; setting registration requirements and visitor criteria; data analytics and advisories; and

• A mobile app that receives realtime notifications, and can be used as a travel guide and for assistance.

The sites that will be open in Baguio to tourists from the Ilocos Region are Burnham Park, Wright Park, Mines View, Dominican Hill and Botanical Garden, said Romulo Puyat.

In a virtual presser following the launch of the Visita app, Baguio Mayor Benjamin Magalong said only 200 visitors per day will be allowed in the city from partner provinces in Region 1, the so-called Reef to Ridge travel corridor. The other provinces—Ilocos Norte, Ilocos Sur, Pangasinan and La Union— will accept 50 tourists per day.

200 visitors

“WE had a workshop and we figured that 200 visitors is a very manageable level. But we are dynamic; we want as many tourists to come to Baguio, so we can increase or decrease that number. We’re still on a learning curve; once we learn from it, that’s the time we can open to tourists from the NCR [National Capital Region], 4-A [Calabarzon] and others,” said Magalong.

He added, “We’re still trying to synchronize technical issues in our system,” to explain the implementation of the travel corridor being moved to October 1. Magalong had earlier thought of reopening Baguio in September.

Visitors to Baguio are supposed to hire tour operators to the various tourist sites, so the local government can easily monitor the guests’ whereabouts, in case contract tracing is needed.

Ilocos Regional Director Jeff Ortega said most of the activities that will be offered by the provinces will be “outdoor activities. The people have been cooped up in their homes for a long period, so they want to go out.” For instance, visitors to Ilocos Norte can go to the Paoay sand dunes; in Ilocos Sur, they can go to the heritage town of Vigan; in La Union, there’s surfing; and in Pangasinan, there are beaches and the pilgrimage to Our Lady of Manaoag.

The tourism chief noted that if the corridor plan proves to be successful, the Department of Tourism can proceed with the phase two, or an expanded travel corridor, that will include Regions 2 (Cagayan Valley) and 3 (Central Luzon).

Phase 3, Romulo Puyat said, “will allow subnational inter-travel, and is scheduled to begin three to four months after the initial launch [of the previous phase].”

www.businessmirror.com.ph

The Nation BusinessMirror

Lawmakers push addl P1-B budget for national mental health program

W

ITH the increase in suicide-related calls amid the Covid-19 pandemic, lawmakers are pushing for a resolution calling for an additional P1-billion budget for the National Mental Health Program.

In House Resolution 1225, Marikina Rep. Stella Luz Quimbo said her proposal is urging the Committee on Appropriations to allocate an additional P1 billion to ensure the expedient and effective implementation of Republic Act 11036, or the Mental Health Act under the Department of Health (DOH) budget for 2021.

The resolution was coauthored

by Quezon City Rep. Jesus Suntay.

As of this writing, 134 lawmakers have already expressed intent to coauthor the measure.

“In August 2020, the National Center for Mental Health reported a huge increase in suicide-related calls to their hot line amid the Covid-19 pandemic, from an average of 33 calls monthly from January to March 2020, to 66, 80, 112, and 115 calls monthly in April, May, June, and July of the same year, respectively,” said Quimbo.

Quimbo said it was revealed during the DOH budget hearing that mental health (MH) budget for next year is a meager P615 million, or about P5.69 per Filipino.

“This is grossly unacceptable.

It is even lower than the budget per capita of P12.19 in 2017; note

that there was no MH Act then.

This is insufficient to respond to the mental health needs of the Filipinos, especially the Filipino youth,” said Quimbo.

“We often forget the importance of our mental well-being and the fatal consequences that occur when it’s neglected. House Resolution 1225 responds to one of most pressing needs of the Filipino during a time of distress, they deserve no less,” said Quimbo.

For his part, Suntay said a few weeks ago the Department of Education confirmed a Covid-19-related suicide case of a child which led the department to strengthen its psychosocial support program.

“These accounts lead us to the conclusion that there must be an increase in the mental health program budget,” he said.

Lawmakers are also calling on the Department of Health to immediately and fully implement all the provisions of the MH Act. The lawmakers added there is a need to immediately create the MH Division of the DOH pursuant to the MH Act. According to the DOH, the department is still awaiting the release of the Notice of Organization, Staffing and Compensation Action from the Department of Budget and Management for the hiring of additional personnel to man the mental health division

Jovee Marie N. Dela Cruz

Editor: Vittorio V. Vitug • Wednesday, September 23, 2020 A3

Voting 241 for and 7 against, House OKs bill creating DDR

By Jovee Marie N. Dela Cruz @joveemarie

T

HE House of Representatives on Tuesday approved on third and final reading one of Congress’ priority measures: the creation of the Department of Disaster Resilience (DDR).

Voting 241 affirmative, 7 negative with one abstention, lawmakers approved House Bill 5989, or the Disaster Resilience Act. The bill will now be transmitted to the Senate for its own deliberations.

Tingog party-list Rep. Yedda Marie K. Romualdez and House Majority Leader and Leyte Rep. Martin Romualdez, principal authors of the measure, appealed to Senate leaders to expedite the passage of the bill creating the DDR. “We appeal to the Senate to expedite the passage of this measure [DDR] that would institutionalize the cohe-

sive, and comprehensive framework for disaster preparedness, prevention and mitigation, and response in our country,” the majority leader said.

“We are confident that the Senate is one with our goal to pass this bill into law this year,” he added.

In a news statement following the approval of the bill, Albay Rep. Joey Salceda, also the lead author of the measure, said that the creation of the DDR would ensure that the country is able to anticipate and proactively respond to emergencies and disasters.

DDR, he said, will help the country deal with disasters and emergencies “not as unfortunate incidents whose impacts are beyond our control, but as risks that can be mitigated.”

The DDR was also approved by the House in the 17th Congress but was not acted upon on time in the Senate.

Once implemented, the DDR would be an institutionalized agency coordinating national response to

disasters and emergencies, replacing the ad-hoc and primary secretariattype work of the current National Disaster Risk Reduction and Management Council (NDRRMC).

“Before I became governor, tragedy was a fact of life in Albay. We were what I would call “the Vatican of disasters. We had typhoons, volcanic activity and all associated disasters year-round. And it appeared that the culture began to accept death from disasters as almost an inevitability, if a sad fact of life. We just came from Reming, which killed hundreds in Albay,” he added.

“I pioneered the ‘zero-casualty’ doctrine in disaster management. We took a ‘whatever-it-takes’ approach to saving lives, monitoring typhoons as soon as they were detected and implementing innovative public communication and preparedness programs to build a culture of preparedness in the province,” Salceda said.

Article II, Section 4 of HB 5989 seeks to create the DDR as the primary government agency responsible for leading, organizing, and managing the national effort to reduce disaster risk, prepare for and respond to disasters, recover and rehabilitate, and build forward better after the occurrence of disasters. Its mandate covers all natural hazards.

Under the bill, the DDR may undertake and implement certain emergency measures in anticipation of, during, and in the aftermath of disasters to protect and preserve life and property and ensure and promote public safety and welfare.

Among these emergency measures are carrying out of preemptive and forced evacuation; imposition of curfew; and temporary takeover of any private utility, or business, subject to payment of just compensation when there is imminent danger of loss of lives, or damage to property.

LGUs told: Protect sanitation crew from Covid-19 infection

T

HE Department of Environment and Natural Resources (DENR) has reminded local government units (LGUs) to protect environmental frontliners against the continuing threat of Covid-19 infection.

The DENR recently held a webinar

among environment officers of various LGUs where the issue of garbage collectors and estero rangers being exposed to the virus was brought up.

Duringthewebinar,expertsreminded LGUs of the proper handling of solid and hazardous wastes during the pandemic.

“Environment workers, particularly garbage collectors, have been classified as essential workers as they work tirelessly to help protect public health and contain the spread of the virus by disposing of everything from household to health-care wastes,” said DENR Under-

secretary for Solid Waste Management and LGU Concerns Benny D. Antiporda.

The webinar aims to capacitate Metro Manila LGUs with adequate knowledge and skills to keep environment workers healthy and safe while performing their dutiesduringthepandemic. JonathanL.Mayuga

A4 Wednesday, September 23, 2020 • Editor: Vittorio V. Vitug

Economy BusinessMirror

Australia launches funding program for ‘shaky’ PHL, Indo-Pacific firms

By Elijah Felice E. Rosales @alyasjah

T

HE Australian government has initiated a funding program for firms operating in Indo-Pacific countries, including the Philippines, wherein successful applicants can get up to P17.5 million of financial support.

Dubbed the Business Partnerships Platform (BPP), the program seeks to help in the Covid-19 recovery of business enterprises in Bangladesh, Nepal, Philippines, Timor Leste and Tonga. Applicants for the funding must submit a proposal for business initiative that has social

impact, with each countries having different categories.

The BPP can co-finance businesses commercial ideas that contribute to digitalization, skills development for workers and micro, small and medium enterprises (MSMEs), economic opportunities for women or green recovery.

For the Philippines, partnerships should work on either of the following: cyber security and the critical infrastructure for MSMEs; digital mental health services; information and communications technology; and digital skills, big data, artificial intelligence and data analytics.

Australian Ambassador Steve J.

Robinson AO said the Australian government is more than willing to help the Philippines recover from the economic impact of the pandemic.

“This is an exciting opportunity for businesses to partner with the Australian Government to drive impact and change to help the Philippines bounce back from Covid-19.

The commercial ideas we will support will create jobs, enhance gender equality and assist economic recovery,” said Ambassador Robinson AO. On eligibility, a business can apply on its own, or form a consortium with other businesses, social enterprises, investors or even nongovernment organizations. They should

be registered with the government of their jurisdiction and must have financial history.

Likewise, they are required to match or exceed BPP funding through cash or in kind investment in undertaking the business initiative.

The applicants should also indicate a period of project implementation between one and three years.

The initiative must be done between April 1, 2020 and June 30, 2024.

The Australian Department of Foreign Affairs and Trade is tasked to do a due diligence process before entering a contract with successful applicants.

OMB’s call to restore ‘21 budget cut gains congressional support

T

HE Office of the Ombudsman (OMB) on Tuesday called on Congress to restore its budget for 2021.

At the budget briefing of the Office of the Ombudsman, Ombudsman Samuel Martires said the office has a proposed budget of P3.36 billion for 2021, a 22.07 percent, or P742 million lower than its 2020 budget of P4.1 billion.

Martires said that RA 6770, or the Ombudsman Act on fiscal autonomy states that the appropriations of the Office of the Ombudsman may not be reduced below the amount appropriated from the previous year.

“The Office of the Ombudsman earnestly hopes that Houses of Con-

gress, considering the OMB’s budget for 2021 and that of the succeeding years, would realize the crucial role it performs in investigation and enforcement of administrative, civil and criminal liability to promote efficient service by the government to the people through proactive approaches,” he said.

“The Office of the Ombudsman, in return, commits that the budgetary support it needs will not be spend aimlessly but will be utilized with the usual zeal and dedication to enhance the confidence of the general public in the OMB as their watchdog; mobilizer, official critic and dispenser of justice,” he added.

He said the 2021 budget of the office is also P1.3 billion, or 39 percent, lower than the OMB original proposal of P4.6 billion.

With this, Martires asked Congress for an additional P1.3 billion to its 2021 budget.

He said huge budget of OMB will be allotted for all ongoing programs, activities and projects, as well as for benefits of the workers of the OMB. For their part, lawmakers backed the request of the OMB to restore its budget for 2021.

Meanwhile, the Ombudsman also appealed to lawmakers to restore special provisions on savings that have been removed by the Department of Budget and Management in

the national budget. The provisions allow the OMB to utilize its savings that were generated from previous years to augment its expenses.

If allowed by Congress, he said, the OMB will use its savings for additional benefits given to its employees.

The special provisions on the use of savings had been granted to the OMB to preserve its guaranteed independence and fiscal autonomy, as enshrined in the 1987 Constitution.

Thespecialprovisionsprovidethat the OMB is authorized to use its savings to augment actual deficiencies from any items of its appropriations.

Jovee Marie N. Dela Cruz

PPA launches Traze app to boost Covid-19 tracing for all port users

T

HE Philippine Ports Authority (PPA) has formally launched on Friday its contact tracing system as part of the agency’s bid to facilitate the movement of people inside the ports, while maintaining the highest health protocols amid the threat of Covid-19.

Developed jointly by PPA inhouse information technology experts and third-party developer Cosmotech Philippines Inc., the mobile app Traze, has the capability to trace the movement of individuals inside PPA facilities without connecting to the Internet.

PPA General Manager Jay Daniel R. Santiago said the PPA’s Covid-19 tracing system is specifically designed to meet the needs of the port community both for individuals and establishments even without the use of mobile electronic devices when such devices are not available for users.

“One of the major breakthroughs of the app is that you can add up to 5 people, or establishments, in a single profile, thus, the system tracks their movement even without any mobile electronic device,” Santiago said.

“Establishments and vehicles registered with the system can likewise be monitored, making contact tracing at the port in cases of Covid-19 infection manageable and effective,” Santiago explained.

“With this, all PPA personnel as well as those individuals, establishments, port workers, concessionaires, and other port stakeholders nationwide are mandated to download and use the app as a pre-condition to entry in PPA facilities,” Santiago added.

He added that passengers without access to the app can drop-by the port Malasakit Helpdesk in order to be registered in the system. The provided QR Code can be used by the passenger at any Traze-

registered port or establishment in their subsequent travels.

The mobile application can be downloaded by users via the Apple App Store and Google Play Store.

After completing and verifying the registration, a unique Trazer identification number and printable QR Code will be issued. Persons with mobile electronic devices capable of reading QR Codes can simply scan other QR Codes for establishments and individuals.

Those without capable mobile electronic devices but registered through Traze-registered colleagues, friends or relatives, can simply printout their unique QR Codes which can be scanned every time they come in contact with another person, or establishment. The system traces their movement directly through this.

The system also automatically notifies Traze-registered person if they come in contact with a Co-

vid-19 positive individual.

All Traze-registered individuals and establishments can review their movement using the history button on the app itself.

All PPA head office departments have been issued their unique QR codes, which can be scanned by employees and visitors at every entry and exit point to any of the PPA offices. All Port Management Offices and Terminal Management Offices are in the process of registration and are expected to be completed within the week.

Meanwhile, the PPA Contact Tracing System is being reviewed by the Department of Transportation, which they intend to adopt and implement as the Philippine transportation Covid-19 contract tracing system. The Civil Aviation Authority of the Philippines is likewise evaluating the system, which they also intend to use in all airports under their jurisdiction.

DOJ to reopen BI corruption probe as NBI lawyer stumbles continued from a8 “We welcome the entrapment of the NBI on their employee who was allegedly fixing cases of those involved in the pastillas scheme,” Morente said.

“This is a result of our previous request for NBI assistance in investigating allegations of corruption in our ranks,” he added.

“We are working with those involved in the investigation as we are really serious in our goal of cleansing our ranks,” he added.

Morente also expressed the agency’s readiness to cooperate with the Senate Committee on Women, Children, Family Relations and Gender Equality, as well as the Department of Justice for the swift investigation on the alleged pastillas scheme.

The Senate Committee earlier conducted another hearing on the alleged Pastillas scheme and recommended a top-to-bottom reorganization of the BI, suspension of all involved in the scheme, as well as the suspension of the visa upon

arrival (VUA) system.

In January, the BI already suspended the Visa Upon Arrival facility, in an effort to slow down the entry of tourists following the spread of Covid-19.

“We also support the recommendations of the committee on the reorganization of the Bureau and the suspension of those involved. In fact, we have already relieved the names that were mentioned in the hearing, as well as implemented a system-wide reorganization,” Morente said. “ We implemented a total revamp of our airport personnel, all terminal heads, and all Travel Control and Enforcement heads earlier this year. I have likewise recommended the immediate relief of the sitting Chief of the Port Operations Division, pending the resolution of the investigation,” he added.

Morente clarified that the power to suspend personnel and replace the airport chief rests with the Secretary of Justice.

‘Walls closing in’

SEN. Risa Hontiveros, concluding Senate committee hearings on the inquiry into the Immigration rackets, warned that the “walls are closing in” on wayward BI agents linked to human trafficking syndicates.

Wrapping up the 5th hearing of Committee on Women, Children, Family Relations and Gender Equality, Hontiveros recalled that its original objective was to protect women and children from the scourge of human trafficking and the illegal entry of aliens into our borders.

“But these hearings have evolved and taken on a life of their own: a seeming Pandora’s box of corruption was opened at the Bureau of Immigration. The modern-day traitors who allow, for money, the entry into our borders of the three Ps: illegal POGO, Prostitution and Pandemic, have been exposed” the senator said, partly in Filipino.

She said that as a senator of the republic, “I cannot shirk from my responsibility to investigate this to

the very end,” adding that she was “specifically addressing employees and former employees of the Bureau of Immigration that are or were involved in the pastillas scam: The walls are closing in on you.”

The wayward elements in BI erred in assuming they can pay off lowerlevel immigration officers and nobody would contradict them. “They thought nobody will dare cross them.

They did not expect there is one Alex Chiong who was not afraid to tell the truth against them.”

“The [wayward BI officers] presumed they can also pay National Bureau of Investigation so that only the foot soldiers will face charges,” Hontiveros said. “They did not expect that some people will object to this and reveal that certain BI officers shelled out money so that they will not be charged by NBI.” She urged lower-level BI employees linked to immigration rackets: “now is the time for them to speak up and help the process for attaining justice.” Joel R. San Juan and Butch Fernandez

www.businessmirror.com.ph

Value of domestic trade down 2.9% to ₧834.72B in 2019, PSA data show

By Cai U. Ordinario @caiordinario

D

ESPITE an increase in the amount of goods traded domestically, the total value of these commodities contracted in 2019, according to the Philippine Statistics Authority (PSA).

Data showed the total value of domestic trade was estimated at P834.72 billion, a contraction of 2.9 percent from the P859.57 billion value of domestic trade recorded a year ago.

The total quantity of domestic trade in 2019 was posted at 25.89 million tons. This was a 0.4-percent growth from the 25.78 million tons volume of domestic trade recorded a year ago.

“Data on the inflow and outflow of commodities in the different regions serve as bases in the formulation and implementation of the various regional development programs like countryside development and port planning,” National Statistician Dennis S. Mapa said in the Commodity Flow report for 2019.

Almost all, or 99.9 percent, of these goods were traded through water transport while the remaining were through air transport. The PSA has not been collecting domestic trade via rail since the country’s rail systems underwent rehabilitation and upgrading in 2007.

In terms of value, commodities traded through water transport accounted for 99.9 percent of the total commodities that flow in the country. The remaining 0.1 percent of the total commodities were traded through air transport.

Machinery and transport equipment accounted for 32.4 percent or P270.05 billion of the total. It was followed by food and live animals; and manufactured goods classified chiefly by material, with corresponding values of P184.9 billion, or 22.2 percent and P121.32 billion, or 14.5 percent.

Among the regions, PSA data showed the National Capital Region

(NCR) posted the highest value of domestic trade at P267.46 billion or 32-percent share to total value of domestic trade in 2019.

It was followed by Central Visayas with a value of P149.25 billion, or 17.9 percent and Eastern Visayas with P112.54 billion, or 13.5 percent.

Meanwhile, in terms of quantity, food and live animals topped in terms of quantity of domestic trade with 6.2 million tons, or a share of 24 percent to total.

PSA said it was followed by manufactured goods classified chiefly by material; and mineral fuels, lubricants and related materials, with 5.5 million tons, or 21.2 percent, and 3.95 million tons or 15.2 percent, respectively.

Data showed Central Visayas registered the highest quantity of traded commodities of 4.74 million tons, or 18.3 percent of the total quantity in 2019.

Northern Mindanao ranked second with a quantity of 4.51 million tons or 17.4 percent and NCR placed third with 4.22 million tons, or 16.3 percent.

Meanwhile, in terms of trade inflow value, Central Visayas posted the highest at P175.72 billion, or 21.1-percent share of the total inflow value of domestic trade in 2019.

It was followed by Caraga and Western Visayas with inflow values of P133.36 billion, or 16 percent and P117.93 billion or 14.1 percent, respectively. Cagayan Valley, meanwhile, had the lowest inflow value of P0.02 billion.

“Inflow refers to the total value of commodities that come into the specified region/province from other regions/provinces,” PSA said.

The data also showed that the regions with the most positive trade balance are NCR with a positive trade balance of P198.11 billion; Eastern Visayas, P37.27 billion; and Central Luzon, P28.32 billion.

Caraga, meanwhile, had the highest unfavorable, or negative trade balance value of P110.04 billion.

‘Delisting telcos from public utilities in new PSA is constitutional

continued from a8

“We will not stop anyone from filing petitions with the Supreme Court. But we will press on with lawmaking, as is our constitutional duty,” Salceda said.

Paranoid

MEANWHILE, Salceda added that the country’s investment restrictions are the most “paranoid” in the world.

“The FDI restrictiveness index of the Organisation for Economic Cooperation and Development [OECD] shows the Philippines to be the country most restrictive to FDI among all the countries they assessed, except the conflict-torn countries of Palestine, Libya, and Algeria. In Asia-

Pacific, we are definitely the worst.

That means, whatever effort we do to attract investments, until we change our FDI restrictions, we will always fail,” Salceda said.

“With all due respect to the critics of the PSA amendments, when our laws are not good enough, we in Congress have a duty to change the laws to benefit the public interest.

It’s the duty of the courts to strike down any law that does not satisfy the Constitution, but our duty is to make laws. If we do not act, simply because of the threat of a petition against constitutionality, we will be shirking from our duty,” Salceda added.

House wants to end ’21 budget talks at panel level amid ‘noise’ continued from a8

Meanwhile, Castro also reminded Velasco that the term sharing agreement only involved the Speaker and chairmanship of the House Committee on Accounts.

“This is precisely how it was worked out because we want a smooth transition. To me, this will never happen if they attempt to remove all the chairmen and deputy speakers,” he added.

Strong message

CAYETANO, meanwhile, sent a strong message to those allegedly trying to sow intrigue to unseat him.

“Just show me that the majority does not want me and the transition

[speakership] will be smooth. But you cannot blackmail me or hijack the situation so that I will agree to corruption, pork, favoritism, or increase your funds. Whatever your district needs, let us talk about it. But I will not allow anyone to push me around,” he added.

According to Cayetano, some House members want to distract the attention of the lawmakers and disrupt the swift passage of the 2021 budget.

He also reminded his colleagues that the 2021 budget should not be about how much each district will receive but how the amount will be used to respond to Covid-19’s impact and accelerate economic recovery. Jovee Marie N. Dela Cruz

The World

Editor: Angel R. Calso

Wednesday, September 23, 2020

A5

Europe finds mass testing is no panacea for the virus

W

hen the coronavirus swept across Europe this spring, overwhelming hospitals and killing thousands each day, few but the sickest patients could be tested, leaving health officials in the dark about how widely Covid-19 had spread.

Six months on, with the virus surging again, authorities can point to dramatically expanded testing capacity. Britain alone carried out some 1.3 million tests in a recent week—a 20-fold increase from early April. France and Spain, Covid hotspots, have likewise increased their capabilities.

The ramp-up is helping authorities identify thousands of infected individuals, a key step toward curbing the pathogen without resorting to economically devastating lockdowns.

But cracks are emerging. The mass testing is straining labs, slowing results and complicating the contact tracing that’s crucial to contain the virus. And many with the disease are ignoring rules on self-isolation.

“That warps everything,” said James Naismith, a professor of structural biology at Oxford University.

“Testing is only useful if it’s paired with rigorous contact tracing and isolation.”

With infections rising and winter just around the corner, some public health advocates are sounding the alarm that the intense focus on testing is taking attention away from the other measures that are also necessary to fight the pandemic.

Without testing, health officials can’t track or isolate the sick, nor fully understand important facets of the virus, such as its lethality. In March, policymakers caught unprepared for the pandemic were unable to formulate a nimble response. The only way to bring the epidemic to heel was to impose mass lockdowns—to treat everyone as sick—which curbed infections but triggered the worst economic slump in living memory.

That’s an outcome leaders across the region have pledged to avoid this time around, though their options are narrowing.

Prime Minister Boris Johnson will convene crisis talks on tackling the resurgent virus on Tuesday, after his top scientific adviser warned the UK is on course for 50,000 new cases a day by mid-October without urgent action. He’ll then make a statement to the House of Commons, laying out the next steps in his government’s pandemic response.

Testing ‘gridlock’

As infections subsided over the summer, testing capacity kept growing, allowing authorities to target wider groups— including those returning from vacation or going back to schools or offices. While the surge in testing identified plenty of mild and even asymptomatic cases, it also brought many laboratories to the limits of their capabilities.

In France, the government made tests free and widely available, recently ratcheting up the total to 1.2 million a week. That’s led to “gridlock in access to tests, especially in some large cities where the virus circulates a lot,” Health Minister Olivier Veran said at a press conference on Thursday.

Until recently, more than 99 percent of tests were

coming back negative in some nations—a far cry from positive rates of as much as half during the spring. Nowhere has the turnabout been more pronounced—or the political heat more intense—than the UK, which lagged behind other European countries in testing early on but has now been doing more of it than any of its continental neighbors.

With labs unable to handle the volume, officials in some countries are again focusing testing on those who show symptoms or may have been exposed to the virus. While that approach is in line with World Health Organization guidelines, it’s reviving concern for some that tests are in short supply.

To improve tracing, France, Britain and other countries rolled out smart-phone apps designed to notify those who may have been exposed to the virus—but privacy concerns kept many from using them. And, as the number of Covid clusters increases, the job of those working the phones to track down the contacts of infected individuals grows more daunting each day.

Still, if tracers manage to reach some 50 percent to 80 percent of contacts—and if those people then adhere to rules on quarantining—those efforts could be enough to prevent another lockdown, estimated Annelies WilderSmith, a professor of infectious diseases at the University of Heidelberg’s Global Health Institute.

“We are morally and economically obligated not to give up,” she said. “We owe it to our citizens.”

Bigger fines

Isolating the infected, especially those with a mild case, is another challenge. Only one in five people with Covid-19 symptoms in the UK is properly isolating at home, according to a recent report from a government advisory panel. Johnson’s office said Sunday that those in England who refuse an order to self-isolate could be fined as much as 10,000 pounds ($12,779).

France recently loosened its mandatory period of selfisolation for the infected to seven days from 14—betting that people will be more likely to obey if the period is shorter.

For its part, Germany has drawn praise during the pandemic for rolling out mass testing early on, imposing a relatively permissive lockdown in March and April and for putting together an effective army of contact tracers. Even so, its case numbers are rising again, heightening anxieties about the fall and winter.

In the German Alpine resort town of GarmischPartenkirchen, the limits of testing recently came into sharp relief. An American woman in her 20s spent several recent nights visiting bars. When showing symptoms a few days later, she was tested and told by officials to isolate, but continued to go out, according to local authorities.

Health workers later found more than 30 new infections potentially linked to the woman. Prosecutors from Munich are investigating whether to bring charges.

“That’s the whole story right there,”Wilder-Smith said.

“Isolation must be absolutely strict, you cannot have a mistake.” Bloomberg News

Born to prevent war, U.N. at 75 faces a deeply polarized world

By Edith M. Lederer

U

The Associated Press

NITED NATIONS—The United Nations marked its 75th anniversary on Monday with its chief urging leaders of an increasingly polarized, go-it-alone world to work together and preser ve the organization’s most important success since its founding: avoiding a military confrontation between the major global powers.

Secretary-General Antonio Guterres’ appeal for a revival of multilateralism—the foundation of the United Nations—was echoed by leaders of countries large and small, rich and poor.

But despite largely positive speeches, it was clear that challenges lie ahead in collaborating to beat back the coronavirus pandemic, end numerous smaller conflicts from the Middle East to Africa, and achieve UN goals to eradicate extreme poverty and preserve the environment by a 2030 target.

“Today, we have a surplus of multilateral challenges and a deficit of multilateral solutions,” the U.N. chief said, stressing that Covid-19 has “laid bare the world’s fragilities,” which can only be addressed together.

“Climate calamity looms, biodiversity is collapsing, pover ty is rising, hatred is spreading, geopolitical tensions are escalating, nuclear weapons remain on hair-trigger alert,” Guterres said.

Appealing for a new multilateralism that draws on civil society, cities, businesses, local authorities and young people, Guterres said “no one wants a world government—but we must work together to improve world governance.”

The United Nations marked its actual 75th anniversary— the charter’s signing in San Francisco on June 26, 1945—at a scaled-down event.

Monday’s mainly virtual official commemoration was a sobering assessment of the state of the world, the impact of the 193-member world body over seven decades and the struggles ahead. Some leaders appeared in native dress and in unusual settings, adding some color to prerecorded speeches.

The commemoration was suspended with 58 countries waiting to speak, primarily because many leaders spoke far longer than the three minutes they were allotted. No date was set to hear the remaining speakers.

As a sign of the commemoration’s importance, heads of government like Chinese President Xi Jinping and French President Emmanuel Macron spoke. US President D onald J. Trump was first on the list of 182 speakers, but he didn’t offer remarks.

In a snub to the United Nations, the United States

instead was represented by its acting deputy U.N. ambassador, Cherith Norman Chalet. The White House had no immediate comment.

“In many ways, the United Nations has proven to be a successful experiment,” Chalet said. But for too long, she added, it has resisted “meaningful reform,” lacked transparency and been “too vulnerable to the agenda of autocratic regimes and dictatorships.”

China’s Xi urged U.N. members to recommit to multilateralism and “work to promote a community with a shared future for mankind.”

“Unilateralism is a dead end,” he said. “No country has the right to dominate global affairs, control the destiny of others or keep advantages in development all to itself.

Even less should one be allowed to do whatever it likes and be the hegemon, bully or boss of the world.”

Macron said the United Nations has remained true to its promises made three-quarters of a century ago: “To save future generations from the scourge of war, to assert human rights and the equality of nations, and to promote social progress in greater freedom.”

But he warned that “our common home is in disarray, just like our world.”

“Faced with the health emergency, faced with the climate challenge, faced with the decline in rights,” Macron said, “it is here and now that we have to act, with those who want to and with those who can, by exploiting all possible spaces for cooperation.”

Guterres and many others said the founding of the United Nations in 1945 and the commitment to cooperation after two world wars and the Holocaust produced results.

“Never in modern history have we gone so many years without a military confrontation between the major powers,” the secretary-general said. “This is a major achievement of which member states can be proud—and which we must all strive to preserve.”

Guterres cited other major UN victories over 75 years: peace treaties, decolonization, setting human rights standards, the end of apartheid in South Africa, eradication of diseases, a reduction in hunger, development of international law and landmark pacts to protect the environment.

But 25 years after world leaders adopted a platform to achieve equality for women, he said “gender inequality remains the greatest single challenge to human rights around the world.”

German Chancellor Angela Merkel stressed that “the United Nations can be only as effective as its members are united” and urged new efforts “to do everything in our power” to find common responses and end “the most intractable security issues,” including conflicts in Libya and Syria. AP

A6 Wednesday, September 23, 2020 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Reliable database can help farmers

T

he renewed interest of many Filipinos in planting or agriculture bodes well for a government that is banking on the sector’s resurgence to help the economy stay afloat. The lockdown gave rise to a new breed of planters—called plantitos and plantitas—who made good use of their small gardens. But lack of space did not prevent city dwellers from practicing container gardening by using recycled plastic containers, including plastic soda bottles. This development has been a boon for a number of industries, including those selling seeds and farm implement.

The Department of Agriculture’s urban agriculture push has certainly encouraged city residents to take up planting. The agency intensified its promotion of urban agriculture during the enhanced community quarantine period, when lockdown restrictions made it difficult for farmers to deliver fresh produce to urban areas. Some fresh food items were unavailable to consumers because farmers were unable to bring their products to the cities.

There has never been a better time to become a farmer or to go into agriculture, as food is fast becoming a precious commodity.

Gone are the days when resources are plentiful and food was cheap.

Climate change and its impact on agriculture and our shrinking natural resources are making food more expensive to produce.

For farmers to truly benefit from the renewed interest in agriculture, the chief of the Cold Chain Association of the Philippines said production should be driven by demand to avoid food waste.

Because the impact of Covid-19 on food security is seen lingering for years, there is a need to prevent food waste, particularly since the country also continues to grapple with animal diseases that threaten supply. Food waste can be prevented if there is data that will guide farmers on what varieties or crops to plant (See, “Plantdemic,” in the BusinessMirror, September 5, 2020).

The government should reach out to the private sector, which has enough resources to help the state collect data. Certainly, a database that would also help them make the right business decisions would be a welcome initiative. There is also no need to reinvent the wheel as there are existing models that the Philippines can use as inspiration, such as the database created by the United States Department of Agriculture.

Prior to the pandemic, farmers plant “profitable” crops sans guidance on whether there are buyers for their produce. This results in the oversupply of some commodities, which can be disastrous for planters because the excess inventory would depress prices. With activities limited in many parts of the country that remain under varying degrees of lockdown, the government should intensify efforts to gather data on demand and supply.

The national government can work with local government units in gathering data on food demand and supply. The Philippines cannot plan for the future if our leaders continue to rely on gut feel when it comes to our food supply. A reliable database, one that will help improve the income of farmers and expand consumers’ access to affordable food, is a great legacy that this administration can leave behind.

Since 2005

BusinessMirror A broader look at today’s business ✝ Ambassador Antonio L. Cabangon Chua Founder Publisher Editor in Chief Associate Editor News Editor

T. Anthony C. Cabangon Lourdes M. Fernandez Jennifer A. Ng Vittorio V. Vitug

Senior Editors

Lorenzo M. Lomibao Jr., Gerard S. Ramos Lyn B. Resurreccion, Dennis D. Estopace Angel R. Calso

Online Editor

Ruben M. Cruz Jr.

Creative Director Chief Photographer Chairman of the Board & Ombudsman President Advertising Sales Manager Group Circulation Manager

Eduardo A. Davad Nonilon G. Reyes

Saving for your retirement Aurora C. Ignacio

All About Social Security

I

magine yourself strolling by the beach, watching the sun rise upon waking up from a relaxed and peaceful slumber. Then you take your sweet time drinking your favorite coffee. No need to hurry to take a bath, dress up and drive to work because you are now retired and free from the hassles of the corporate jungle you used to live for the last 20 or 40 years of your life…ahh, retirement!

No stress at all!

So how do you envision yourself when you retire?

Most of us think of this as priceless time spent with the family, playing with grandchildren, taking vacations, renovating the house, buying a new car, tending to your own garden or simply relaxing somewhere in the province that feels like your personal little slice of paradise. Is this a dream?

Or reality? Or both?

By the time we hit the age of 40s or 50s, the idea of aging and retirement starts to sink in. We start to think about living costs, medicine costs, bills, taxes, and other expenses that we must regularly pay for during retirement. Then we start to wonder if the retirement package and savings that we have can be enough to cover our monthly expenditures.

Yes, we may have governmentmandated pensions from SSS and/ or GSIS to look forward to, but is it really enough?

Building a comfortable retirement nest takes years of discipline and a lot of effort. To be able to live comfortably during retirement, we must start building our nest egg at a young age. The earlier we start financially investing for our future, the longer the time we can save, and the higher the amount we can build up for our retirement. But one relevant question is, where must we

RSA’s dream: A new airport in Bulacan

Judge Pedro T. Santiago (Ret.) Benjamin V. Ramos Aldwin Maralit Tolosa Rolando M. Manangan

BusinessMirror is published daily by the Philippine Business Daily Mirror Publishing, Inc., with offices on the 3rd floor of Dominga Building III 2113 Chino Roces Avenue corner De La Rosa Street, Makati City, Philippines.

Tel. Nos. (Editorial) 817-9467; 813-0725. Fax line: 813-7025.

(Advertising Sales) 893-2019; 817-1351, 817-2807.

(Circulation) 893-1662; 814-0134 to 36. E-mail: news@businessmirror.com.ph.

www.businessmirror.com.ph

invest? Aside from personal savings, which is often invested in banks, it is also recommended that we invest in other financial vehicles that can maximize the income potential of our savings. For retirement per se, there are retirement plans and pension funds such as the SSS and GSIS, which are professionally managed to ensure growth of our savings. This allows us to be independent and not depend on our children or relatives in times that we need money to cover for our daily needs or medications.

By and large, the amount of SSS pensions is not the same for everyone. Essentially, the amount of SSS pension is highly dependent on two factors: (1) years of service; and (2) amount of monthly contributions.

To help you understand how SSS pensions work, consider Member A and Member B, who are both 60 years old. To illustrate the effect of years of service, suppose they paid the same amount of monthly contributions. Member A worked for 20 years, while Member B worked for 40 years. Although both members contributed the same amount monthly, Member B worked for a longer time than Member A; hence, in totality, Member B contributed more and is entitled to a higher retirement pension than Member A. On the other hand, to illustrate

Susan V. Ople

Scribbles

T

he Covid-19 pandemic has virtually put foreign and local direct investments on hold, across the world. When people are scared to leave the house, both productivity and profitability suffer, and the cost of doing business is high enough to include one’s life.

Printed by brown madonna Press, Inc.–Sun Valley Drive KM-15, South Superhighway, Parañaque, Metro Manila MEMBER OF

the importance of the amount of monthly contributions, suppose both members worked for the same duration, say 30 years, but Member A contributed at the minimum amount (P240), while Member B contributed at the maximum amount (P2,400).

Expectedly, member B will have a higher pension. As a general rule, and what I like to emphasize here is that the longer the time we contribute and the higher the amount of the monthly contributions that we put into our SSS accounts, the higher the amount of benefit that we can get by the time we retire.

I remember the famous quote of American investor, business tycoon and philanthropist, Warren Buffett: “Do not save what is left after spending, instead, spend what is left after saving.”

We, Filipinos, have yet to practice what Warren Buffett preaches about saving. We have yet to improve our financial literacy and develop the attitude of saving while we are still in the prime of our health. However, it is not yet too late for us, especially for the majority who are average earners, to adopt the “spendwhat-is-left-after-saving” attitude.

It may be difficult at first but if we get used to it, it might be just like a piece of cake.

To illustrate the importance and benefits of saving, consider this example of an individual who earns a monthly income of P10,000, and who saves at least P20/per day. If we accumulate his daily savings, he will have a total of P7,300 by the end of the first year. If he will continue saving the same amount daily for 10 years, he will have P73,000 as personal savings at the end of the 10th year. Of course, this amount can be higher if he uses investment vehicles, because through investments, he would also benefit from interest income. Come to think of it, by saving and investing, the opportunity to spend now may have been fore-

Yet, no virus can stand in the way of San Miguel Corp.’s plan to build an international airport and airport

city within the year. Businessman Ramon See Ang, president and COO of San Miguel, said he is more de-

termined than ever to pursue the construction, development and operation of a world-class international and domestic airport in the rustic town of Bulakan, Bulacan.

The conglomerate will shoulder all the costs and assume the risks for the airport project pegged at P734 billion.

“Not a centavo of taxpayers’ money will be spent on this project and we all stand to gain as Filipinos.

Despite the economic downturn caused by the pandemic that has significantly affected all businesses, including us, we are even more determined now to push through with the airport project. This will immediately generate hundreds of

gone, but this is positively offset by the opportunity of spending more (because of interest/investment income) in the future. Every peso saved is worth it. Moreover, at this time of pandemic crisis, we must prioritize saving for other contingencies as well, which reminds me of an old Filipino saying, “Kapag may isinuksok, may madudukot.”

While SSS always prioritizes its member’s welfare, it’s time that we start to take care of ourselves too. SSS makes sure that the money that you contribute to the fund is secure and well taken care of, and you get the right benefits that you invested for during your working years. For those times that we have been working, it is just right that we save a portion of our earnings as well so that in the years to come, we will get to enjoy the fruits of our labor, so to speak.

Our economy before is different from our economy now, nor will it be the same in the future. Inflation occurs. Products do not cost the same now as they cost before, and the cost will not be the same in the future as well. The value of the peso 10 years ago is not the same at present. That’s just the reality.

Well, going back to the time when life is simpler and the prices of commodities are cheaper, some of us might not have taken the opportunity to save but it is not yet late to do that. Those who have retired might have less pension amounts and those who have retired just now might have been receiving a higher amount, but nevertheless, what’s important is they have been receiving their retirement benefits as well.

This is what we envision for all our retirees: that they may have a happy and comfortable retirement that they all deserve.

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.

thousands of jobs that so many Filipinos need today, especially those who have lost their jobs, or have come home from other countries because of the economic slump. This is not the time to hold back on investments. This is the time to go all-in for our country,” the philanthropist/ tycoon known by his initials, “RSA,” told this writer.

RSA also gained public admiration for declaring publicly that San Miguel commits to paying the salaries of all of its workers, absorbing the costs despite the sharp downturn in the economy. Recently, he once again made the news when he announced his plans to build a See “OPLE,” A7

Opinion BusinessMirror

www.businessmirror.com.ph

Wednesday, September 23, 2020 A7

VUCA world 4.0 and the FPI: The making of a proactive advocacy group Covid-19 pandemic Dr. Jesus Lim Arranza

MAKE SENSE

Dr. Carl E. Balita

Entrepreneurs’ Footprints

I

N 1991, the US Army coined the acronym VUCA in response to the extreme condition in Afghanistan and in Iraq that resulted to the total change in the nature of warfare. The art of their war adapted to the VUCA: Volatile, Uncertain, Complex, Ambiguous.

Finding similarities in the way modern business and economics have radically changed, business tried to make sense of it all to refer to the ever-changing environment with the term VUCA world, now a buzzword in strategic planning and discussions in the business world, which threatens to render those what work today as, possibly, obsolete by tomorrow. VUCA is an old term. And the Covid-19 gave it a re-awakening and newer applications.

Volatility describes the world through the speed of change that occurs in it. As things change continuously, the dynamic situation today transforms, in the turbulent speed of light, to the unthinkable tomorrow. What is true today may not be any more true tomorrow, and what happens next is relatively unexpected and unknown. The more volatile the world is, the more and faster things change.

Uncertainty results from the degree by which we cannot predict the future. If what is happening is not understood and when the basic causeand-effect is unknown, it lacks the predictability. While the event may be explained after the fact, making a hypothesis or forecast of them is difficult. The more uncertain the world is, the harder it is to predict.

Complexity is brought about by the situation that has many interconnected parts, variables and relationships between them. High complexity makes it impossible to fully analyze to lead to a clear conclusion.

The more complex the world is, the harder it is to analyze.

Ambiguity is a situation when information is incomplete, contradictory or inaccurate to draw any rational interpretation. It results to the lack of clarity and confusion on how to make conclusion. The more ambiguous the world is, the harder it is to interpret.

The VUCA world has been here before Covid-19, but the pandemic has made change faster and more volatile, harder to predict and more uncertain, more difficult to analyze and more complex, and, more challenging to interpret and more ambiguous. The whole of humanity’s adaptation brings about more and faster changes, hence, volatile. No one is expert enough to help predict the future in this unprecedented crisis of the modern times painting the gloomy face of uncertainty. The multifaceted nature of the crisis and the more complex human and institutional responses come into play to make it extremely complex.

And the novel coronavirus leads to an expected ambiguity. We are in the VUCA world, indeed.

VUCA and leadership

Bill George, senior fellow at Harvard Business School, defines a type of leadership. He calls it VUCA 2.0 giving a complete new meaning to the acronym: Vision—Understanding – Courage—Adaptability.

Vision is the ability to see through chaos and define the organizational ideal state of the future. With core values as its guiding compass, the leader defines the direction of the organization and lead its people by communicating and sharing the vision. Understanding of the leader results from the openness to gain indepth grasp of rapidly changing circumstances. The leader who has the humility to reflect upon experience, observe the environments, listen and learn will gain greater understanding to navigate the storm. Courage is the

This author proposes a VUCA 4.0 anchored on optimism amid the pandemic experience. VUCA can be given a more positive meaning.

Volatility is shifted to Virtuous Values. Uncertainty is converted to Utilitarian Unity. Complexity is translated to Circumspective Clarity. Ambiguity is converted to Agile Action. risk-taking capability of the leader to make bold decisions and purposeful actions. Leader’s courage is not the absence of fear but the mastery of it.

Adaptability is flexibility to adapt to changing circumstances while maintaining the course towards a vision.

As the so-called new normal sets in, the leader leads the adaptation to it by taking the chance to make a choice for change.

This VUCA leadership is essential in the pandemic times as pivot happens when the leader keeps the vision, and by understanding the situation, the leader takes the courage to adapt.

Positive VUCA

This author proposes a VUCA 4.0 anchored on optimism amid the pandemic experience. VUCA can be given a more positive meaning. Volatility is shifted to Virtuous Values.

Uncertainty is converted to Utilitarian Unity. Complexity is translated to Circumspective Clarity. Ambiguity is converted to Agile Action.

Virtuous values anchor the persons and the organizations to the morally good that matters most to them and shared among them. The volatility of change may be mitigated by the virtuous values that define the core and essence of the individual and the organization just like the lighthouse in its rough sail. The pandemic gave us much time to introspect on our core values.

Utilitarian unity promotes collective collaboration and synergy to give the greater good to the greater number. The pandemic should tap the kindness in humanity as a united human species needing to be stronger in fighting the uncertainty brought about by world war against the unseen virus. Humanity never had the shared experience like this and the most opportune moment to re-define the common good.

Circumspective clarity achieves understanding that is crystallized by taking everything into account.

The response to Covid-19 is not a tug-of-war between health and economics for indeed there are more variables that come into play. But the complexity can be analyzed by the holographic circumspect to achieve crystal clear clarity—redundancy intended. Agile action executes the strategy in a relentless pursuit to survive in the VUCA world. While hope is essential, it is not a strategy -- action is. Ambiguity brought about by the pandemic experience may challenge the readiness for action but agility pivots such action to achieve results, or at least lessons in case they fail. Pivot shifts strategies while sticking to the vision in a situation where inaction is unacceptable.

The VUCA world paints a gloomy picture of the world that was and continues to validate itself in the Covid-19 world. But as humanity makes choices, the VUCA world may spell out something to make individuals, families, organizations and humanity survive, and thrive. After all, what does not kill us makes us strong to head on creating footprints, onwards.

I

n 1990, or four years after President Corazon C. Aquino declared a Revolutionary Government, the country’s industry and manufacturing sectors were still recovering from a flattened economy when Malacañang issued Executive Order 413 arbitrarily lowering the tariffs on all industrial and agricultural products by as much as half of existing tariff rates at that time.

Malacañang, however, decided to withdraw the EO after sensing trouble when a multi-sectoral group consisting of heads of industrial firms, producers and industry associations questioned the constitutionality of the order at the Supreme Court.

Under the law, the President is only allowed to raise or lower tariffs on a selective basis and not across the board when Congress is in recess.

However, Malacañang later issued Executive Order 470 to accelerate the country’s engagement in global free trade. Believing that the new EO was just a toned-down version of EO 413 and its implementation would compromise the recovery efforts of the country’s manufacturers and producers, the multi-sectoral group, which now included some members of the Philippine Chamber of Commerce and Industry (PCCI), strengthened its resolve to fight the Order.

The members of PCCI joined the group because they could not get a definitive stand from their organization on the issue due to the conflicting interests of its members.

PCCI’s membership is composed of manufacturers, traders and importers. And while the order that would drastically lower tariffs on the coun-

try’s importations of industrial and agricultural products was a welcome development for importers and traders, local producers and manufacturers saw it as a bane to their already struggling survival. They said it could trigger the demise of the local manufacturing industry.

Thus, on January 24, 1991, the Federation of Philippine Industries was officially registered with the Securities and Exchange Commission (SEC) with 15 industry leaders as incorporators. The founders also decided to make FPI exclusively for the manufacturing companies and industries to avoid conflict of interest as they previously experienced when the aforesaid EO was issued

by President Cory Aquino.

Since its creation as an advocacy group to promote and protect the interests of local producers and manufacturers, the Federation has evolved to become more proactive and profound in its advocacy to help establish a level playing field for local producers and manufacturers amid the World Trade Organization’s (WTO) call for the dismantling of trade barriers to facilitate global free trade.

Moreover, establishing active partnerships and cooperation with government enforcement agencies

like the National Bureau of Investigation (NBI), Philippine National Police (PNP) and nongovernment anti-crime groups, among others, helped the Federation push its advocacy to stop all forms of illicit trade.

It’s a step forward, even as the Federation remains committed to help stop smuggling and corruption in both the public and private sectors.

Going back to the reason why FPI was created in 1990, which was primarily to protect the local industry from the ill effects of a flawed EO that was seen being advantageous to importers and traders but disadvantageous to local producers and manufacturers, the Federation is once again knocking at the doors of both Houses of Congress on the need to have a separate department to handle Commerce and Trade, and another department for Industry.

During the Marcos administration when the government had a Department of Commerce and Trade and a Department of Industry, the heads of both executive departments could focus on their respective mandates. Unlike the set-up we currently have, the Department of Trade and Industry secretary carries the burden of balancing the conflicting interests of importers, traders and local manufacturers.

Importers and traders will always push for lower tariffs, while local manufacturers will seek safeguard duties to protect their businesses and to save thousands of jobs. This conflict is practically experienced in almost all aspects of business, as well as in all fronts, be it in the Bureau of Customs, Tariff Commission, DTI, among others.

Hence, my advocacy is to have a separate Department of Industry and Department of Trade, because these departments were merged during the latter part of the Marcos era supposedly for easier management.

Risks in variable life insurance Atty. Dennis B. Funa

INSURANCE FORUM

V

ariable or unit-linked life insurance is subject to risks which the policyholder alone must bear. The performance of the investment funds is not guaranteed. It fluctuates. It may go up or down. It is subject to the volatility of the market. While the policyholder receives all the investment benefits there may be, he also must accept losses from the performance of his investment fund. The value of his insurance policy will fluctuate with the value of his underlying investment funds.

There are numerous risks that the investment fund of the unit-linked insurance policy is exposed to. These may be market risks, liquidity risks, credit and insolvency risks, foreign exchange risks, interest rate risks, and other risks. An individual averse to these risks would do well to just

Ople. . .

continued from A6

state-of-the-art hospital and research center for infectious diseases. It seems that this man of three letters have an alphabet soup of dreams, and is dedicated towards venturing in uncharted waters for the sake of the common good. That he is a businessman is a given, and making profit while contributing to your country’s welfare is a blessing that very few can claim to have.

Despite all obstacles, with some yet to come, the former pilot turned tycoon has set his heart on building the airport in a Bulacan district known for its floods. I live in that district, and have my own nightmares to share about wading in brown, smelly floodwater. My mother and namesake, Susana, who is in her young 90s, cannot even go down to the ground floor of our house during high tide because of the steady and rising stream of water from the

There are numerous risks that the investment fund of the unitlinked insurance policy is exposed to. These may be market risks, liquidity risks, credit and insolvency risks, foreign exchange risks, interest rate risks, and other risks. An individual averse to these risks would do well to just purchase traditional insurance. On the other hand, risks for guaranteed benefits are borne by the insurer.

Market risk pertains to the performance of the investment funds.

And the performance of the investment funds may be influenced by a host of other market factors such as pandemics, recession, political turmoil, changes in interest rates, natural disasters and terrorist attacks.

There are other numerous market variables that can be considered.

Basically, it is a bet on the economy and the financial markets. Thus, equities in a well performing economy

street to our living room.

Apparently, the combination of a global pandemic and constant floods are not enough to diminish RSA’s interest in the airport project. His company has embarked on a new initiative that involves the planting of 25,000 mangrove trees in a 10-hectare coastal area in my hometown of Hagonoy, Bulacan—the first phase of a total of 190,000 mangrove trees to be planted over 76 hectares in Bulacan and Central Luzon.

“This effort [to plant mangrove trees] is part of our larger floodmitigation strategy for Bulacan. The first is our P1-billion plan to dredge and clean up the Tullahan-Tinajeros River System. This involves cleaning major river systems and tributaries that have been clogged up with garbage and sediment for so many decades, preventing flood waters from draining into the Manila Bay,” Ang said.

The plan also calls for the building of a coastal highway that will also serve as a spillway to keep

the waters out. For how can any airport thrive and be of service to anyone, when travelers and planes need to wade through knee-deep if not waist-high waters? It doesn’t make sense for San Miguel to pour a trillion-peso in investments in an area that’s fit for submarines rather than planes. As designed, the new airport will have four parallel runways, eight taxiways and three passenger terminals.

Designed to accommodate at least 100 million passengers a year, the New Manila International Airport will have enough room to accommodate all local and foreign travelers and the families that wish to send them off.

Already, training programs are underway for workers to be absorbed by this massive airport construction project. San Miguel says it is open to hiring qualified ex-OFWs as well as thousands of jobless Bulakenyos. On September 1, the House of Representatives approved a 50year franchise for the airport. The

purchase traditional insurance. On the other hand, risks for guaranteed benefits are borne by the insurer. We take a look at two major risks.

Market risk

Unfortunately, the conflict between the manufacturers and traders is currently more pronounced in view of the unimaginable effects of the Covid-19 pandemic where all countries have been gravely affected. These countries want to get a share of the dwindling global market by “invading” others, including the Philippines, in order to increase their capacity utilization and raise their respective noses above water to survive. This is the reason why currently there is an influx of imported finished products that are substandard.

In fact, this conflict between the manufacturers and traders was eerily manifested recently when local flat glass manufacturers pushed for the strict implementation of the Mandatory Standard to protect the consumers from accidents such as falling glass during earthquakes, and the opposition made by traders to the extent of securing a preliminary injunction just to stop the implementation of the Mandatory Standard. Thus, with the injunction, our consumers are not currently protected in view of the proliferation of substandard flat glass products in the market.

I empathize with our current DTI secretary, who is working so hard just to balance the interest of the traders and manufacturers. Such conflict will be practically avoided if there are two departments that will focus on serving their respective area of concerns without being bothered by the interests of another sector. In the event of conflict between the two departments, it could be resolved by Neda, which is chaired by the President.

With the creation of a Department of Industry, the manufacturing industry will have a strong platform where it could raise its concerns with the government.

could be expected to also perform well. While investment-linked policies are normally expected to yield better than traditional insurance policies, it is possible for investmentlinked policies to perform worse than traditional policies. Market risk is a major concern for investors. But the skill of the fund manager is also an important factor.

Liquidity risk

Liquidity is the ability to meet expected and unexpected demands for cash. Variable insurance needs to be given time to grow its value. The yields will not come overnight. So there is a pre-determined period or a lifespan (investment period), usually five years, where the encashment charges will be very high. An early encashment exposes the investment to liquidity risks where the investment does not have enough liquidity yet.

The charges involved in such early encashment should also be properly explained to the insured.

Senate public services committee chaired by Senator Grace Poe is also scheduled to begin its hearings on the airport franchise.

With RSA’s dream moving forward, we can only wish him the best of luck. Personally, to see a non-Bulakenyo stake his money and name and reputation to build an airport in our home province is nothing short of inspiring.

The airport project is a colossal, private investment into the distant future, for our grandchildren and their own children to enjoy and be proud of. To plant its seeds today, when the world’s future is at its darkest, is such a daring act of hope by the humblest of men. RSA keeps teaching us to believe in ourselves, in our capacity to dream big, and to make the impossible, possible.

Susan V. Ople heads the Blas F. Ople Policy Center and Training Institute, a nonprofit organization that deals with labor and migration issues.

She also represents the OFW sector in the InterAgency Council Against Trafficking.

A8 Wednesday, September 23, 2020

DOJ to reopen BI corruption probe as NBI lawyer stumbles

T

HE Department of Justice (DOJ) said on Tuesday it is ready to reopen the investigation into corruption in the Bureau of Immigration (BI) known as the pastillas scheme, following the arrest of a high-ranking official of the National Bureau of Investigation (NBI) for allegedly accepting a bribe in exchange for clearing other individuals who may be involved in the illegal practice.

DOJ Undersecretary and spokesman Markk Perete made the statement after confirming that the NBI had arrested the head of the bureau’s Legal Assistance Section (LAS), lawyer Joshua Paul Capiral.

Capiral was arrested along with his brother Christopher, who is an Immigration officer, during an entrapment.

The NBI has yet to provide further details, saying an investigation is still ongoing.

Capiral was in charge of evaluating the investigation of the Special Action Unit (SAU) on the pastillas scheme.

“The DOJ is now monitoring the proceedings in the Senate to assess if further investigation is necessary. If there is evidence that the previous investigation may have been compromised, a reinvestigation may be conducted,” Perete said.

The NBI earlier recommended the prosecution of 19 BI officials for graft in connection with the “Pastillas scam” that was exposed during a Senate inquiry early this year.

The pastillas scheme allows the smooth entry of Chinese nationals, who were about to be employed by Philippine Offshore Gaming Operator (POGO) firms, in exchange for money.

Each arriving Chinese national reportedly paid an additional P10,000 service fee, with the P2,000 divided among officials from the BI’s Travel Control and Enforcement Unit (TCEU), duty Immigration supervisor and terminal heads.

Prior to this, Justice Secretary Menardo Guevara ordered the NBI to conduct a case build-up on the alleged involvement of BI officials and employees in human trafficking and escort services.

The BI is one of the attached agencies of the DOJ and it has yet to issue a comment on the NBI’s findings.

Morente

Meanwhile, BI Commissioner Jaime Morente welcomed the arrest of Capiral for alleged bribery and extortion.

Continued on A4

‘Delisting telcos from public utilities in new PSA is constitutional’

T

By Jovee Marie N. dela Cruz

@joveemarie

HE chairman of the House Committee on Ways and Means on Tuesday issued a rebuttal to arguments of retired Supreme Court Associate Justice Antonio Carpio questioning the constitutionality of the House-approved New Public Service Act.

Albay Rep. Joey Sarte Salceda, the panel chairman and principal author of the measure, made a statement after Carpio said the bill, which excludes telecommunications from the list of public utilities under the New Public Service Act, is unconstitutional. “ T here are two arguments against the constitutionality of the amendments, which we expect will create jobs, lower consumer prices, and improve the quality of telecommunications services: 1) that tele-

communications is a public utility and Congress does not have the power to change the “clear” intent of the framers of the Constitution; 2) that radio frequencies are a natural resource subject to the 60/40 foreign equity limitation under the Constitution,” Salceda said.

“The argument is that you cannot change the definition of a public utility. That’s not true. In fact, the Supreme Court already sanctioned the declassification of public utilities which were enumerated in the Public Service Act, which was cited in the deliberations. For example, the Supreme Court has upheld the removal of “shipyards” from the definition of “public utility” and has noted that power generation is no longer considered a public utility operation,” Salceda explained.

Carpio said the SC may reject the measure should it become a law, the High Court being the final interpreter of words and phrases in the Constitution.

“As for the idea that radio frequencies are a natural resource, that interpretation can lead to several absurdities. Foreigners would be banned from using devices that utilize radio frequencies, such as cellular phones and laptops. Furthermore, the idea that radio frequencies are somehow in the same class as exhaustible natural resources such as water and air would be, frankly, an odd interpretation,” Salceda added.

House Bill 78 aims to amend the

antiquated Commonwealth Act No. 146 by providing a clear distinction between public service and public utility. Under the bill, public utilities will only cover the following: distribution of electricity; transmission of electricity; water pipeline distribution system; and sewerage pipeline system. Public utilities, as stated in Article 12, Section 11 of the 1987 Constitution, must be solely operated by firms that are 60 percent owned by Filipinos.

Industries that fall outside of the aforementioned definition will be open to full ownership by foreign investors.

This arrangement, according to the measure’s sponsor Sharon Garin, is set to supplement Filipino capital, boost competition, and reduce prices of goods and services for Filipino consumers. She chairs the House Committee on Economic Affairs.

“Eliminating the ambiguity of the law is one thing, but what we are really after is providing a stronglyrooted, comfortable, and secure life for all Filipinos,” said Garin, echoing the National Economic and Development Authority’s (Neda) AmBisyon 2040.

Garin also quelled fears over the expected influx of foreign investors, claiming that safeguards are well in place to protect the interest of Filipinos. One safeguard she cited is limiting the number of foreign employees in public services to 25 percent. This provision, she maintains, will secure more employment opportunities for Filipino workers.

Meanwhile, Salceda said nothing stops lawyers and other concerned groups from filing petitions to declare a law unconstitutional.

“We in Congress have an obligation to make laws that will benefit the public and the economy. If it is unconstitutional, and the Supreme Court declares so, we will abide. But the Supreme Court does not have the power to do our jobs as a co-equal branch, and thankfully, it has not done so,” said the lawmaker.

Continued on A4

DA: Bird flu outbreak in Taytay under control

T

HE Department of Agriculture (DA) said the bird flu outbreak in backyard farms in Taytay, Rizal, which affected a few hundreds of muscovy ducks and native chickens, is now under control and government authorities have started disinfection procedures in the affected farms.

DA Avian Influenza Technical Spokesman Arlene Vytiaco told the BusinessMirror that the outbreak in Brgy. Sta. Ana, Taytay, Rizal, has been contained following the complete stamping out of 171 birds in the affected farms.

Vytiaco explained that two backyard farms were confirmed positive for the highly pathogenic avian influenza (HPAI) H5N6 out of 12 farms in the 1-kilometer radius that were tested by the government.

Vytiaco said five backyard raisers experienced unusual mortality among their flock, including deaths in game fowls, but only the fifth affected raiser reported to the government about the incident in late August.

The affected farm that reported to the government had about 500 native chickens and 300 muscovy ducks, with the majority of the population being wiped out by the disease.

Government authorities only had to depopulate less than a hundred native chickens and about 49 muscovy ducks.

Due to this, government authorities went to depopulate eight more farms that had a history of unusual mortality among their flock and were adjacent to the positive farm since they had no biosecurity measures, making them high-risk for the virus.

Vytiaco said the government immediately dispatched teams to undertake the depopulation right after that it was confirmed that AI struck the poultry farms.

“The outbreak is now under control.

It’s contained already. The cleaning and disinfection procedures are now ongoing,” Vytiaco said via phone call.

“We have talked with the local government unit that they will continue to monitor the remaining ducks every two weeks to collect blood samples to ensure they are negative from AI,” she added.

Vytiaco said the government is still investigating the possible cause of the bird flu outbreak in the concerned poultry farms, which were located on the riverbanks of Pasig River.

“These duck farms were located along the Pasig River and amazingly the two farms that tested positive were the ones located above and not on the riverbank,” she said.

The bird flu outbreak in Taytay, Rizal, is another setback toward the declaration of the Philippines as a bird flu-free country again. This is now the third confirmed AI outbreak this year following the earlier cases in Jaen, Nueva Ecija, and San Luis, Pampanga.

Jasper Emmanuel Y. Arcalas

House wants to end ’21 budget talks at panel level amid ‘noise’

T

HE leadership of the House of Representatives is eyeing to terminate the committee deliberations on the proposed P4.5-trillion national budget for 2021 by Wednesday (today) amid the “political noise” hounding the chamber.

House Speaker Alan Peter Cayetano has assured the public that the current coup issue and budget row started by some members of Congress against the leadership will not derail the passage of the 2021 national budget.

C ayet a no sa id he e x pects the budget deliberations to run smoothly despite the issues being raised by some lawmakers.

“We have to finish the budget [briefings] by Wednesday [September 23] so we can start the proceedings on the floor,” he said.

“I’d really want to focus on the budget. Any talk about change in leadership will affect the budget deliberations. I don’t want politics to get mixed into the budget hearings,” he added.

The House committed to finish

the 2021 national budget deliberations before the Congress break on October 14.

Defended

In a privilege speech, Capiz Rep. Fred Castro, meanwhile, defended Cayetano and criticized Marinduque Rep. Lord Allan Velasco and his camp for allegedly sowing intrigue and disunity.

Earlier, Deputy Speaker Paolo Duterte threatened to declare the seat of Speaker and Deputy Speakers vacant following complaints of lawmakers on the current leadership.

The Cayetano camp also dismissed the issue of unfair budget distribution among lawmakers as a “sinister ploy” hatched by Velasco supporters to wreck efforts by the House leadership to pass the 2021 national budget by end-September. “ T he a g re e me nt b e t w e e n Speaker Cayetano and Congressman Velasco is between them.

How can we trust Congressman Velasco to hold up his end of the

deal, not just be the new Speaker but to actually act like one? And that is the more important question,” Castro said.

“Instead of being the leader he said he was, Congressman Velasco showed his true self. He did not work, he did not contribute, he did not defend this House. He did not lead, so why would he expect us to follow him? It was his mistake to think that he could not just do nothing within 15 months and then just one day appear in Congress to claim the Speakership as if it was his birthright,” Castro added.

“Let me remind the good congressman that the Office of the Speaker is primus inter pares—the first among equals but he cannot claim to be first when he is not even equal of many those who are here today. He is not equal in their work and contribution to the success of this chamber and dedication to the people,” he added.

Under Cayetano, Castro said the House received a high trust and approval rating from the people.

Continued on A4

Companies BusinessMirror

www.businessmirror.com.ph

NGCP pushes back timeline for vital transmission projects

T

By Lenie Lectura

@llectura

he National Grid Corp. of the Philippines (NGCP) has appealed for understanding as the timeline of its vital transmission projects has been pushed back because of the Covid-19 pandemic.

NGCP said Tuesday that it is continuously assessing the impact of the global health crisis to transmission projects, particularly to the Mindanao-Visayas Interconnection Project (MVIP), Western Luzon Backbone project, and San Jose-Quezon 230kiloVolt (kV) Line 3 project.

“NGCP is eager to finish its critical projects as close to the original timelines as possible. We are also fully cognizant of the need to restrict movement and activities to help stem the spread of the virus.

We are constantly trying to balance public health interests by fully equipping our team with complete PPEs and establishing stringent safety protocols in all workplaces, with the economic need to complete these critical activities,” NGCP said.

The P52-billion Mindanao-

Visayas Interconnection Project (MVIP) was supposed to be ready by the end of this year. However, according to the Department of Energy (DOE), the project will be delayed by one year to December 2021.

The MVIP was the first project to be declared an Energy Project with National Significance (EPNS).

It aims to connect the Mindanao grid to the Visayas grid, and which will ultimately lead to a single, unified national grid by the time of its completion in 2020.

NGCP said project schedules are continually reassessed as varying degrees of community quarantine remain in effect. “The time lost is not a simple 1 is to 1 conversion.

Even today, with the limitations on travel and manpower restricted to 50 percent of the workplace capac-

ity, construction activities have not resumed to 100 percent of their prequarantine pace.”

“Work completed in a single ‘preCovid-19 month’ is now projected for completion within at least 2 up to 4 ‘quarantine months.’ This means that if a project was set to be completed within 4 months from March (beginning of quarantine measures), the new estimated time of completion would be moved 8 to 16 months from the original completion target.

These targets continue to move as we remain bound by health and safety considerations,” the company added.

NGCP said it is ramping up construction activities of all vital transmission projects. At the height of the nationwide enhanced community quarantine (ECQ), NGCP said it was constrained to temporarily suspend its construction projects to ensure compliance with health and safety regulations.

Grid management and critical maintenance activities, as well as various operations which were critical to the provision of power, continued despite strict lockdowns. The lifting of the ECQ last May 16, and the easing of cross municipal border restrictions allowed NGCP to gradually resume construction work.

“We started the resumption of critical projects as early as May 26,

even though the country was still in MECQ [modified ECQ]. Preparations for this resumption began weeks before that. Compliance with IATF and LGU-specific guidelines needed to be in place before we could ramp up our project activities,” NGCP said.

“Among the most challenging compliances were the RT-PCR Covid testing of our critical project personnel, and securing the Covid test results of our contractors, as well as facilitating the permits to enter of key personnel to and from hotbed areas.”

The staggered relaxation of quarantine regulations, even those related to essential industries and construction, has not yet allowed NGCP to fully “return to work” for its construction projects. Restrictions were eased but not fully removed.

Construction works did not resume in full due to health and safety protocols, and new normal standards, including Covid-19 testing of all manpower, access to transport and mobility issues, and governmentmandated manpower limitations.

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

i-ACADEMY to offer Alibaba courses

By Claudeth Mocon-Ciriaco Correspondent

A

libaba Business School’s Global Digital Talent (GDT) program has chosen iACADEMY, a Makati-based school, to implement its digital and e-commercedriven business college courses.

In an online media briefing, Zhou Yong, Secretary General of GDT Network said they picked iACADEMY for it is “one of the famous private educational institutions in the Philippines.”

“They also share with us the same mission—to contribute to the digital transformation of the Philippines,” said Yong, who was joined by Matthew Gong, Global e-Commerce Talent (GET) Program Director of Alibaba Group.

Alibaba said its GDT Network is part of its mission to make it easy for the technology company to do

PPA wants to automate port ticketing

T

he Philippine Ports Authority (PPA) said it is auctioning off the contract for a “unified electronic ticketing system,” which will be implemented in all ports in the country, to provide Filipinos with digital ticketing solutions for sea voyage.

Jay Daniel Santiago, the port chief, said the new ticketing system will require the deployment of automated ticketing machines, which will be equipped with electronic reservation and ticketing assistant. It likewise provides support for an “integrated vessel booking and payment system.”

Passengers may also use their mobile devices to book for tickets online.

Santiago noted that it aims to reduce human-tohuman transactions to comply with the "new normal" protocols to stop the spread of Covid-19.

“It is an opportune time for us to roll this system out as there will be no interruptions. The transition to the new system will not be cumbersome,” he said.

Santiago added that the new ticketing system aims to “provide online services for the convenience and benefit of port users, attain overall ease of doing business, remove fixing and ticket scalping, and improve port processes for maritime safety and security, while providing reliable service for inter-island maritime operations.” Lorenz S. Marasigan

business anywhere.

Vanessa Tanco, President and CEO, iACADEMY, said that under the program, the GDT team will train the professors of iACADEMY with its e-commerce courseware that will be incorporated in iACADEMY’s business course subjects.

Established in October 2008, the Alibaba Business School is currently focused on implementing Alibaba Group’s e-commerce training and education system, which has in the past decade nurtured millions of ecommerce practitioners and entrepreneurs.

Meanwhile, iACADEMY, a school known for its specialized courses on Computing, Business, and Design, has also inked partnerships with several international companies over the past few years in a bid to position the school as a major player in digital transformation and innovative education.

Just last year iACADEMY was designated Center of Excellence in Asia by one of the biggest animation software providers, the first partner school of the world’s cloud computing giant company and a curriculum development partner of one of the top accounting firms in the world.

As the school starts its new school year, it also opened its doors to another international partnership, which it said, will be a “game changer.”

“We are honored to be the first school in the Philippines to implement this program with the Alibaba Business School. This is just one of the many initiatives that iACADEMY will be pushing as we strengthen our international presence and linkages,” said Tanco.

For her part, Cecilia Sy, iACADEMY’s Vice President for Academic Affairs said the Alibaba GDT Program will add value to the business courses in iACADEMY.

“This will further cement our position as an ever-dynamic and innovative business school in the Philippines,” she said.

This month, iACADEMY has signed a partnership with Alibaba Business School to implement the program that will enable and empower students and entrepreneurs and allow them to maximize the potential of digital technologies for business growth. Based on the framework of the Alibaba Business School, the GET program was established to collaborate with universities and training institutions worldwide to train talents for the digital economy.

Partner educational institutions like iACADEMY, as one of its newest members in the Alibaba GDT Network, will get to carry out its GDT Program Curriculum where students will be trained and acquire knowledge on digital economy and digital entrepreneurship.

SC orders GMA to reinstate, pay cameramen

By Joel R. San Juan @jrsanjuan1573

T

HE Supreme Court (SC) has ruled that television giant GMA Network, Inc. (GMA) had illegally dismissed 30 cameramen and assistant cameramen in May 2013.

Thus, in a ruling penned by Associate Justice Marvic Leonen, the Court’s Third Division directed GMA to reinstate the cameramen and pay their backwages, allowances, and other benefits from the time of their illegal dismissal to the time of their actual reinstatement.

The Court further ordered the media network to pay each of the petitioners’ attorney’s fee equivalent to 10 percent of total monetary award accruing to each of them.

It also imposed a 6 percent interest per annum on the amounts due to each of the petitioner to be computed from finality of Court’s decision until full payment.

The petitioners were hired by the network between 2005 and 2011 but were all dismissed in May 2013.

The Court held that the respondent

could not just dismiss the petitioners as employer-employee relationship existed between the network and the petitioners were hired as camera operators.

Contrary to the claim of the respondent network, the SC held that the petitioners are considered regular employees of the network, thus, enjoy the right to security of tenure considering that their functions “are necessary and desirable to the usual business and trade of the employer attain regular status from the time of engagement.”

The GMA argued that the respondents are considered independent contractors and not employees.

To be considered as independent contractors, the SC said the network should have proven that the petitioners were hired because of their unique skills and talents and that GMA did not exercise control over the means and methods of their work.

The Court noted that there was no showing at all that the employees, who were paid a meager salary ranging from P750 to P1500 per taping, were hired because of their unique skills, talent and celebrity status not possessed by

ordinary employees.

“In this case, GMA provided the equipment used during tapings and assigned supervisors to monitor the petitioners’ performance and guarantee their compliance with company protocols and standards,” the SC said.

“The Court also gave weight to petitioners’ arguments that they were regular employees having performed functions that were necessary and desirable to GMA’s usual business as a television and broadcasting company,” it added.

The SC pointed out that GMA repeatedly engaged petitioners as camera operators for its television programs and such activities fall within the regular and usual business of GMA. The SC stressed that GMA should not be allowed to keep on hiring and rehiring workers “solely depending on its fancy, getting rid of them when, in its mind, they are bereft of prior utility, and with a view to circumvent their right to security of tenure.”

The case has been remanded to the Labor Arbiter for the computation of the backwages and other monetary awards due to petitioners.

Wednesday, September 23, 2020

B1

SMC ties up with NGOs for nutribun distribution

Photo from www.sanmiguel.com.ph

By VG Cabuag @villygc

S

an Miguel Corp. (SMC) on Tuesday said it has started implementing a plan, together with nonprofit groups, to distribute free nutribuns in disadvantaged communities via feeding kiosks at identified Petron service stations.

Ramon S. Ang, the company’s president and COO, said it allotted initially 4 Petron stations that served as staging areas for the food relief effort. The said program was officially launched early this week.

The nutribuns are baked at the Petron stations, while partner NGOs and local government units take care of distributing these to nearby poor communities.

“About a month ago, we announced a new initiative to make nutribuns available to the poor, to help keep them from hunger as our country continues to deal with the health crisis. I’m happy to report that the first 4 Petron nutribun baking stations are now operational,” Ang said.

“Despite our economy already partially open, many less-fortunate Filipinos continue to have limited access to food, resources, and livelihood. As much as possible, we don’t want anyone to go hungry. This is one of the ways we felt we could help tide some of them over, by providing nutrient-packed and energy-

rich nutribuns, made with care and malasakit by our people."

The pilot sites in Caloocan, Malolos, Tondo and Payatas will produce an estimated total 8,000 nutribuns for distribution every week.

The company revived the nutribun—originally developed in the 1970s to fight hunger and malnutrition among schoolchildren--in March, when the enhanced community quarantine was implemented to stem the spread of the virus.

According to Ang, more sites will be added, as soon as special baking ovens are built and installed at other Petron gas stations. The company is prioritizing implementation in areas close to disadvantaged communities.

“For as long as there’s a pandemic and, we will not stop looking for ways that San Miguel can help out,” Ang said.

Ang also emphasized the importance of working with NGOs, such as Gawad Kalinga and Munting Hiling, as well as local government units, to help ensure the initiative’s success.

“Throughout this whole crisis, in all our food relief efforts, the help of our partner NGOs and the LGUs, has been invaluable in ensuring that our food donations reach those who really need it. We’re grateful for their support and are now counting on them again to help make sure that help gets to those who need it the most with this new initiative,” Ang said.

B2

Companies BusinessMirror

Wednesday, September 23, 2020

PSE STOCK QUOTATIONS

September 22, 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 PHIL NATL BANK PSBANK PHILTRUST RCBC SECURITY BANK UNION BANK COL FINANCIAL FIRST ABACUS FERRONOUX HLDG FILIPINO FUND IREMIT MEDCO HLDG NTL REINSURANCE PHIL STOCK EXCH SUN LIFE VANTAGE

44.45 88.25 64.1 21.75 8.17 35.85 8.79 23.9 49.95 107 16.1 93.6 54.15 25.6 0.57 2.88 7.31 1.3 0.295 0.59 155 1965 1.03

46.15 88.3 64.4 21.8 8.18 35.9 9.46 23.95 50 107.7 16.2 93.95 54.2 26.8 0.59 3.13 7.82 1.32 0.31 0.62 157.8 1970 1.1

44.15 89.5 64.2 21.7 8.15 36 9.45 23.4 49.95 107 16.32 94.9 54.2 26.9 0.56 3.14 7.3 1.32 0.285 0.6 157.9 1965 1.03

44.3 89.5 64.45 21.85 8.25 36 9.49 23.9 49.95 107 16.32 94.9 54.2 26.9 0.59 3.14 7.3 1.32 0.31 0.62 157.9 1965 1.03

44.15 87.65 64 21.7 8.1 35.5 9 22.95 49.95 107 16 93.55 54.05 25.55 0.56 2.87 7.3 1.3 0.28 0.6 155 1965 1.03

44.3 88.3 64.4 21.75 8.18 35.85 9 23.9 49.95 107 16.1 93.95 54.15 25.6 0.59 3.14 7.3 1.32 0.31 0.62 157.7 1965 1.03

700 1691120 862840 31900 345700 2162900 5600 416700 1900 10 393900 215260 32870 21100 39000 34000 100 369000 970000 16000 650 15 7000

30950 149321162 55449520 696120 2811342 77313550 51565 9674120 94905 1070 6350906 20191453.5 1781158 543925 21980 104410 730 479740 275900 9620 100854 29475 7210

-8845 -42568660.5 -21796079 71920 -469055 -8804430 -408740 44955 -5218600 -16380960 -

INDUSTRIAL AC ENERGY 3.11 3.13 3.17 3.17 3.1 3.12 7738000 24240330 ALSONS CONS 1.26 1.27 1.28 1.28 1.24 1.27 711000 892330 25.65 25.8 26.1 26.15 25.6 25.8 844000 21787405 ABOITIZ POWER BASIC ENERGY 0.159 0.163 0.161 0.165 0.156 0.162 1190000 189350 23.85 25 24 25 23.6 25 199400 4804695 FIRST GEN 59.85 60.2 60 60.1 59.85 59.85 208220 12492902.5 FIRST PHIL HLDG MERALCO 273.2 274 276 276.4 270.2 273.2 206160 56293656 14.78 14.8 14.2 14.78 14.2 14.78 3292300 48042010 MANILA WATER PETRON 3.03 3.04 3.04 3.06 3.03 3.04 536000 1627970 PETROENERGY 3.15 3.25 3.3 3.3 3.14 3.25 12000 38940 10.82 10.98 10.72 10.98 10.72 10.98 75300 822256 PHX PETROLEUM PILIPINAS SHELL 17.06 17.1 17.4 17.4 17.04 17.06 283500 4,843,452( 9.72 9.77 9.48 9.72 9.48 9.72 286700 2728410 SPC POWER VIVANT 12.88 14.2 14 14 14 14 500 7000 AGRINURTURE 7.69 7.83 7.76 7.89 7.69 7.83 74000 572728 2.52 2.53 2.46 2.54 2.4 2.54 2654000 6520310 AXELUM CNTRL AZUCARERA 12 12.5 12.5 12.5 12 12 1100 13700 CENTURY FOOD 17 17.14 17.3 17.3 17 17 405100 6917580 4.61 4.65 4.67 4.68 4.6 4.61 108000 499380 DEL MONTE DNL INDUS 5.54 5.55 5.6 5.6 5.5 5.54 6545800 36274445 9.89 9.9 9.79 9.9 9.78 9.9 817700 8056278 EMPERADOR 63.2 63.5 63.4 63.5 63.1 63.5 5640 357077 SMC FOODANDBEV ALLIANCE SELECT 0.65 0.66 0.64 0.65 0.64 0.65 208000 134230 1.2 1.22 1.22 1.26 1.19 1.2 16143000 19736010 FRUITAS HLDG GINEBRA 47.5 48 48 48 46 47.6 12000 567280 JOLLIBEE 132.5 132.9 133.9 133.9 131.6 132.5 1212020 160156366 7.64 8.1 7.44 8.24 7.44 8.2 6800 53785 MACAY HLDG MAXS GROUP 4.92 4.95 5 5.02 4.9 4.95 320000 1573659 5.94 5.95 5.84 5.95 5.64 5.94 924400 5369605 SHAKEYS PIZZA ROXAS AND CO 1.14 1.15 1.12 1.15 1.11 1.15 1438000 1617880 ROXAS HLDG 1.77 1.8 1.8 1.85 1.77 1.83 122000 222440 0.104 0.11 0.106 0.106 0.105 0.105 640000 67210 SWIFT FOODS UNIV ROBINA 132.8 133 133.3 133.4 132.1 133 1150590 152845981 0.77 0.78 0.77 0.79 0.76 0.78 1116000 859860 VITARICH 53 53.9 51.5 53 51.5 53 820 42575 CONCRETE A CONCRETE B 53.7 56 52 56.9 51.1 56 1920 103189 1.46 1.47 1.45 1.49 1.4 1.46 16280000 23475880 CEMEX HLDG DAVINCI CAPITAL 3.15 3.35 3.11 3.35 3.11 3.35 19000 62030 EAGLE CEMENT 13.8 14.1 13.6 14.1 13.58 14.1 451300 6313582 6.43 6.45 6.42 6.54 6.36 6.45 652700 4191194 EEI CORP HOLCIM 5.39 5.4 5.35 5.49 5.2 5.4 2012300 10677173 7.69 7.7 7.73 7.8 7.57 7.7 6256400 48167052 MEGAWIDE 8.42 8.69 8.5 8.7 8.41 8.7 13800 117484 PHINMA TKC METALS 0.7 0.72 0.72 0.72 0.7 0.7 358000 251070 0.72 0.75 0.73 0.77 0.71 0.75 1107000 792440 VULCAN INDL CHEMPHIL 110.6 129.9 110.8 110.8 110.8 110.8 10 1108 CROWN ASIA 1.88 1.9 1.89 1.89 1.89 1.89 10000 18900 1.92 1.93 1.85 2 1.78 1.92 1368000 2629280 EUROMED MABUHAY VINYL 4.03 4.2 4.31 4.31 4.02 4.2 17000 71460 4.06 4.15 4.17 4.17 4.17 4.17 15000 62550 PRYCE CORP CONCEPCION 20.9 21 20.9 20.95 20.9 20.95 1700 35535 GREENERGY 2.13 2.14 2.09 2.14 2.04 2.14 5740000 12020820 5.93 5.95 5.92 5.99 5.92 5.95 516100 3073288 INTEGRATED MICR IONICS 0.97 0.98 1 1 0.97 0.98 230000 224020 1.39 1.4 1.38 1.43 1.35 1.4 1399000 1927360 SFA SEMICON 5.65 5.68 5.7 5.73 5.59 5.65 3728800 21094480 CIRTEK HLDG

-334380 -16596220 -992690 -10994233.5 -40500616 -765594 -550090 -13160 2,025,910.0001) -66725 287360 -3149364 -41710 -18059027 -761294 -221147 -56160 -10143320 -25000 909089 -140000 -63010 -67910493 8470 5997170 -140096 -1181305 312144 -15072247 848 2840 -19200 -527640 -571234 -19760 72960

HOLDING & FRIMS ABACORE CAPITAL 0.47 0.475 0.465 0.47 0.465 0.47 4980000 2330650 ASIABEST GROUP 7.81 8.07 8.08 8.08 7.75 8.07 4700 36905 711.5 720 717 720 705 720 99960 71549535 AYALA CORP ABOITIZ EQUITY 46.5 46.7 47.2 47.25 46.5 46.5 588000 27404290 7.09 7.1 7.15 7.15 7 7.1 7486400 52871832 ALLIANCE GLOBAL 2.44 2.45 2.43 2.46 2.36 2.45 3926000 9537070 AYALA LAND LOG ANGLO PHIL HLDG 0.57 0.58 0.56 0.58 0.56 0.58 96000 54780 0.56 0.57 0.58 0.58 0.56 0.57 1773000 1004350 ATN HLDG A ATN HLDG B 0.57 0.63 0.57 0.57 0.57 0.57 100000 57000 COSCO CAPITAL 5.06 5.15 5.06 5.1 5.04 5.06 700800 3,544,549( 4.02 4.04 4.05 4.05 4 4.04 1959000 7884510 DMCI HLDG FILINVEST DEV 8.5 8.62 8.5 8.66 8.5 8.66 2200 18732 0.188 0.203 0.188 0.188 0.188 0.188 380000 71440 FORUM PACIFIC GT CAPITAL 394.2 394.4 399 399.2 392 394.4 84670 33405368 JG SUMMIT 60.65 61.2 62 62 60.55 61.2 1404740 85716069.5 0.61 0.62 0.61 0.61 0.59 0.61 514000 313490 LODESTAR LOPEZ HLDG 2.29 2.32 2.29 2.32 2.28 2.29 1657000 3798650 LT GROUP 8.78 9.04 8.9 9.04 8.78 9.04 854800 7686163 3.41 3.43 3.47 3.47 3.4 3.43 11686000 39978460 METRO PAC INV PACIFICA HLDG 2.9 2.98 3 3 2.9 2.98 7000 20880 0.76 0.8 0.77 0.8 0.77 0.8 40000 30830 PRIME MEDIA SOLID GROUP 0.97 0.99 0.97 0.97 0.97 0.97 7000 6790 SM INVESTMENTS 872.5 887 875 887 860 887 113230 99581230 98.95 99 99.3 99.3 98.8 99 240830 23839647 SAN MIGUEL CORP SEAFRONT RES 1.82 1.97 1.82 1.82 1.82 1.82 18000 32760 TOP FRONTIER 124 129 123 129.7 123 129.7 270 34081 0.136 0.137 0.135 0.135 0.132 0.134 740000 99230 ZEUS HLDG

-535750 -15931265 -23878925 11812926 3636740 580 56999.9999 1,388,665.9997) -979910 -1732 -17322908 -50328559 -2069920 -1226207 -16036850 11900 -19650690 -480456 -

PROPERTY ARTHALAND CORP 0.52 0.53 0.53 0.53 0.52 0.53 1060000 552760 ANCHOR LAND 7.62 8.2 7.96 8.28 7.96 8.28 500 4013 29.95 30 30 30.15 29.75 30 6124600 183454045 AYALA LAND ARANETA PROP 0.96 1 0.93 1 0.93 1 2000 1930 25.6 25.7 25.65 25.75 25.45 25.6 1118000 28604495 AREIT RT 1.33 1.34 1.35 1.35 1.34 1.34 1008000 1352850 BELLE CORP A BROWN 0.76 0.77 0.78 0.78 0.75 0.76 2867000 2180700 0.77 0.8 0.77 0.77 0.77 0.77 11000 8470 CITYLAND DEVT CROWN EQUITIES 0.128 0.132 0.133 0.133 0.127 0.133 6050000 769880 CEBU HLDG 5.79 6 5.77 6 5.77 6 800 4777 4.88 4.97 4.95 4.97 4.89 4.97 79000 391310 CEB LANDMASTERS CENTURY PROP 0.365 0.37 0.365 0.365 0.365 0.365 1400000 511000 0.265 0.28 0.28 0.28 0.265 0.265 180000 48850 CYBER BAY DOUBLEDRAGON 14.12 14.14 14.2 14.3 13.86 14.14 1281100 18102390 DM WENCESLAO 5.55 5.57 5.62 5.62 5.55 5.57 317300 1774665 0.255 0.265 0.255 0.265 0.255 0.265 500000 129150 EMPIRE EAST EVER GOTESCO 0.086 0.09 0.086 0.086 0.086 0.086 40000 3440 FILINVEST LAND 0.91 0.92 0.93 0.93 0.91 0.92 11616000 10629990 0.74 0.76 0.75 0.75 0.74 0.75 1982000 1486190 GLOBAL ESTATE 8990 HLDG 6.85 6.98 6.9 6.99 6.8 6.98 35900 248371 1.13 1.14 1.14 1.14 1.09 1.13 4100000 4549440 PHIL INFRADEV MEGAWORLD 3.07 3.08 3.1 3.11 3.01 3.07 24394000 74925160 MRC ALLIED 0.23 0.231 0.235 0.235 0.225 0.23 28010000 6400610 0.29 0.3 0.28 0.28 0.28 0.28 80000 22400 PHIL ESTATES PRIMEX CORP 1.12 1.13 1.12 1.14 1.12 1.12 44000 49630 ROBINSONS LAND 14.54 14.58 14.62 14.72 14.54 14.54 1239200 18057240 0.21 0.214 0.211 0.214 0.21 0.214 840000 177450 PHIL REALTY ROCKWELL 1.5 1.52 1.5 1.52 1.5 1.52 240000 363760 2.65 2.69 2.65 2.66 2.65 2.66 30000 79700 SHANG PROP STA LUCIA LAND 1.85 1.95 1.95 1.95 1.95 1.95 20000 39000 SM PRIME HLDG 29.05 29.1 28.9 29.1 28.6 29.05 3877800 112233940 3.96 4 4.05 4.09 3.93 3.96 304000 1223530 VISTAMALLS SUNTRUST HOME 1.16 1.18 1.15 1.18 1.14 1.18 558000 642840 3.35 3.37 3.45 3.45 3.34 3.35 2918000 9896690 VISTA LAND

-49288245 -13512585 -742950 -4200 -11989496 -1215728 -3007680 -153766 -26402480 497240 -13072000 -2400580 -72900 -972020

SERVICES ABS CBN 7.08 7.1 7.04 7.13 6.98 7.08 531300 3746057 GMA NETWORK 5.06 5.1 5.08 5.1 5.04 5.06 512500 2593386 0.385 0.39 0.39 0.39 0.385 0.39 200000 77650 MANILA BULLETIN MLA BRDCASTING 11.22 11.4 11.14 11.5 11.14 11.5 1400 15740 2080 2082 2114 2114 2080 2080 20830 43506300 GLOBE TELECOM 1381 1382 1375 1393 1371 1382 117415 162104315 PLDT APOLLO GLOBAL 0.056 0.057 0.057 0.058 0.055 0.057 32520000 1827620 2.87 2.95 2.91 2.95 2.9 2.9 21000 61060 DFNN INC DITO CME HLDG 3.99 4 4.14 4.27 3.92 3.99 85485000 346149340 ISLAND INFO 0.072 0.074 0.075 0.075 0.072 0.075 1230000 88620 1.59 1.63 1.64 1.64 1.55 1.6 30000 47020 JACKSTONES NOW CORP 3.28 3.3 3.77 4.3 3.2 3.28 246912000 907705850 0.19 0.193 0.216 0.219 0.186 0.19 34510000 6780140 TRANSPACIFIC BR 2.12 2.14 2.19 2.19 2.1 2.12 921000 1971050 PHILWEB 2GO GROUP 8.49 8.55 8.51 8.51 8.49 8.49 10800 91711 15.32 16.6 15.76 15.76 15.28 15.28 2600 40112 ASIAN TERMINALS CHELSEA 3.83 3.84 4.05 4.05 3.73 3.83 2540000 9863140 CEBU AIR 36.1 36.2 36.6 36.95 36 36.2 243500 8800265 108 108.3 108.9 108.9 106.7 108 613430 66281934 INTL CONTAINER LBC EXPRESS 15.4 15.66 15.48 15.66 15.4 15.4 56100 877050 0.77 0.79 0.77 0.77 0.77 0.77 1000 770 LORENZO SHIPPNG MACROASIA 4.72 4.73 4.75 4.75 4.56 4.73 3901000 18129810 METROALLIANCE A 2.03 2.04 1.72 2.22 1.71 2.03 10215000 20562720 2.05 2.14 1.95 2.09 1.8 2.09 123000 244910 METROALLIANCE B PAL HLDG 5.7 5.72 5.73 5.73 5.7 5.7 46800 267017 HARBOR STAR 1.07 1.08 1.05 1.08 0.96 1.07 5719000 5780790 0.026 0.027 0.026 0.027 0.026 0.027 6800000 176900 BOULEVARD HLDG WATERFRONT 0.38 0.39 0.38 0.38 0.38 0.38 1410000 535800 6.31 6.49 6.49 6.49 6.49 6.49 300 1947 CENTRO ESCOLAR STI HLDG 0.34 0.345 0.335 0.345 0.325 0.345 7950000 2645400 BERJAYA 3.17 3.2 3.15 3.2 3.01 3.2 2001000 6258190 6.63 6.64 6.78 6.85 6.38 6.63 6613900 43183219 BLOOMBERRY LEISURE AND RES 1.26 1.31 1.32 1.32 1.26 1.26 55000 70830 2.16 2.2 2.15 2.19 2.15 2.19 61000 132100 PH RESORTS GRP PREMIUM LEISURE 0.31 0.32 0.315 0.32 0.31 0.32 5470000 1724900 ALLHOME 5.85 5.88 5.83 5.9 5.71 5.88 1989400 11493532 1.38 1.39 1.38 1.39 1.36 1.38 1069000 1467780 METRO RETAIL PUREGOLD 48.3 48.6 47.25 48.6 47.25 48.6 1384800 66909980 ROBINSONS RTL 68 70 68 70 67.5 70 378590 26257693.5 117.5 120.8 116.6 117 116.6 117 1000 116640 PHIL SEVEN CORP SSI GROUP 1.1 1.11 1.09 1.14 1.05 1.1 7440000 8081490 15.5 15.6 15.5 15.6 15.5 15.6 1177100 18311060 WILCON DEPOT 0.3 0.305 0.305 0.305 0.3 0.3 560000 169600 APC GROUP EASYCALL 6.63 6.74 7.6 7.6 6.42 6.74 684100 4657046 0.22 0.223 0.224 0.224 0.22 0.221 6290000 1386350 PRMIERE HORIZON SBS PHIL CORP 4 4.3 4.2 4.2 4.2 4.2 6000 25200

-15740970 -16170280 601840.0003 -33953580 11980 -0 -6688235 -6060117 -632664 -1139540 -2100 54100 -30200 354117 8820 31500 -1037592 -109600 21146320 -3201606 11700 594610 -13319694 -

MINING & OIL ATOK 6.69 7.95 8 8 8 8 100 800 1.47 1.48 1.48 1.5 1.42 1.47 10305000 15113800 78870 APEX MINING ABRA MINING 0.0008 0.0009 0.0008 0.0009 0.0008 0.0008 3409000000 2727800 4.23 4.24 4.38 4.4 4.1 4.23 644000 2730710 -339380 ATLAS MINING 2.5 2.65 2.61 2.65 2.46 2.65 482000 1210880 BENGUET A BENGUET B 2.5 2.73 2.66 2.77 2.62 2.77 34000 89840 52400 0.22 0.228 0.22 0.23 0.22 0.228 440000 96980 COAL ASIA HLDG CENTURY PEAK 2.49 2.55 2.43 2.57 2.42 2.5 224000 567750 DIZON MINES 7.51 7.72 7.61 7.74 7.55 7.74 5100 38629 1.18 1.19 1.21 1.21 1.1 1.19 25856000 30126310 103010 FERRONICKEL GEOGRACE 0.229 0.233 0.23 0.232 0.228 0.232 60000 13820 0.136 0.137 0.14 0.14 0.133 0.137 23840000 3274390 LEPANTO A LEPANTO B 0.138 0.139 0.142 0.142 0.136 0.138 2160000 300430 MANILA MINING A 0.0093 0.0095 0.0095 0.0095 0.0093 0.0094 35000000 327800 0.01 0.011 0.01 0.011 0.01 0.01 38300000 391000 MANILA MINING B MARCVENTURES 0.88 0.89 0.86 0.88 0.77 0.88 4430000 3716890 -1810 NIHAO 2.02 2.03 2.02 2.08 2 2.02 602000 1212420 103880.0002 3.13 3.14 3 3.13 2.94 3.13 12605000 38214240 -748530 NICKEL ASIA OMICO CORP 0.365 0.38 0.38 0.38 0.38 0.38 10000 3800 0.54 0.55 0.53 0.55 0.53 0.55 948000 504630 ORNTL PENINSULA PX MINING 4.13 4.14 4.19 4.19 4.1 4.13 2768000 11465030 3393640 SEMIRARA MINING 9.94 9.95 9.86 9.95 9.75 9.95 1991000 19514498 -6326827 0.0047 0.0048 0.0048 0.0048 0.0048 0.0048 8000000 38400 UNITED PARAGON ACE ENEXOR 5.85 5.99 5.99 5.99 5.8 5.99 199000 1163151 ORNTL PETROL B 0.0083 0.0085 0.0083 0.0083 0.0083 0.0083 43000000 356900 0.0081 0.0083 0.0081 0.0083 0.0081 0.0081 7000000 57100 PHILODRILL PXP ENERGY 5.19 5.2 5.26 5.26 5.16 5.2 817200 4240089 -168985

PREFFERED AC PREF B1 512 515 515 515 515 515 1940 999100 ALCO PREF B 100.5 103.2 103.2 103.5 103.2 103.5 2410 249151 102 102.3 102.3 102.3 102.3 102.3 580 59334 CPG PREF A DD PREF 101 102.2 101 101 100.6 101 27560 2779520 101.3 101.5 101.5 101.5 101.5 101.5 30000 3045000 MWIDE PREF PNX PREF 3A 96.8 98.3 98.3 98.3 98 98 1080 105864 1966 PNX PREF 4 942.5 946.5 942 946 940 946 9020 8479575 1050 1060 1050 1050 1050 1050 30 31500 PCOR PREF 3A PCOR PREF 3B 1080 1087 1088 1088 1088 1088 10 10880 SMC PREF 2C 77.9 78 78.1 78.2 77.7 78 13690 1068690 75.5 75.9 76 76 76 76 6500 494000 -494000 SMC PREF 2E SMC PREF 2F 76.8 77.95 76.5 76.8 76.5 76.8 37750 2887920 75.7 77 75.7 76 75.7 76 150000 11399400 -10291160 SMC PREF 2G 76.1 77.95 76.1 76.1 76.1 76.1 1520 115672 115672 SMC PREF 2H SMC PREF 2I 75.85 78.5 75.5 78.5 75.5 75.75 19820 1498170

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 6.67 6.8 6.8 6.8 6.63 6.7 383700 2570483 -2570483 GMA HLDG PDR 5.01 5.02 5 5.01 5 5.01 21300 106511

WARRANTS LR WARRANT 0.61 0.64 0.62 0.62 0.61 0.61 29000 17710

SMALL & MEDIUM ENTERPRISES ALTUS PROP 10.24 10.4 10.32 10.4 10 10.4 458700 4633412 29798 ITALPINAS 1.92 1.93 1.86 1.93 1.79 1.93 4707000 8745200 -47500 5.14 5.28 5.12 5.3 5.03 5.28 107800 552612 KEPWEALTH MERRYMART 2.99 3 2.93 3.02 2.8 3 34525000 101205490 584490

EXHANGE TRADE FUNDS

FIRST METRO ETF 89.1 89.2 90.5 90.5 88.85 89.25 15130 1348707 32990.5

www.businessmirror.com.ph

Pandemic prompts Wilcon to scale back store openings

W

By VG Cabuag

@villygc

ilcon Depot Inc., the retailer of home improvement and construction materials, said it will have to scale back store openings this year as the lockdowns delayed construction work on some of its sites.

Lorraine Belo-Cincochan, Wilcon president, said the company plans to open two more stores by the end of this year. This will raise the number of its stores to 63 by end-2020.

“We are now at 61 stores. We opened one last Friday in Cabuyao, Laguna. And we still plan to open 2 more by the end of this year, the last quarter of the year. We’re

lacking two more. We will be pushing that to next year, and we will target to open 9 stores [in 2021] to make up for the lost months this year,” Belo-Cincochan said in an online press briefing after the company’s stockholders’ meeting on Monday.

“Our target has been revised to 63 this year, because as we all know,

the lockdown just really made everybody stop doing anything, especially construction. So construction was really at a standstill, all borders were very restricted. And we lost time there. And as such, we cannot open the stores that we had planned to open the number of stores that we plan to open. Despite that we are still open.”

Rosemarie B. Ong, the company’s COO, said the company has between 8 to 10 new sites of new Wilcon stores in various stages of construction even before the lockdowns were implemented.

With the planned store openings for the year, Wilcon will close 2020 with 520,000 square meters of selling space, she said.

“For us, maybe you would see the schedule the two stores to open by the last quarter of next year,” she said.

Wilcon’s income in the first quarter fell 6 percent to P328 million from the previous year's P484 million after

most of its stores were closed during lockdown in the country.

“Wilcon Depot was not spared from closure when the enhanced community quarantine [ECQ] was imposed by the Philippine government over Luzon on March 17. Under the ECQ, our line of business was excluded from the ‘essentials’ category.

We closed all our 44 branches, which accounted for 84 percent of our net sales in 2020 pre-ECQ,” Belo-Cincochan said.

Net sales fell 2.5 percent to P5.59 billion from last year’s P5.73 billion.

“It was unfortunate that we had to close because we were doing so well pre-ECQ but of course the wellbeing and health of everyone are paramount,” she said.

Wilcon said the main factor that pushed net income downward was the 20-percent increase in operating expenses year-on-year, to P1.43 billion due to the hike in lease and manpower related expenses.

‘ERC scrutinizing power supply applications’

By Lenie Lectura @llectura

T

he Energy Regulatory Commission (ERC) said Tuesday that power supply applications are being thoroughly evaluated as some electric cooperatives (ECs) and power suppliers are engaged in a legal tussle.

The Bantayan Island Electric Cooperative (Banelco) and Isla Norte Energy Corporation (INEC) recently filed for approval of their joint application for an interim power supply agreement (IPSA) with the ERC. The ERC also awaits the power supply agreement (PSA) to be filed by Banelco and INEC. Banelco recently awarded a PSA to INEC, a subsidiary of Vivant Energy Corp. The PSA must be approved by the ERC first prior to its implementation.

“We need to check if their court case has an impact. The main PSA, I believe, is still undergoing pre-filing. It’s not yet filed with us.

The IPSA, meanwhile, is under evaluation,” said ERC Commissioner Rexie Digal said.

Legal disputes among ECs and power firms are not new, she added. That’s why the agency takes its time to evaluate all applications particularly those filed by parties that are involved in legal proceedings, explained Digal.

Banelco has an existing PSA with Bantayan Island Power Corp. (BIPCor) which will expire in Novemer 2021.

BIPCor participated in the competitive bidding last year, but the new contract was awarded to INEC.

BIPCor alleged that there was an “apparent systematic and coordinated effort to ease Bipcor out as Banelco’s sole power provider at all costs.”

BIPCor has elevated its complaint to the Mandaue City Regional Trial Court (RTC) Branch 84 but its application for the issuance of a temporary restraining order (TRO) on Banelco’s award of a 15-year, 15-MW power supply contract to INEC was denied.

“Our company is now in the midst of a legal battle to continue our service to households and industries in Bantayan Island with adequate, reliable and sustainable electricity.

We maintain that there was gross violation of the rules governing the grant of PSA, the bidding protocols, and the CSP as mandated by the DOE. Our disqualification from the bidding due to a simple and minor defect in our document – which was not even listed in the Bidding Procedures—was absolutely without basis. Thus, it was highly anomalous and illegal for Banelco to arbitrarily proceed with the grant of the contract to INEC,” BIPCor DirectorFichte Peñaloza had said.

Banelco, in its application, said it initially asked BIPCor to continue providing additional capacity to augment the shortage in power supply but “BIPCor find it not viable to continue providing additional capacity” prompting Banelco to look for another provider of emergency power supply to address the said shortage.

The IPSA, which has been exempted by the Department of Energy from competitive bidding, is good for one year.

Vista Land bags innovative community developer award

V

ista Land and Lifescapes Inc., the property developer led by the Villar Group, on Tuesday said it bagged the Most Innovative Community Developer award at The Global Economics Awards 2020.

“We are delighted to be conferred with this Most Innovative Community Developer Award as this serves as a testament to the innovations we are doing in all our Vista Land communities," Vista Land chairman Manuel B. Villar Jr. said in a statement.

“However, aside from this recognition, what pleases us more is the fact that the Company continues to provide the Vista Land standard of Living to our residents through our integrated property developments across the country most especially during these challenging times.”

“We want to share this award to all of our stakeholders especially to our employees for without them and their commitment to Vista Land’s goal, this recognition wouldn’t be possible. We also hope that beyond

this award, our work to provide quality homes and lifestyle will continue to be appreciated by our very own homebuyers and customers - who at the end of the day are our most vocal judge,” Manuel Paolo A. Villar, the company's president and CEO, said.

The company said that while it was hit hard during the lockdown caused by the pandemic, the company's operational gross floor area improved to 79 percent from just 20 percent during the enhanced community quaratine period that started in mid-March.

“In terms of its residential business, Vista Land’s June sales are already at 70 percent of pre-Covid level with July and August sales tracking better than that of June," the company said.

It said that the more than 7 percent back-to-back increase in overseas Filipino remittances for June and July also bodes well for the company since 55 percent to 60 percent of its sales are from overseas Filipinos. VG Cabuag

mutual funds

September 22, 2020

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 194.62 -24.26% -11.99% -5.18% -22.72% ATRAM Alpha Opportunity Fund, Inc. -a 1.0765 -31.22% -13.53% -2.99% -22.11% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.6104 -34.47% -16.41% -7.06% -29.03% Climbs Share Capital Equity Investment Fund Corp. -a 0.6672 -30.67% -12.86% n.a.

-25.7% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.6726 -21.47% n.a. n.a. -20.81% First Metro Save and Learn Equity Fund,Inc. -a 4.183 -22.98% -10.11% -4.81% -21.49% First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.653 -25.05% -12.6% n.a.

-23.5% MBG Equity Investment Fund, Inc. -a 82.02 -30.22% n.a. n.a. -20.54% PAMI Equity Index Fund, Inc. -a 38.9741 -25.18% -10.75% -4.07% -24% Philam Strategic Growth Fund, Inc. -a 419.15 -22.57% -10.04% -4.2% -21.33% Philequity Alpha One Fund, Inc. -a,d,5 0.8696 n.a. n.a. n.a. -15.58% Philequity Dividend Yield Fund, Inc. -a 0.9966 -23.96% -10.11% -3.72% -22.56% Philequity Fund, Inc. -a 29.1995 -24.28% -9.78% -3.38% -22.95% Philequity MSCI Philippine Index Fund, Inc. -a 0.7692 -25.41% n.a. n.a. -24.45% Philequity PSE Index Fund Inc. -a 3.9795 -24.81% -10.23% -3.35% -23.82% Philippine Stock Index Fund Corp. -a 665.3 -24.7% -10.23% -3.47% -23.7% Soldivo Strategic Growth Fund, Inc. -a 0.6022 -34.08% -13.97% -7.38% -29.27% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.071 -28.37% -11.6% -4.8% -27.04% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.7623 -24.9% -10.41% -3.54% -23.83% United Fund, Inc. -a 2.788 -24.77% -9.31% -3.15% -23.68% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 89.3482 -24.57% -9.8% -2.69% -23.6% Primarily invested in foreign currency securities ATRAM AsiaPlus Equity Fund, Inc. -b

$1.0601 10.39% -0.15% 3.76% 3.08% Sun Life Prosperity World Voyager Fund, Inc. -a $1.4945 15.03% 7.53% n.a.

8.4% Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.551 -6.05% -5.36% -2.97% -0.76% ATRAM Philippine Balanced Fund, Inc. -a 2.0323 -11.36% -5.64% -1.44% -6.82% First Metro Save and Learn Balanced Fund Inc. -a 2.3798 -10.38% -4.27% -2.74% -9.56% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.1719 n.a. n.a. n.a.

-24.77% NCM Mutual Fund of the Phils., Inc. -a 1.8262 -6.79% -2.1% 0.02% -6.9% PAMI Horizon Fund, Inc. -a 3.4335 -9.31% -3.89% -1.26% -9.38% Philam Fund, Inc. -a 15.3267 -9.67% -4.1% -1.38% -9.63% Solidaritas Fund, Inc. -a 1.8989 -11.56% -4.89% -1.35% -10.52% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.2332 -16.76% -6.16% -2.58% -16.31% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.9254 -9.24% n.a. n.a.

-8.89% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.8216 -18.61% n.a. n.a. -17.54% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.7981 -20.72% n.a. n.a. -19.64% Sun Life Prosperity Dynamic Fund, Inc. -a 0.7905 -19.9% -7.48% -3.49% -18.91% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.03905 1.77% 2.68% 2.14% 2.23% $1.0505 PAMI Asia Balanced Fund, Inc. -b 6.15% 0.74% 3.33% 3.8% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.1135 9.13% 5.29% 5.7% 5.19% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.1621 4.8% 2.83% n.a.

2.96% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 367.72 3.91% 3.08% 2.56% 2.73% ATRAM Corporate Bond Fund, Inc. -a 1.9496 1.78% 0.94% 0.25% 2.5% Cocolife Fixed Income Fund, Inc. -a 3.2 3.81% 4.8% 5% 2.63% Ekklesia Mutual Fund Inc. -a 2.2871 3.72% 2.66% 2.16% 2.86% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4443 4.8% 3.31% 1.91% 3.61% Philam Bond Fund, Inc. -a 4.6114 7.61% 4.09% 2.4% 5.45% Philam Managed Income Fund, Inc. -a,6 1.3098 5.92% 4.33% 2.44% 4.23% Philequity Peso Bond Fund, Inc. -a 3.9435 5.46% 4.06% 2.24% 4.1% Soldivo Bond Fund, Inc. -a 1.0329 8.81% 3.48% 1.76% 7.11% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1708 5.13% 4.63% 2.72% 3.1% Sun Life Prosperity GS Fund, Inc. -a 1.7342 3.93% 3.89% 2.2% 1.95% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $478.49 2.94% 2.51% 2.79% 2.16% ALFM Euro Bond Fund, Inc. -a Є217.18 -1.33% 0.82% 1.18% -1.19% 2.64% 2.55% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.238 3.45% 2.99% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0264 2.33% 1.7% 1.59% 2.33% PAMI Global Bond Fund, Inc -b $1.0882 -0.7% 0.22% 0.14% -0.49% Philam Dollar Bond Fund, Inc. -a $2.496 3.51% 3.57% 3.3% 3.85% Philequity Dollar Income Fund Inc. -a $0.0612972 2.08% 2.21% 2.08% 1.65% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.2017 1.45% 1.9% 2.43% 0.83% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 129.08 3.6% 3.29% 2.51% 2.58% First Metro Save and Learn Money Market Fund, Inc. -a 1.0448 2.22% n.a. n.a.

1.8% 2.85% 3.03% 2.61% 1.98% Sun Life Prosperity Money Market Fund, Inc. -a 1.2901 Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0489 1.59% n.a. n.a.

1.02% Feeder Funds Primarily invested in Peso securities Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d,7 1.0119 n.a. n.a. n.a. n.a.

Primarily invested in foreign currency securities ALFM Global Multi-Asset Income Fund Inc. -b,d,2 $0.94 n.a. n.a. n.a.

-5.05%

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

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

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

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

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

www.businessmirror.com.ph

Banking&Finance

Local banks provide relief as crises linger

By Tyrone Jasper C. Piad @Tyronepiad

A

S the economic and health crises linger, local banks are offering relief to debtors by extending the deadline of payments.

BPI Direct BanKo Inc. said its clients can avail of the term extension program to reschedule their amortization payments based on their current cash flow.

In addition, the bank is offering a loan rehabilitation fund program to extend new financing to existing borrowers who need another loan to support their business.

BanKo noted that around 62 percent of its clients had to halt their operations temporarily for more than two months following the announcement of a lockdown in March.

As mobility restrictions ease, the bank observed that these micro-entrepreneurs are having concerns over lack of working capital and restricted supply sources as they reopen their businesses.

“Our clients need our support now more than ever,” BanKo Head of Financial Inclusion and Microfinance Loans Rod Mabiasen Jr. said.

“As their partner, we are here to help them revive their businesses for the sake of their families amid these trying times.”

The microfinance subsidiary of the Bank of the Philippines Islands (BPI) said that over 4,600 clients have extended their loan terms and more than 800 clients availed of the rehabilitation fund as of endAugust.

BanKo said that its clients can also monitor their loans, send payments and check their balance through their online banking platforms.

Our micro-entrepreneurs should continue to innovate and explore other digital alternatives to widen their reach,” Mabiasen said. “They are also free to get in touch with us so we can explore ways to support them through the new loan programs that we have for them.”

East West Banking Corp., meanwhile, said in an advisory that it would be offering a 60-day debt moratorium for loan payments falling due on or before December 31, 2020, following the enactment of a law granting additional authority to President Duterte.

“As also prescribed by the law, please be advised that accrued interest for the duration of the payment extension will be charged,” the listed bank said.

EastWest said that clients who will settle their obligations as originally scheduled will not incur additional accrued interest.

The future of finance

F

or the first time ever in its 52-year history, the Financial Executives Institute of the Philippines (Finex) will hold its Finex Week activities online.

The 2020 Annual Conference of Finex, the country’s premier finance organization, is scheduled on October 5 to 9 featuring a series of webinars via Zoom videoconferencing.

The previous decade brought opportunities to Philippine businesses resulting from advances in technology, continued shifts in demographics and sustained economic progress. With the onset of the 4th industrial revolution during that period, Filipino companies were expected to experience its full benefits in the 2020s–but they have to manage a new set of challenges from serving a more demanding and informed market, stricter regulations and the current pandemic.

Against this backdrop, this year’s Finex Conference theme is “The Future of Finance in a PostPandemic World” as humanity grapples with uncertainty amid the Covid-19 crisis. Resource speakers from three continents will give the 5-day event an international flavor. They will discuss thought-provoking topics and apprise participants on the state of the world and how the 21st century finance function is evolving.

Some of the confirmed speakers are: global IT strategist and music publisher Elzar Simon, author of two books on artificial intelligence; Matthew Gamser, CEO of the SME Finance Forum managed

by International Finance Corp.; Stephen T. CuUnjieng, senior managing director of Evercore Group; Lorelie Q. Osial, global vice president for finance process expenditures of Royal Dutch Shell Plc; Marjorie Lao, former global CFO of Lego Group; Ahmed Saeed, vice president for East Asia, South Asia and Pacific Department of Asian Development Bank; and, Chris Box, senior investment officer of Asian Infrastructure Investment Bank.

An equally high-powered array of panelists will engage the speakers in the plenary sessions on such topics as the evolution of strategy, the current state of micro, small and medium enterprises, harnessing new development models, and achieving cross-border connectiv-

Finex free enterprise Joseph Araneta Gamboa ity, as well as operationalizing the finance function and realizing a world-class finance organization in the digital economy.

Among these panelists are: Jose Jerome R. Pascual III, Finex president and CFO and Treasurer of Pilipinas Shell Petroleum Corp.; Manolito T. Tayag, country managing director of Accenture Philippines; Jikyeong Kang, President and Dean of the Asian Institute of Management; Kheng Leong Lee, Asia Pacific Representative of HPS Lendscape; Jenna Diallo, deputy director for economic development of the United States Agency for International Development; and Raoul The, CEO and managing director of JP Morgan Chase’s Global Service Center.

Acting Socioeconomic Planning Secretary and Neda Director General Karl Kendrick Chua has been invited to deliver the keynote address during the opening ceremonies on October 5 outlining his forecast on the prospects of the Philippine economy. The Junior Finex Committee is planning to host a forum for finance students on October 8 regarding the future perspectives of industry practitioners and thought leaders from the academe.

Capping the weeklong event will be the virtual Finex Night on October 9 right after the closing ceremonies of the conference.

Featured musical artists from the “L.O.V.E. Project” will headline an evening of live, on-request virtual entertainment for the organization’s members and guests.

Non-Finex members may attend the conference by making reservations with the Finex Secretariat through Executive Director Michael Vinluan at mbvinluan@ finex.org.ph or +63 2 8114052.

Joseph Gamboa is the co-chairman of the Finex Week 2020 Annual Conference, chairman of the Finex Business Columns Subcommittee, and director of Noble Asia Industrial Corp.

The views expressed herein do not necessarily reflect the opinion of these institutions and the BusinessMirror .

BusinessMirror

Wednesday, September 23, 2020 B3

Demand for T-bonds pushes rates up; govt rejects all bids

T

By Bernadette D. Nicolas

@BNicolasBM

he Bureau of the Treasury rejected all bids for the reissued 10year Treasury Bonds (T-bonds) on Tuesday’s auction as expectations of steady policy rates throughout the year pushed the average rate up.

Nonetheless, the auction was oversubscribed as total tenders

reached P44.507 billion, higher than the P30-billion offering.

National Treasurer Rosalia V. De Leon told reporters investor “appetite remains on the immediate part of the curve.” “[Investors] see policy rates will remain steady for the rest of the year,” De Leon said.

If the Treasury fully awarded the security with 9 years and 9 months to maturity, the average rate would have fetched 3.329 percent, 60.5 basis points higher than 2.724 percent in the previous auction. This is also higher than the secondary-market benchmark and trading rate for the security.

De Leon also announced that they are set to hold the “Premyo Bond”

3rd-Quarter Raffle Draw on Friday.

For this month, the Treasury is set to borrow a total of P160 billion from the local debt market this month.

This is slightly lower than the P170 billion it programmed in August.

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 is projecting the country’s budget deficit to more than double to 9.6 percent of gross domestic product or P1.815 trillion from only 3.4 percent of GDP or P660.2 billion last year.

CitySavings, FinScore RCBC credit-card arm ink credit-scoring deal donates school tablets

C

ity Savings Bank Inc. announced it recently inked a partnership with financial technology (fintech) firm FinScore Inc. for credit scoring and fraud flagging.

The thrift bank subsidiary of Union Bank of the Philippines Inc. said that the fintech company will provide credit scoring for its motorcycle loan applicants. The model is based on more than 400 telecommunications variables that include data and voice usage, top-up patterns, location and device data.

FinScore is also set to provide fraud detection tools that will allow the bank to verify information including the authenticity of the applicant’s declared residential and place of work addresses, a statement by City Savings said.

The program is equipped with application programming interface integration to determine applicants’ creditworthiness via realtime inquiries, it added.

“With FinScore’s highly predictive machine learning technology, CitySavings is now geared up to open more opportunities to approve loans for both banked and underbanked applicants,” the

Aboitiz-led bank said.

CitySavings launched earlier this month “Project Agile,” which it claims is “a learning series for teachers to help them with their learning continuity plan as classes open next month.” The training module is seen to equip the educators with the tools and skills needed to efficiently conduct online classes.

Recently, parent firm UnionBank launched digital corporate social responsibility initiatives aimed at helping students with virtual learning and jeepney drivers.

One project assists students coming from different colleges and universities from Luzon as they shift to virtual mode of learning.

Another project aims to raise funds for jeepney drivers in Metro Manila who lost their source of income during the implementation of lockdown measures.

In the first semester, UnionBank saw its net income drop by 6 percent to P4.5 billion from P4.79 billion a year ago for the same period. Topline figures, meanwhile, surged 55 percent to P22.1 billion year-on-year on the back of improved net interest income and higher trading gains.

Tyrone Jasper C. Piad

T

he credit-card arm of Rizal Commercial Banking Corp.

(RCBC) is encouraging its clients to donate reward points, proceeds of which will be used to acquire tablets for students amid the shift to digital learning.

In a statement on Tuesday, RCBC Bankard Inc. said that cardholders can donate their credit card points starting at 800 reward points.

As of September 3, the credit card subsidiary has received over 1.25 million reward points, translating to the purchase of 280 school tablets.

The donation drive began in August and will end on November 30.

The student beneficiaries were identified by RCBC Bankard’s partner organizations.

Among the children receiving the school tables are high school and indigent students of Upskills+ Foundation in Tondo and Navotas and students coming from the #WalangIwanan program.

“Since the educational landscape has shifted more to online learning, the rewards donation drive is a timely initiative,” RCBC Bankard said. “The effort of the bank aims to help those who want to continue their education but without the means.”

Earlier this month, parent firm RCBC announced its partnership with the Agricultural Credit Policy Council (ACPC) to launch a digital credit program for small farmers and fishermen amid the shift to the so-called new normal.

The collaboration of the ACPC and RCBC allows farmers and fishermen to open digital deposit accounts without requiring an initial amount and maintaining balance.

Other features include cardless automated teller machine withdrawals, fund transfers and bills payment.

This after RCBC said it will offer digital livelihood to over 600,000 repatriated migrant workers amid the coronavirus. It is working with the Ekolife Overseas Filipinos Worldwide Marketing Cooperative in providing alternative jobs.

RCBC saw its net income in the first half climb by 17 percent to P3.1 billion from P2.66 billion last year because of higher trading gains, which surged by 80.3 percent to P5.9 billion. As of end-June, total assets and capital stood at P718.75 billion and P84.44 billion, respectively.

Tyrone Jasper C. Piad

Singapore’s MAS probing report on suspicious deals

S

ingapore and Hong Kong were the biggest destinations for suspect transactions in Asia, even though the financial centers saw just a small fraction of an estimated $2 trillion in potentially dodgy money flows revealed in a report.

Singapore processed $4.4 billion in suspicious flows through banks, including DBS Group Holdings Ltd., OverseaChinese Banking Corp. and United Overseas Bank Ltd., the International Consortium of Investigative Journalists said in an investigation published Sunday. Some $4.1 billion was handled in Hong Kong by lenders including HSBC Holdings Plc and Deutsche Bank AG, it said.

The two banking centers are followed

by China and India in Asia in terms of the size of suspect flows, according to the report based on a leaked trove of documents to BuzzFeed News. The documents detailed more than $2 trillion in transactions between 1999 and 2017 that were flagged by financial institutions’ internal compliance officers as possible money laundering or other criminal activity.

The banks involved in the transactions are among global firms that profited from “powerful and dangerous players” even after the U.S. imposed penalties on the institutions, the report said.

The Monetary Authority of Singapore is “closely studying” the revelations and “will take appropriate action based on the outcome” of its review, it said in an emailed statement on Tuesday.

Hong Kong Monetary Authority said it was also aware of the report but

doesn’t discuss individual cases. The city’s framework for combating money laundering and counter-financing of terrorism is “effective and in line with international standards,” a spokeswoman said in an email.

Bank shares were hammered by the revelations which added to a litany of woes for HSBC, pushing Europe’s largest bank to the lowest in more than two decades. Banks in Singapore also slid, with DBS’s shares extending their loss for the year to 24 percent on Tuesday.

In an emailed statement, DBS said it has “zero tolerance for bad actors abusing the financial system,” but that it’s “generally very difficult to delay or intercept money in transit” unless there are sanctions on names or account freezes. “The normal process—which happens behind the scenes—involves subsequent investigations to establish suspicion, based on which the necessary action is taken.”

OCBC and UOB said that their frameworks for detecting illicit flows are “robust” and that they keep improving their technology to spot money laundering. UOB said it complies “with all applicable laws, rules and regulations in the markets in which we operate.”

HSBC said Monday it started a “multi-year journey” eight years ago to overhaul its ability to fight financial crime in more than 60 jurisdictions, making it “a much safer institution than it was in 2012.”

In reaction to the report, Deutsche Bank said ICIJ raised “a number of historic issues” and those related to the bank are “well known” to regulators.

“The issues have already been investigated and led to regulatory resolutions in which the

bank’s cooperation and remediation was publicly recognized,” it said. Bloomberg News

B4

Show BusinessMirror

Wednesday, September 23, 2020 • Editor: Gerard S. Ramos

www.businessmirror.com.ph

Today’s Horoscope

By Eugenia Last

z

CELEBRITIES BORN ON THIS DAY: Anthony Mackie, 42; Jason Alexander, 61; Bruce Springsteen, 71; Mary Kay Place, 73.

Happy Birthday: Deal with unfinished business, and take advantage of opportunities heading your way.

It’s up to you to put an end to the perpetual uncertainty that has been tampering with your ability to get things done. Stay focused on what’s important to you, and delegate other jobs to reliable people. Be a leader, not a procrastinator. Your numbers are 4, 19, 22, 26, 31, 35, 44.

WILL SHE MAKE THE MOVE?

AN actress is being eyed by a network to replace one of its prized talents in a project that’s already been launched and promoted. The network talent backed out of the project because she has a family and can’t work while quarantined. The network is thinking of replacing her with another actress. They are also thinking of offering this actress an exclusive talent management contract. They have sent feelers to the actress who seems mildly interested in the project but not necessarily the talent management contract.

The actress is known to be a diva and so is the prized network talent. We don’t know how the latter will react to this news.

LUKEWARM RESPONSE

THEY used to play lovers on-screen and their management encouraged them to pretend to be lovers off-screen. They managed to do it for over two years and all was good until the actress found another love.

So they moved on and the actor was quite OK with what happened that he even agreed to do another project with the actress. The thing is that the actress agreed to the project but was only half-hearted about it. Of course, she was taking into consideration what her new love might feel about it. So there was no follow-up project because the network felt the actress’s heart wasn’t really in it. The ex’s new screen partner, meanwhile, is also busy with her boyfriend and changes in their relationship so his career is sort of in limbo.

JEALOUS GF BUT SNOOTY

THE young actress is often thought of as snooty and not friendly. She is, in fact, misunderstood. She is an introvert and is awkward with new people. But what she is, is a jealous girlfriend, and she will not tolerate anyone messing with her man. During a trip somewhere with him, she threw a tantrum because someone there reminded her of his ex. She has been known for extreme possessiveness. The actress is lucky that her boyfriend is the most patient man. He is so in love with her and doesn’t care if she acts like that.

Her ex wasn’t as tolerant or indulgent.

SKETCHY BF

WHEN people learned this actress was dating a businessman, they raised their brows. The businessman is the ex of another actress, who is quite close to Actress 1. According to Actress 1’s former friends, the other actress learned how to use recreational drugs because of him. She became so addicted that there were rumors that she engaged in prostitution just to acquire drugs. So now, the businessman is seeing the actress who is known as one of the nicest people in the business. They are even supposed to get married but rumors circulated recently that the relationship is over. However, it’s just a rumor that’s already been denied.

a

ARIES (March 21-April 19): Share your intentions with someone you love. Being around someone who brings out the best in you will make a difference in how your life unfolds. Too much of anything will lead to setbacks. Aim for steady progress.

Romance is featured. HHHHH

Zendaya accepts the award for outstanding lead actress in a drama series for Euphoria during the 72nd Emmy Awards broadcast. AP

Zendaya is youngest lead drama actress to win Emmy

L

OS ANGELES—Zendaya said her “heart was filled” when she saw her fellow nominees, including Jennifer Aniston, cheering on the Euphoria actress for becoming the youngest drama lead actress to win an Emmy.

The 24-year-old Zendaya became emotional after she took home the trophy for her role in the HBO series, scoring one of the few long shot victories on Sunday night. She is only the second Black actress to claim the lead drama actress award, following Viola Davis’s groundbreaking 2015 win for How to Get Away With Murder.

Zendaya’s family and friends screamed, cheered, hugged and cried behind her as the stunned actress accepted the award in what appeared to be a hotel suite.

“I usually don’t cry,” she said in a virtual backstage interview. “I got through it without letting it take over me. It was a very emotional moment. I still can’t believe it myself. It’s pretty crazy.”

On Euphoria, Zendaya plays Rue Bennett, a teenage

addict struggling with her sobriety and recovery on the series that delves into sex, drugs, trauma and identity among high-schoolers.

“I just want to say there is hope in the young people out there,” she said. “I know our TV show doesn’t always feel like a great example of that,” but she thanked them for “doing the work.”

The other Emmy winners in the drama categories are Succession for drama series, Ozark’s Julia Garner for supporting actress, The Morning Show’s Billy Crudup for supporting actor, and Succession’s Jeremy Strong for lead actor.

Zendaya said she was grateful to share the moment with family and friends despite the coronavirus pandemic, which has restricted interaction with loved ones.

“I think it’s moments like this that we really have to hold on to and cherish,’’ said the actress, who overcame a strong group of nominees that included Aniston, Olivia Colman, Jodie Comer, Laura Linney and Sandra Oh. AP

Kurt Russell, Goldie Hawn back in Netflix’s ‘The Christmas Chronicles 2’ BRING on the holiday magic. The sequel to 2018’s The Christmas Chronicles, The Christmas Chronicles 2 with Kurt Russell and Goldie Hawn arrives on Netflix on November 25.

It’s been two years since siblings Kate (Darby Camp) and Teddy Pierce (Judah Lewis) saved Christmas, and a lot has changed. Kate, now a cynical teenager, is reluctantly spending Christmas in Cancun with her mom’s new boyfriend and his son Jack (Jahzir Bruno).

Unwilling to accept this new version of her family, Kate decides to run away. But when a mysterious, magical troublemaker named Belsnickel threatens to destroy the North Pole and end Christmas for good, Kate and Jack are unexpectedly pulled into a new adventure with Santa Claus (Kurt Russell).

Written and directed by Chris Columbus (Home Alone, Harry Potter) and costarring Goldie Hawn, The Christmas Chronicles 2 is an action-packed adventure for the whole family that’s full of heart, humor and holiday spirit.

b

TAURUS (April 20-May 20): Put a strategy in place before you make a change. It’s essential to have a plan and a backup to ensure you maintain stability in your life. Emotions will run deep when dealing with a friend, relative or lover.

HHHHH

c

GEMINI (May 21-June 20): Fix up your surroundings to suit your needs. The best way to get your way is with charm, incentives and kind words. Avoid people who are secretive or who take advantage of you. A physical improvement will boost your morale. HHH

d

CANCER (June 21-July 22): Keep an open mind, regardless of what’s going on around you. Use your imagination and creativity to get ahead professionally. Don’t exaggerate or promise more than you can deliver. An offer will lead to uncertainty.

HHH

e

LEO (July 23-Aug. 22): Stay in touch with people you enjoy working alongside, and you’ll find new ways to collaborate. An idea you have will lead to a service you can offer from home.

Social media will encourage new beginnings. Love is on the rise. HHHHH

f

VIRGO (Aug. 23-Sept. 22): You are overdue for a change. If things aren’t going the way you planned, look around you and make adjustments to ease stress. Handle sensitive situations with kid gloves in order to avoid provoking an argument with someone you love. HH

g

LIBRA (Sept. 23-Oct. 22): Putting up with disruptions and demands will stand between you and reaching your goal. Focus on what you want and the best way to deal with obstacles. Personal gain is possible if you do what’s required. HHHH

h

SCORPIO (Oct. 23-Nov. 21): Do a good job. Call on your resources to ensure you have paid close attention to details. You’ll be judged by what you do, not by what you say. Refuse to let your personal life interfere with your professional responsibilities. HHH

i

SAGITTARIUS (Nov. 22-Dec. 21): Physical activity will be a healthy way to blow off steam.

A passionate approach to life, love and pursuits will lead to success. Don’t rely on others; take control, and see matters through from beginning to end. HHH

j

CAPRICORN (Dec. 22-Jan. 19): Being secretive will make someone close to you suspicious. Be open regarding your whereabouts as well as your feelings. The outcome of a change you make at home will depend on honesty, integrity and motives. HHH

k

AQUARIUS (Jan. 20-Feb. 18): Sit tight, regardless of what others do. If you push yourself out of your comfort zone, you will be inclined to make poor decisions. Keep your money and belongings in a safe place. HHHH

l

PISCES (Feb. 19-March 20): Be helpful without jeopardizing your reputation, finances or status. Offer unique suggestions, but don’t take on the brunt of the responsibility or work. If you give the wrong impression, it will be difficult to change what someone thinks of you. HH Birthday Baby: You are determined, energetic and temperamental.

You are helpful and intelligent.

‘climbing trees’ by robert e.l. morris The Universal Crossword/Edited by David Steinberg

ACROSS 1 Actress ___ Naomi King 4 Gunk on a log 7 “Just can’t help myself!”

13 Container that’s a conjunction backward 14 “That was close!”

16 Place to reflect?

17 Start 19 Polite request 20 ___ pole (Tlingit carving) 21 Lauder of cosmetics 23 A.L. players who only bat 24 Pie-mode connector 26 Medic’s system 28 Yukon XL automaker 31 Confused 33 Late-night coffee choice 36 Cheer-leader’s cry 37 Bit of wisdom 38 Wall St. institution 39 Dunkable treats 41 Molecule that’s a conjunction backward 42 Anne of Donnie Brasco

43 Fishing spot 44 Actor Nick 46 Conducted 47 Stand for an artist 49 Inbox item 50 Slow starter?

51 Go by 53 Tax deadline mo., usually 55 ATM requirement 57 Big name in electric cars 59 Bothersome 63 Fly 65 Old Chevy that was part car, part pickup 67 Jamaican ___ steak 68 Zesty flavor 69 Zag’s partner 70 Evaluate 71 180 degrees from SSW 72 JFK guess DOWN 1 Fighting 2 Jupiter’s wife 3 Somewhat 4 Get some pool practice? (see letters

7 to 4) 5 “I knew it!”

6 Buttigieg who ran for president 7 JFK Library architect 8 Balm source in Genesis 9 Valuable deposit 10 Fluctuations in the economy (6 to 2) 11 Wailers member Peter 12 Greek god of war 15 Breakfast dish with ham and bell peppers (11 to 7) 18 Lipton brew 22 Carol refrain 25 Downed a sub, say?

27 Hereditary factor 28 Feel for a light switch 29 Menounos or Shriver 30 Popular snack crackers (9 to 6) 32 Grief 34 Fireplace remnants 35 Fuels 40 Dodgers pitching great Hershiser 42 Useful part of a website (6 to 2) 45 Aunt, in Acapulco 48 Modern art venues?

52 Contemporaries 54 Sleep lab acronym 55 Dad 56 Currier’s partner 58 Actor Alda 60 XL, for instance 61 Weave together 62 Downward dog activity 64 Imitate 66 Blitzer’s employer Solution to yesterday’s puzzle:

Image BusinessMirror

www.businessmirror.com.ph

Editor: Gerard S. Ramos

• Wednesday, September 23, 2020

B5

Choose your battles W

E were all busy with work when two of my colleagues started discussing excitedly how to get to a particular place. I knew where it was and when they were going off track, I told them she should take another route. I was cut off with furious eyes and these words: “Mind your own business.” I apologized but she kept on ranting about how people should not rudely interrupt a conversation. I just shook my head and went back to work and ignored them. She was worth neither the time nor the effort.

Conflict can arise out of something as trivial as an offhand comment, or a build-up of pent-up annoyance. But before even engaging someone in conflict, think carefully what the issue is all about.

For me, it was rude of me to interrupt so I apologized and moved on. Engage in a conflict only when they are truly important and it can affect the way you work in the office. Remember, there are issues which take a lot of time so think first if the time investment is worth the effort. If you feel the issue will be dragged on with no added value to you, nip it in the bud and walk away. A good test to see if it is worth the effort is to ask yourself what good will come out of winning the argument. Is the gain worth the loss? What will you lose? Is the loss going to affect the way you work?

If the benefits far outweigh the aggravation, then it could be worth it. But if not, stop.

When provoked, our instinct is to be defensive.

Your best course of action is to not react immediately.

A good rule of thumb is when in doubt, do not go for the easy comeback. Learn to bite your tongue when you are angry. I have had my share of sarcastic and glib remarks which got me in trouble on more than one occasion. Another rule I try to keep in mind is to distinguish the issue from the person. Sometimes we are quick to say something because we already have preconceived notions of the person. So before you react, stop and think.

If a conflict cannot be avoided, choose the right time to have a discussion. You cannot have a productive dialogue if people are watching or when there are urgent tasks. Agree and choose a time to talk about what the issue is and if possible, ask a neutral third party to mediate. This will ensure a respectful and conciliatory atmosphere for settling differences.

During the discussion, it will help if you think of the person as a teammate and not your enemy.

Nobody goes to work intentionally wanting to disrupt and pester their coworkers. What they do have is an opinion on how to make the work faster and easier for themselves and for everyone else—in that order.

Maybe they have not considered how others would be affected. It would help to make them realize it without having to go through conflict.

When you do talk to the person you are arguing

with, stick to the facts. Sometimes, you need to bring people to an awareness of how their actions affect others. If emotions are high, stick to the facts.

Acknowledge what they are saying but point them to how it affected you and others around them. But also, choose your words carefully because your choice of words reflects what you are thinking. Listen also to what they are not saying so you can ask for clarifications and for you to understand how to come up with a resolution which is acceptable to all.

Part of why arguments sometimes get blown out of proportion is the assumption that the other person knows what you are talking about. People are not mind-readers. Lay down the facts so you can clearly sort out where the disconnect is and move to a place where both of you can agree. After agreeing on the set of facts, base your arguments around and ONLY around those accepted facts.

But when you do find you are at fault, acknowledge it right away. This paves the way for people to let their guards down and possibly admit their own mistakes.

Conflicts happen because of differences in points of view and you cannot totally absolve yourself from the issue. Do not minimize your part in the conflict.

Conversely, do not also put all the blame on the other person. And when you feel enraged and aggravated, use Hanlon’s Razor: “Never attribute to malice that which is adequately explained by stupidity.”

Sometimes, people have simply not carefully weighed their actions.

After all of these, agree on the best outcome for both of you and commit to the agreed action plans.

And when there is really no way to compromise,

just agree to disagree. If it is a losing battle, walk away. There is no use beating a dead horse. I had a friend before who decided to leave the organization because he inadvertently found out they were taking advantage of him. A colleague asked him to stay and think of all the benefits he would be losing and the business relationships he has forged along the way.

Another colleague just straight up congratulated him and wished him luck. Clearly, the second colleague understood the long-term value of self-worth and acceptance better than the first colleague who saw value in profit over self-respect. The differing points of view notwithstanding, my friend was happier in a new organization which gave him more freedom to be creative and where his contributions are valued.

So instead of mucking about and feeling defeated, pick yourself up. Acknowledge how you felt and what the conflict did to you. Understand why you felt that way and then look at what you can do. One of the worst feelings you can succumb to is self-pity— pitying yourself because you feel so helpless. Focus on what you can do instead of feeling sorry for yourself.

Be proactive in looking for tasks which will bolster your productivity and nurture your professional growth. Choosing which battles to fight ultimately will help you avoid building resentment for other people and increase your time to focus on the more important things in life which make you happy. Life will always be a series of choices and it is up to you whether you choose to be embroiled in conflict which could have been avoided, or just head in the direction which will give you exceeding happiness and lasting peace of mind. n

Samantha Ashley Lo, Sam Ajdani win Superbods 2020

By Pauline Joy M. Gutierrez FORMER Binibining Pilipinas Grand International 2019 Samantha Ashley Lo and Mr. World 2016 Sam Ajdani were declared as the winners of this year’s Century Tuna Superbods competition.

In a pre-recorded finals event hosted by Marc Nelson, Nadine Lustre and Alden Richards that was streamed online last September 19, Lo and Ajdani emerged from a pool of more than 20 finalists competing for the title.

“I’m so proud of not just myself but everyone who supported me through this journey,” said Lo. “For me, what it means to be a Superbod right now is to be a role model that everyone deserves to have— someone who’s going to stay strong and be a rock they can lean on when things get hard,” she added.

Throughout the competition, Lo actively advocated for body positivity and encouraged self-acceptance when she was asked during the question-and-answer segment about whether she viewed social media as a positive or a negative for today’s youth with regards to body image. “It’s how you perceive it,” she answered. “[Either way,] love yourself and be patient with yourself. Embrace every flaw you have.”

She also opened up about her own struggles with coming to terms with her own imperfections: “I was always told that something was wrong with me. I realized that I shouldn’t listen to those people [because] I found people who did love me and cherish me for who I am.”

“Only you can make yourself better. Once you hit rock bottom, remember that the only way to go is up.

So take that moment and work on yourself,” Lo said.

Ajdani, meanwhile, stressed that dealing with

Samantha Ashley Lo

mental health is as equally important as physical fitness especially in this pandemic.

“There’s a lot that’s happening in the world but we can always get inspiration from positive people around us—our family, our friends,” he said. “Be the best version of yourself so you can also be an example to others especially during these times.”

The finals, which featured a judging panel that included Alice Dixson, Isabelle Daza, and Southeast Asia Games gold medalist Nikko Huelgas, took place after a series of digital competitions that allowed the Superbods to show what it means to #StayStrong amid the current health crisis.

During the months-long series, the contestants showed their diet and fitness regimen and called on others to pursue their own journeys toward a healthy lifestyle by taking care of their physical and mental

Because on-screen time can’t be avoided

WITH work from home now part of the new normal, doctors have sounded the need for individuals to protect their sight.

To that end, international ophthalmic optics brand Essilor is offering a Multi-Pair Promo (bit.ly/3lN1UmP) where consumers can buy one pair of lenses and get a second pair at 50-percent off until December 31.

The offer is perfect for making sure consumers have the right lens for their different daily activities—say, a pair of lens that one can use for work, while the second pair is for daily activities and hobbies, like working out at home, doing outdoor errands or playing video games.

With the promo, consumers can get the second pair of Varilux and Crizal lenses at half price. Varilux progressive lenses offer sharp vision and smooth transitions for those having difficulty in seeing things that are relatively near. These progressives give superior vision at any distance with one lens. Meanwhile, Crizal lenses provide blue light protection that can help the wearer see better, look better and feel better.

These lenses also provide protection against reflection, scratches, smudges, dust, water, UV and other enemies of clear vision.

Whether working on a job for long stretches, or just kicking back with a favorite book, people need to be even more mindful in these days of the pandemic to not add unnecessary strain on their eyes.

Global Japanese brand launches face mask in PHL WITH the end of the global pandemic still out of sight, people continue to look for face masks that provide not only protection but also ease in wear. Global apparel retailer Uniqlo has now made available its AIRism Mask in the Philippines, which hit local stores on September 18. Each pack contains three masks and retails for P590.

It comes in small (recommended size for kids), medium (for small adult faces), and large (for regular adult dimensions) and is available in black and white.

The center of the AIRism mask employs a filter which delivers a bacterial filtration efficiency of 99 percent, blocking droplets and protecting the skin from bacteria, virus-contaminated particles, and pollen while the filter is AIRism mesh fabric. In addition, the triple-layer structure has a UPF 50+ rating, which it cuts 90 percent of ultraviolet rays.

The AIRism mask is machine washable and retains its efficacy after 20 times of washing at 40 degrees using regular household detergent. The inner layer is free of the stiffness or thickness typical of nonwoven and cotton masks, reducing stress, and the triple-layer mesh structure keeps the mask light and thin, optimizing breathability.

Sam Ajdani

well-being in the new normal.

Gregory Banzon, COO of Century Pacific Food, the company behind the canned fish brand, said in an online press conference held after the contest that this year’s event sought to remind audiences to stay physically and mentally strong.

Banzon also noted that the competition served as an opportunity for the live events industry to leverage brand experiences in the digital space.

“Many events are being cancelled [but] if we are able to pull this off successfully, at least we can provide some sort of a template to maybe learn from, and at the same time provide an inspiration that despite whatever challenge, it can be done.” n The finals of the competition will be televised on GMA on September 27 at 10:05 am.

THE Uniqlo AIRism mask is now available locally

B6 Wednesday, September 23, 2020

INC donates 10,000 face masks to 12 schools in Southern Canada

Get to savor Man Ho’s signature dishes for a limited time only

ASSORTED meat barbecue combination

M

ANILA Marriott’s Chinese restaurant, Man Ho keeps the tradition alive and invites diners to savor authentic Cantonese dishes once again. From September 30 to October 4, 2020, the restaurant will be opened for lunch and dinner in time for the Mid-Autumn Festival. Prior reservation is required.

May it be a family reunion or an intimate gathering with those closest to you, Man Ho has curated a Mid-Autumn menu to usher in the auspicious season. The set menu includes Assorted Barbecued Meat Combination, Steamed Tiger Prawn with Garlic, Braised Fish Maw Soup with Sea Cucumber, Sautéed Scallops with Asparagus in X.O. Sauce, Steamed Live Tiger Garoupa Fish, Roasted Goose Hong Kong Style, Sautéed Broccoli Topped with Crab Meat and Conpoy Sauce, Braised E-Fu Noodles with Assorted Seafood, Red Lotus Mooncake, and Chilled Mango Cream with Sago and Pomelo. The Mid-

ROASTED flambéed peking duck

Autumn Set Menu is offered at a special price of P2,888++ per person.

Patrons can also look forward to enjoying their signature favorites such as the Roasted Flambéed Peking Duck doused in Dalmore whisky served with Chinese pancakes and can be enjoyed in two ways. The restaurant will also serve a fine selection of their Roasting such as Suckling Pig Combination, live seafood varying from tiger grouper, male crab, shrimp, and lapu-lapu, Man Ho’s hand-crafted dim sum, Braised Shrimp, Cuttlefish, And Scallop with Sevruga Caviar soup, Shredded Chicken with Jellyfish, Stir-Fried Fresh U.S. Beef Tenderloin with Mushroom and Bell Pepper, Yang Chow Fried Rice, the crowd-favorite Steamed Custard Bun with Egg Yolk, Egg Tart, and more.

The Mid-Autumn feast wouldn’t be complete with this hand-crafted delicacy to attract good luck and prosperity. This year’s mooncake in a soft and golden brown skin is elegantly arranged in a luxurious crimson red

latticed box with gold stamping and patterns of cherry blossoms. Aside from the whole salted duck egg at the center, flavors of the filling vary from white lotus paste, red lotus paste, and five spiced nuts with dried scallops. The mooncake gifts sets are available in a premium box of six priced at P2,020++ and is available until October 2, 2020.

Guided by the brand’s strong Commitment to Clean, stringent health and safety protocols are observed to ensure the well-being of all diners.

Careful and frequent disinfection and sanitation, acrylic barriers, social distancing practices, QR-code enabled menu, and contactless payment are some of the best practices of the hotel.

For orders, reservations, and inquiries about Manila Marriott’s latest offers, call 0917-830 6678 or visit the hotel’s website www.manilamarriott. com, and social media accounts in FB, IG, and Twitter @ManilaMarriott.

Be updated and join their Viber Community at Make it Marriott.

Sharp Corp. celebrates 108th year with ‘Stay Home, Stay Sharp’ campaign

SHARP Phils. President Kazuo Kito

S

HARP Corporation, one of the world’s leading Technological Innovator, is celebrating its 108th year anniversary in the industry. For more than a century, the brand has been continuously offering innovative and efficient products that cater to the ever-changing demands of the market. This 2020, in line with their mission in bringing convenience, protection, and lifestyle evolution to everyone, Sharp’s now gears towards to be the best partner of every household. Currently, Sharp has been providing changes and innovation with its 8K+5G and AIoT technology. The brand is firm in its mission in upholding sustainable growth for the next 100 years through continuous Technological innovations.

Now, more than ever, Sharp is committed to its mission in bringing innovative products that will cater to the new lifestyle.

‘Stay Home, Stay Sharp’ campaign was redesigned to its products to adjust to the new normal. One of the key technologies that will help consumers to adapt to this new normal is Sharp’s Plasmacluster Ion Technology which is incorporated into its air purifiers, refrigerators, and air conditioners.

This Technology promotes cleaner and safer air. “This time, families spend more time in their homes as the pandemic spread. We started with healthy food preparation and

SHARP Corp. New Business Developement Manager Peter Villanueva Sr.

made it more convenient. We made sure to provide a clean and comfortable home environment,” Sharp Philippines President, Mr. Kazuo Kito said.

The campaign had an online product launch on September 15 which introduced the company's newest products — Dynabook Lap Top Computers, Android LCD TV, Side-by-Side Inverter Refrigerator, 4 Door Refrigerator, Cyclone Technology Vacuum Cleaners, and the Healsio Line Up. One of the biggest effects of the pandemic to the business and education sectors is the shift from the traditional office setting to the work-from-home and online learning setup. Thus, Sharp introduced the Dynabook Sattelite Pro L40 laptop to help employees and students in their specific activities, the laptop is equipped with the 10th Generation of Intel Core i3, i5, and i7.

Watching TV is one of the most enjoyable family bonding moments. Sharp wants to be part of this important time in every household by offering a high standard viewing experience. Their Android TVs, 4T-C50BK1X, 4T-C60BK1X, and 4T-C60CK1X, with builtin Netflix, they can enjoy a high-standard viewing experience with their loved ones through its Ultra HD AQUOS 4K Technology.

Sharp’s newest 16cu.ft. 4 Door Refrigerator (SJ-FLG16AVP-BK) with

Plasmacluster Ion Technology provides large storage space and keeps food fresher and safer for a longer time. On the other hand, 20cu.ft Side-by-Side Refrigerator (SJ-BL20AVP-SL) provides huge storage both for the freezer and fresh food compartments, it makes organizing food easier. Both models are equipped with Inverter Technology that reduces energy consumption.

The Healsio line up is the best partner to provide a healthy and easy way of cooking food. Hotcook (KN-H24FA), a multi-purpose electric cooker, uses a steam circulation system, which cooks food by using its own moisture that retains more nutrients and natural flavor.

Making healthy juices is easy with Sharp’s Vacuum Blender. The EM-VB2FRD removes 80% of the air inside the jug before blending. This vacuuming process prevents oxidation, retains nutrients such as vitamins and dietary fiber, and keeps the juice original flavor without changes over time.

The Healsio Oven (AX-1700F-R) uses superheated steam to cook food instead of conventional heat. This superheated steam, which is 8-times hotter than the normal hot air, melts unwanted fats and oil and reduces salt content in food but keeps moisture to preserve nutrients.

Cyclone Technology Vacuum (ECEB18P-R) boasts a dynamic and high powered suction that effectively separates collected dust and allergen particles from the air. Compared to ordinary vacuum, this product can collect small particles (10 micrometers in diameter) and ensures trapped dust and allergens are not released back into the atmosphere.

True to its commitment, Sharp will continue to serve its customer and give products that will make their lives comfortable, safe, and efficient for another 100 years and this is their way of saying ‘thank you.’

T

HE Aid to Humanity events on September 8 and 9, 2020, the Church of Christ (Iglesia Ni Cristo or INC), through its socio-civic arm, Felix Y. Manalo (FYM) Foundation, in partnership with the INC Giving Project, donated over 10,000 face masks to a dozen selected schools in the Prairie Provinces of Manitoba and Saskatchewan and one in Alberta.

This was in time for the resumption of in-class learning in schools in these said provinces, but with safety protocols in place, such as wearing faces masks, for the students and teachers to avoid contracting and spreading Covid-19.

This timely effort provided additional supply of the said PPE for the teachers and students of the following institutions: (Manitoba Province) Andrew Mynarski VC School, Ecole Leila North Community School, Greenway School, Sargent Park School, and St. John’s High School, (Saskatchewan Province) Carlton Comprehensive, Hope’s Home Child Care, Humboldt Public, O.M. Irwin School, Pleasant Hill Community School, Winston Churchill, and W.P. Bate Community School, (Alberta) Wainwright Elementary School.

Brother Sidney R. Santos, supervising minister of the Ecclesiastical District of Manitoba, oversaw this project, leading the volunteers—all members from the District—in preparing, transporting, and distributing the donations.

Rhonda Dickenson, the Student Service Coordinator for Beautiful Plains School Division in Neepawa, Manitoba conveyed her thanks for the “very generous donation of over 1000 masks” that will help nearly 1,300 students in their school division.

Meanwhile, the Pleasant Hill Community School in Saskatchewan, through their social media platform, extended their appreciation to the Church of Christ for the said donation.

Recently, the INC, through its membervolunteer from Manitoba donated goods and clothing to the Indigenous Peoples in the communities of Berens River Watershed.

Councillor Clinton Keeper of the Little Grand Rapids First Nation, Manitoba expressed his

DISPOSABLE face masks donated by the INC to Canadian provinces. This project came to be during the recent need of schools for personal protective equipment for the school year 2020-2021 as in class learning resumes.

gratitude on behalf of his community.

“We hope our students get back to school this fall and many of our students will be clothed head to toe with your very generous donations,” he said in a letter. “Our people at Little Grand Rapids greatly appreciate these gifts and your generosity. It is surely a lesson for all of us to learn from your efforts and how an act of kindness and giving such as this brings so much light into the world.”

The Church of Christ led by its Executive Minister, Brother Eduardo V. Manalo, has established a strong presence in 158 countries and territories. Aside from its primary mission to proclaim the pristine gospel of salvation as recorded in the the Bible, the Church conducts Aid to Humanity to extend medical and financial assistance to people affected by calamities and disaster and to those in need.

Santino’s Supreme Slice Pizza now available via online delivery

A

LREADY missing the taste of our supreme slice pizza? Live life supreme and enjoy only Santino's Supreme Slice Pizza on-the-go or in your home with your loved ones today and anytime you crave for it.

Everyone deserves only the supreme taste of Santino's Supreme Slice in every slice with so many flavors to choose from to let you truly #LiveLifeSUPREME even in this situation.

Hungry but in a hurry? Why not grab a Supreme No Wait On-the-Go Santino's Supreme Slice Box of 8 Slices for only P280.

Avail of our baked pizza or in Frozen-Fresh Ready-To-Bake formats.

No need to line up to experience the supreme goodness of this supreme pizza brand that makes every pizza fan enjoy only extreme supreme goodness in all its flavors in every bite! now available for pickup/delivery thru Foodpanda, Grabfood, Storehub, Mr Speedy, ShopBuddy with

Getmo, Pasugo, and Maxim in select areas nationwide. Also available online at (www. pacificbay.com.ph) Santino's Supreme Slice Pizza is the largest and most successful national pizza kiosk brand in the Philippines that offers Supreme Slice Pizza on-the-go individuals as a complete meal that gives fast, filling, deliciously affordable Supreme Slice Pizza.

Santino's Supreme Slice Pizza always believes in living the best life supreme even amidst challenging times like these!

Santino's is opening more stores to serve you. For a supreme business opportunity, you can also reach us thru these hotlines: Manila [02] 8442-9444; Cebu [032] 520-8811; Davao [082] 2957943 or 0925-511-9444 for mobile users.

Be sure to follow us on our social media pages for SUPREME updates: Facebook (facebook.com/SantinosSupremeSliceOfficial), Instagram (@santinos_supremeslice), and Twitter (@STNSupremeSlice)

BusinessMirror

Editor: Tet Andolong

Developers maintain a bullish outlook in the next 2 to 3 years

A

By Rizal Raoul S. Reyes @brownindio

BIG number of the country’s realestate developers believe there will be continuing challenges caused by the Covid-19 pandemic.

In a recent survey by Cushman and Wakefield Philippines, 67 percent of real-estate developers said they are unsure of the country’s economic recovery path in the next 12 months.

As the Philippines formally enters into the recession phase after registering a dismal 16.5 percent and 0.7 percent of gross domestic product (GDP) in the second quarter of 2020 and the first quarter of 2020, respectively. Cushman and Wakefield head of research, consulting and advisory services Claro Cordero Jr. said the continued disruption to business and economic activi-

ties had a heavy impact on consumer spending—the biggest component of GDP, shrinking 15.5 percent in the second quarter of 2020.

Moreover, Cordero said the developers remain less optimistic within six months as they expect capital values and rental rates to soften in the short term.

Nevertheless, they expressed optimism in the medium term as the market will show early signs of recovery along with moderate growth in capital values and rental rates. “Market vulnerability, however, is seen to persist up to the mid-

term. In the long term or a period of two to three years, the developers are very optimistic of the full recovery of the property market and expect that the market will again buildup momentum through a strong rebound of both supply and demand growth drivers,” Cordero said.

By then, the developers also expect a sharp recovery of capital values and rental rates.

The industrial and office subsectors emerged as the bright spots as they remain resilient during the pandemic.

Cordero said real-estate developers maintain a bright outlook toward the office and industrial subsectors. He noted 44 percent of the respondents expect the office subsector to recover the fastest, as demand for IT-BPM activities are expected to grow post-pandemic period.

On the other hand, 55 percent of the respondents have expressed no change in the project pipeline for industrial developments over the next 12 months.

In terms of demand, 61 percent expect that demand for industrial space in the

next 12 months will not be far from its pre-Covid levels.

He pointed out there will be a huge reduction in the supply of new hotel and retail space as roughly half of the hotel and retail development pipelines over the next 12 months are indefinitely stalled by the pandemic. “With the tourism industry on standstill and the uncertainties continue, 88 percent of hotel developers and 53 percent of retail developers expect revenue losses of greater than 50 percent in the next 12 months,” he said.

Despite the implementation of more relaxed quarantine restrictions toward the end of the second quarter of 2020, the foot traffic remains far below preCovid levels with dampened consumer sentiment and weak household spending as consumers are holding back consumption amid the uncertainties that surround the pandemic.

The fundamentals for the Philippine real-estate market remain very strong,” Cordero explained.

The impact of nature on one’s well-being ‘H

OME is where your health is” may not be the standard adage that pertains to your living space, but the statement cannot be more true especially in this time of a global pandemic.

With most of the world shuttered at home to keep safe, the yearning for “green spaces”—urban or architectural structures where trees and plants thrive or residential developments that co-exist within an abundant amount of nature to give a slice of the great outdoors indoors has become one of the things that people look forward to.

Zadia in Greenfield City, Laguna is a prime example of a resilient real-estate development that exists among abundant green spaces. Existing within a lush cove of trees, plants and greenery, Zadia is deliberately maintained and enhanced to uplift the well-being of its residents, true to its “Greenspiration” concept.

Today, we are at the cusp of what is famously called the “new normal.” Inspired by changes the world has to take as it battles a pandemic, the new normal gives a premium on taking care of one’s health, to build immunity against disease. We break down the reasons why living in green spaces is beneficial to one’s health in this new normal world:

Improved relaxation and restoration.

There is a reason why green is known as the color related to zen and vibrant health. Studies show that exposure to green spaces relieves chronic stress among individuals, shifting them to a more positive emotional state. The sight of greenery, such as the ones abundant in Zadia, helps shift the brain to a more peaceful state.

A stronger immune system. Did you know that the unseen elements of nature make you more immune to sickness? A study made in Japan showed that frequenting forests improve immune responses linked to fighting cancer. Furthermore, several jour-

Aerial shot of Zadia at Greenfield City

nals stated that people living nearby green spaces lowered the prevalence of asthma. Particularly for children who live in such areas, there is a reduced risk of developing allergies because the body adapts to microorganisms found in nature.

Enhanced physical activity. It’s no secret that regular exercise strengthens a person’s immunity and releases harmful toxins from the body.

The presence of green spaces encourages people to spend time outdoors, and live less sedentary lifestyles which helps avoid obesity, cancer and osteoporosis. Closer to one’s abode, Zadia units are equipped with spacious balconies that open up to lush greenery and clear blue skies so residents can get in their daily exercise without having to go very far. Several amenities also provide space for fitness, adherent to new normal standards.

Reduced feelings of depression and

improved mental health. Taking a walk out-

side to “clear your mind” does have scientific backing.

Taking advantage of green spaces is said to be linked to lower stress levels and less depression and anxiety among individuals. In Sweden, a study on women who transferred residences closer to green spaces showed significant mental-health improvements.

Health-enhancing social interactions.

Yes, talking to your neighbors can be beneficial to your overall health, and green spaces provide a comfortable and inviting environment that’s suitable for socializing with your community. With proper social distancing as experts find an end to the pandemic, green spaces provides avenues for community building and fosters social inclusion especially for children and adolescents.

Green spaces are the defining element of Zadia, the first mid-rise condominium development within

Greenfield City (https://greenfield.com.ph). Zadia allows its residents to live the best of both worlds: its modern condominium amenities allow residents to have the best and most convenient benefits of urban living, while the massive amount of green spaces provide condo dwellers a higher quality of health and life compared to developments located in Metro Manila.

Zadia’s proximity to Calax makes travel time shorter from Manila to Laguna as well, so work commitments and urban pleasures located in the Metro is not sacrificed for the added ease and well-being that comes with living in Greenfield City.

Developed by one of the country’s most diversified real-estate companies, Equus Property Venture Inc. continues to cater to the ever-evolving needs of homebuyers for comfortable, sustainable living in innovative and well-planned urban developments that value the land that it is built on. Reni Salvador

TLDC embraces ‘new normal’ with shift to digital and agile work arrangements

A

DAPTING to limited people mobility caused by the pandemic, real-estate developer Torre Lorenzo Development Corp. (TLDC) has ramped up its digital transformation and shift to agile work arrangements to ensure continuity amid the quarantine.

“Our top priority remains ensuring that our employees, as well as those who live and work in our developments, remain safe and secure during the pandemic,” said TLDC Chief Executive Officer Tomas P. Lorenzo.

Under TLDC’s Flexible Work Arrangement (FWA) scheme, employees who are able to complete their tasks remotely are allowed to work from their residence. Those who need to report to company offices, meanwhile, are provided transport service to minimize their contact with the commuting public.

Complementing agile work arrangements and shifting reporting schedules is the digitization of various administrative processes that were previously done manually. “Paper transactions are part and parcel of any corporate operation, but we have fully embraced technology to minimize this and ensure our people can secure necessary documentation for

their tasks from wherever they work,” noted Lorenzo.

The company has enforced strict safety protocols across its offices and properties. All residents are required to wear masks when entering properties, while employees must wear both masks and face shields when coming to work. Other measures include temperature checks for all incoming residents

and guests; installation of foot baths in entrances for residents and guests; regular sanitation of hightraffic areas and surfaces; social distancing through floor markers in common areas; and establishment of pick-up delivery areas for e-commerce vendors and service providers.

For employees and outsourced service providers

reporting to TLDC properties, the company provides free lodging, as well as subsidized meals to help ensure their safety and security in the performance of their tasks.

Meetings are conducted virtually in compliance with physical distancing protocols, while Covid testing is regularly conducted for all employees and support staff. Through townhall meetings and awareness campaigns, the company also helps keep employees abreast of relevant updates.

For current and prospective clients, TLDC has kept digital channels open to respond to queries and requests. The company’s projects can now be viewed digitally through walkthrough videos from the comforts of clients’ homes. The company’s contact center receives customer concerns six days a week, while the company’s social-media platforms are available 24/7.

“Working as one team across TLDC is key to managing operations and keeping our team safe through this critical time. We enjoin the continued support of our property owners, partners, and guests to help us keep our TLDC properties and offices safe for everyone,” said Lorenzo.

Wednesday, September 23, 2020 B7

Lamudi PHL appoints new CEO

By Roderick L. Abad

L

AMUDI Philippines has welcomed Kenneth Stern to lead the company’s overall operations as chief executive officer (CEO).

He thanked Bhavna Suresh—his predecessor who has served the firm for four years—for the trust, while recognizing the legacy she’ll leave behind the company.

“Bhavna played a huge role in making Lamudi a household name in the industry. I could not be more eager to take on the challenge of leading the company to its envisioned hyper-growth phase, supporting the industry through the unprecedented crisis we’re currently facing,” Stern said.

His appointment comes at the heels of the biggest change in Lamudi Philippines since its establishment, having EMPG (Emerging Markets Property Group), the leading digital classifieds groups in the Middle East, North Africa (Mena), South Asia and Southeast Asia regions, as its parent firm.

The acquisition was made public in May, with the business deal taking place before EMPG’s merger with OLX Group’s businesses in Mena and South Africa.

EMPG owns and operates different established property platforms globally, including Bayut in the United Arab Emirates (UAE), Saudi Arabia and Jordan; Zameen in Pakistan; Bproperty.com in Bangladesh; Mubawab in Morocco and Tunisia; and Kaidee in Thailand.

It, likewise, owns and operates Dubizzle in the UAE, OLX Pakistan, OLX Egypt and OLX Lebanon, in addition to several other OLX platforms.

Lamudi Cofounder and CEO Kian Moini said that EMPG’s acquisition of Lamudi Global “raises the bar” for digital marketplaces.

The group’s strategic depth and advanced technology are two major assets Lamudi leverages on, while the ambitious growth plans are supported by the required capital, according to him.

Lamudi Philippines is expected to expand more of its operations with Stern’s leadership.

Its track record is marked by innovative industry solutions, including housing fairs, broker awards, trend reports, and educational training sessions under the Lamudi Academy.

Moving forward, it will keep on propelling the industry, improving services and helping people find their dream property online.

Suresh was thrilled over her successor’s term, which she believes will sustain the company’s business growth.

“I’m excited to hand over the baton to Ken. He knows the real-estate industry very well and I’m sure that he will stay true to the values that made Lamudi Philippines a success,” said the outgoing top executive. “I’m looking forward to seeing the company rise to even greater heights.”

Moini agreed with her, as he expressed strong excitement over Stern joining Lamudi. He said: “We’re most excited to have Kenneth Stern, an industry expert, on board to take our company through the next phase of our ambitious goals.

Kenneth’s expertise, skill and character are already sought after by the team and the industry days after his joining. We could not have found a better match.”

With a decade of real estate experience, he is set to help scale the Lamudi business further.

His global stints in property industries in the United States of America (USA), Australia, and the Philippines, add to the strength of his expertise.

Stern took on the country manager role of RE/MAX Philippines in 2016, and under his leadership, the real-estate franchise has grown to be the largest in the country by number of offices, agents, and transaction volume. In 2019, RE/MAX Philippines was among the fastestgrowing franchises in Asia Pacific.

The new CEO of Lamudi Philippines finished a Master’s Degree in International Business at Macquarie University, Sydney, Australia and a Bachelor’s Degree in Business Administration at the Boston University, USA.

Sports BusinessMirror

B8 Wednesday, September 23, 2020

3x3 league health protocols impress GAB chairman

G

AMES and Amusements Board Chairman Baham Mitra hailed the Chooks-to-Go Pilipinas 3x3’s test run for the resumption of its tournament.

The league, led by owner Ronald Mascariñas and Commissioner Eric Altamirano, showed GAB the entire process of its competition while observing health and safety protocols inside Inspire Academy in Calamba, Laguna.

Family’s Brand Sardines-Zamboanga City Chooks players Joshua Munzon, Alvin Pasaol, Santi Santillan and Troy Rike and Uling Roasters-Butuan City’s Karl Dehesa, Franky Johnson, Chris de Chavez, JR Alabanza and Chico Lanete demonstrated how the league would be conducted within the guidelines of the Inter-Agency Task Force on the Management of Emerging Infectious Diseases.

“I’m impressed with the preparations being done by Chooks-to-Go,” said Mitra about the country’s first-ever professional 3x3 basketball league. “They did not just meet the requirements but also improved on their safety protocols.”

“We would like to thank Chairman Baham for the kind words,” Mascariñas said. “It’s our job to keep our players safe first and foremost as this is their livelihoods.”

“Definitely, this is a huge step forward not only for us but for Philippine sports as well in this time of a pandemic,” Mascariñas added.

The process of entering the bubble for the President’s Cup powered by TM is beyond strict.

Players must undergo a polymerase chain reaction test two days before each leg of the tournament that was given a Level 7 ranking by the International Basketball Federation.

Once they arrive, players, coaches and league staff must present the GET Philippines’s tracing app to league officials before having their mandatory disinfection and temperature checks.

The players would then undergo an antigen test before heading to their respective rooms in the state-of-the-art facility.

Chooks-to-Go Pilipinas 3x3 also showed how players will enter and exit the playing court and what the waiting room looks like.

Mobility Awards set on World Car-Free Day

T

HE first-ever Mobility Awards was launched on Tuesday in celebration of World Car Free Day and to recognize the most bike-friendly cities, workplaces and commercial establishments in Metro Manila.

The awards aim to spur concerted action among government, commuters, and the private sector to make a bikeable Metro Manila, according to organizing groups Institute for Climate and Sustainable Cities (ICSC), MNL Moves, The Climate Reality Project Philippines (TCRP Philippines) and 350 Pilipinas.

“It’s a fact 88 percent of households in Metro Manila don’t own cars. They are the majority and should be the priority, not the 12 percent who have at least one car,” urban planner and MNL Moves Founder Aldrin Pelicano said.

“Promoting cycling is certainly not the only solution, as active mobility requires improving walkability and public transport, but protecting the growing number of cyclists and encouraging others to bike is a real step in the right direction.

Let’s make a bikeable Metro Manila, together,” Pelicano added.

The inaugural round of the Mobility Awards will recognize the top 3 nominated cities or municipalities, workplaces and commercial establishments in the Metro, as determined by a panel of judges.

The panel is composed of Pelicano, ICSC Associate for Program Development Maria Golda Hilario, TCRP PH Branch Manager Nazrin Camille Castro, 350 Pilipinas volunteer and 350.org Asia finance campaigner Chuck Baclagon and Pinay Bike

R

OME—For four or five days after being defaulted from the US Open, Novak Djokovic did some serious soul searching.

Then he got back on the tennis court—and since then it’s been fairly straightforward, at least in terms of results.

Dropping only one set all week, Djokovic won his fifth Italian Open title on Monday after beating Diego Schwartzman, 7-5, 6-3, in the final, and restored his confidence heading into Roland Garros, which starts in six days.

“I did experience mentally some kind of ups and downs in the first four-five days after that happened. I was in shock,” Djokovic said of the

P

HILIPPINE Basketball Association (PBA) players are more than amenable to the league imposing a hefty fine and suspension to whoever violates health and safety protocols in the Clark bubble that starts on Saturday.

But for many-time national player Marc Pingris, the veteran Magnolia wingman, he would prefer heavier penalties.

“If I were the commissioner, I will increase the fines to make sure nobody will violate the rules. For me, P100,000 is not enough. It should be equivalent to an entire month’s salary,” Pingris told the BusinessMirror on Tuesday.

The PBA will commence what Commissioner Willie Marcial described as baby steps toward the resumption of the shuttered Philippine Cup in March where the league’s 45th season opened with only one regular game.

The PBA board of governors agreed to a season return at the Clark Freeport Zone under strict guidelines.

Players, coaches, officials and staff will be confined in the bubble and will not be allowed to leave. Once once leaves, he couldn’t go back.

Violators will be fined P100,000 outright and will be suspended for five games next season—plus, he won’t be receiving a month’s salary from his team.

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

Players agree to stiff fines for bubble violators Al Mendoza alsol47@yahoo.com

THAT’S ALL bolick

perez

quiñahan

Scottie Thompson, the hardworking and versatile 6-foot-1 guard of crowd-favorite Barangay Ginebra San Miguel, agreed with the sanctions.

“You are not going to worry about getting the virus if you will not violate the rules,” Thompson said.

Incoming sophomore guard Robert Bolick of Northport shared Pingris’s opinion.

“It should be more than that. You should know how to discipline yourself. Once someone is infected, that someone can infect everyone who is inside the bubble,” Bolick said.

pingris

NORWOOD

NLEX’s Jay-R Quiñahan, Terra Firma Dyip’s CJ Perez and Rain or Shine’s Gabe Norwood also agreed with the fines.

“They’re [fines and penalties] good for me in order for everybody to be safe. The players will not only be scared of the virus but also with the hefty fines,”the burly 6-foot-5 burley center Quiñahan said.

Last season’s Rookie of the Year Perez was on the same page saying “I agree with the rule that they will implement. It is really up to us how we will discipline ourselves.”

“It doesn’t matter if I am for it or against it. There’s

Thompson

DEVANCE

a rule we have to abide with. What’s important for sure is I am excited to get back with the team. God willing everybody stays safe,”said Norwood, like Pingris, a perennial national team member.

Ginebra San Miguel’s Joe Devance, on the other hand, hoped for some leeway.

“I am hoping there will be some exemptions.

Sometimes you know, things happen outside of basketball and you have to be take care of business,” Devance said. “It’s a big sacrifice to take care of business, provide for the family and provide entertainment for the fans.”

TOLENTINO: DEFINITELY I’M RUNNING R

EP. ABRAHAM “BAMBOL” TOLENTINO officially declared on Tuesday his intention to seek a full four-year term as president when the Philippine Olympic Committee (POC) holds elections on November 27.

“I won’t deny it, definitely I will run for president,” Tolentino, a congressman from Cavite’s Eighth District, announced during the Philippine Sportswriters Association (PSA) online Forum.

“I didn’t run for the presidency for the full term. I just ran to fill up the gap when Mr. [Ricky] Vargas resigned,” added the POC chief, also president of the Integrated Cycling Federation of the Philippines (PhilCycling).

The filing of candidacies will start on October 1.

Tolentino beat athletics chief Dr. Philip Ella Juico by four votes, 24-20, in the special elections ordered by the International Olympic Committee July 28 last year after Vargas, head of the Association of Boxing Alliances in the Philippines (ABAP), stepped down from his post.

His election meant serving the POC for only 16 months or not even half of the full four-year term allowed.

But Tolentino was able to right the ship when the Philippines dominated the 30th Southeast Asian Games the country hosted in December last year under his term.

“Not to brag about it, but you’ve seen what I was able to pull off—much more if it would be a complete term,” the POC head stressed.

“I was the sole author of 56 sports and how many events were on the SEA Games program, how I met one-on-one all NSAs [national sports associations],” he added. “So the question in the sports community is: Did I contribute anything?

It’s for them to find out.”

Tolentino was later prodded to reveal two of his running mates—Al S. Panlilio of the Samahang Basketbol ng Pilipinas for first vice president, and Ormoc City Mayor Richard Gomez of modern pentathlon for second vice president.

Other than the two, Tolentino refused to name his complete ticket in the Forum presented by San Miguel Corp., Go For Gold, Milo, Amelie Hotel Manila, Braska Restaurant and the Philippine Amusement and Gaming Corp., with Upstream Media as official webcast partner and powered by Smart.

“That’s all I can reveal for now,” said the lawmaker, who expects a one-on-one battle for the presidency against archery’s Clint Aranas, the former Government Service Insurance System (GSIS) chairman, who declared his candidacy earlier.

The POC elections, Tolentino said, would be a face-to-face exercise unlike the POC General Assembly last month done through virtual

REP. ABRAHAM “BAMBOL” TOLENTINO is seeking reelection to get a full term as Philippine Olympic Committee president.

meeting, its first during the Covid-19 pandemic.

“We intend to hold the elections in a hotel ballroom or restaurant that, say, could accommodate 2,000. That way, we are not violating health protocols,” he said.

Under the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF) guidelines for general modified community quarantine or modified community quarantine, gatherings are allowed provided the attendees do not exceed 30 percent of a venue’s full capacity.

Tolentino at the same time hailed President Duterte’s signing of the Bayanihan Act 2, which included a provision allocating P180 million funding for sports that would revert national athletes and coaches’ allowances to 100 percent and for the qualifiers and would-be qualifiers for the rescheduled Tokyo Olympics.

“I initiated measures in Congress aimed at giving our national athletes and coaches their full allowances,” he said. “I was alarmed to learn

about the allowance cut in July.”

The Philippine Sports Commission (PSC) was forced to cut the national team members’ allowances in half starting July due to a depleted National Sports Development Fund (NSDF), the main source of funds for elite sports.

Pagcor is the principal contributor of the NSDF, but with casino operations shuttered, the gaming agency’s remittance to the PSC abruptly fell from an average of P120 million a month, the last coming in March, to a low P7 million a month in July.

“The athletes and coaches need to survive during the pandemic and their 100 percent allowances is the best the government can do during these difficult times,” Tolentino said.

The athletes and coaches are also entitled to P5,000 pandemic assistance each under the Bayanihan Act 2.

The national team in the PSC’s roster is 1,620-strong, broken down into 996 athletes, 262 coaches, 280 para athletes, and 82 para coaches.

DO CASH PRIZES IN CYCLING KEEP UP WITH SUFFERING?

I

CYCLISTS are riding across Metro Manila today for #SabaySaBike, in celebration of World Car Free Day.

Commuter Community Founder Jaramia Amarnani.

The organizers hope to hold the awards nationwide in the future.

“People in Metro Manila cycle every day. The Metropolitan Manila Development Authority counted over 100,000 cyclists traversing six major intersections on Edsa last June, with an average of 4,000 cyclists every day. Even

MMDA officials consider the numbers are likely a huge underestimate, which is why a regular bike count needs to happen, in more locations,” Pelicano added.

The organizers said nominations are unlimited and are already being accepted via the web site mobilityawards.ph starting until October 22.

Winners will be awarded on October 29.

Djokovic gears up for Roland Garros default 15 days ago for unintentionally hitting a line judge in the throat with a ball in a fit of anger.

“But I moved on and, really, I never had an issue in my life to move on from something.

Regardless how difficult it is I try to take the next day and hope for the best and move on. Having a tournament a week after that happened helped a lot...just because I really wanted to get on the court and just get whatever traces of that—if there’s any—out, and I think I had a really good week.”

The only real issue for Djokovic this past week was his behavior again.

He received warnings from the chair umpire for smashing a racket in the quarterfinals and for foul language in the semifinals.

Still, Djokovic improved to 31-1 this year— with his only loss against Pablo Carreño Busta in the match where he was defaulted. He also passed childhood idol Pete Sampras for the second-most weeks at No. 1 with 287—and trails only Roger Federer’s 310 weeks in the top spot. AP

T took three weeks of suffering and a stratospheric final time trial but Tadej Pogačar and UAE Team Emirates brought home the overall victory at the Tour de France.

How much did they earn in cold cash—in official prize money—for their efforts? A total of €624,230 ($734,000).

Pogačar claimed the €500,000 for winning the general classification, €20,000 for the young riders’ classification and €25,000 for the mountains classification in addition to several other prizes along the way to rake in €602,400.

Compare these figures with other sports that €1.1 billion prize purse for the UEFA Champions League, the $11 million on offer at the Superbowl and $4 million to the winner of the US Open, the prize purse of €2,293,000 seems like a reasonable number, but it’s spread across 160 riders who then share with their teammates and even team staff, making it far less lucrative than the majority of professional sports. It would just crack the top 10 in eSports.

THE money for the top overall finishers take up the majority of the Tour de France pool, with the top 10 in the GC accounting for 42 percent of the overall prize purse.

That helped UAE Team Emirates top the overall earning list. Jumbo-Visma follow in second with €342,860. The Movistar team can thank Enric Mas and the teams classification for most of their €166,790, the third-ranked team in the prize money haul.

Sam Bennett (Deceuninck-Quickstep) won €25,000 for taking the green jersey and, along with cash for intermediate sprints, top stage

finishes and leading the points classification, the Irishman earned €70,870. Peter Sagan (BoraHansgrohe), by comparison, brought in €35,290.

The mountains classification is the showiest, with prizes on each climb worth €200 to €850 depending on the category. Miguel Angel Lopez (Astana) was wise to attack on the Col de la Loze because the Souvenir Henri Desgrange was worth a whopping €5,000 at the top.

The young riders are given extra incentives, with prizes for the top young rider on the stage and the leader of the white jersey classification on each day. That and the super combativity prize worth €20,000 helped Marc Hirschi (Team Sunweb) take home €58,590.

Finally, the teams classification lead is worth €2,800 per day and €50,000 for the best team, so it was worth Movistar’s time to keep four riders high up in the overall standings. Cyclingnews

Nuggets struggle against Lakers WOUNDED. Still hurting. Still bleeding.

That’s the sorry state the Denver Nuggets are in when they battle the Los Angeles Lakers in Game Three today (Wednesday) in the Western Conference Finals of the National Basketball Association (NBA).

Why the horrible misery?

Anthony Davis dug that shitty Denver hole on Monday, burying a left quartercourt three at the buzzer to steal a 105-103 win for Los Angeles and move the Lakers to within two games of ending a 10-year absence in the NBA Finals.

The Nuggets almost relived their Comeback Kid tag in the postseason when they led 103-102 with 20.8 seconds left on a hook shot by Nikola Jokic off Davis’s leech-like defense.

Denver’s prospect of winning appeared brighter than ever when Alex Caruso missed a three for Los Angeles and Rajon Rondo’s followup jumper was swatted away by Jamal Murray.

But, hey, it ain’t over till the fat lady sings.

Davis seems to fully comprehend that too well.

And with Rondo, the playoff player with nine of his team’s 21 assists in the game, flicking a perfect inbound pass to Davis, the Laker mission was half done.

The Nuggets had anticipated LeBron James as recipient of Rondo’s pass so that it would seem a double team was in order against King James.

Wrong.

James, usually the Laker closer, played decoy this time to divert attention, faking a move to receive the inbound and thus giving Davis all the elbow room to receive an unimpeded feed and next enjoying all the latitude to fire an almost unmolested shot just centimeters behind the arc.

Oh, yeah, Jokic saw through the ruse, but he was a bit too late disengaging himself from James, his outstretched arms falling short of deflecting Davis’s dagger of a shot swishing in as time expired.

“Great players can only make great shots,” said Jokic, who, had he not been waylaid by James, might have distracted, if not blocked, AD’s (Anthony Davis) shot as he stands two inches taller than the 6-foot-10 Davis.

“We had good defense almost all the way but unfortunately, AD hit that shot,” said Denver Coach Michael Malone.

He was right on the defense aspect as Denver had rallied from double-digit deficits three straight times when behind 3-1 to stun the Los Angeles Clippers 4-3 and gatecrash into the Conference Finals.

The Nuggets almost did it again on Monday, climbing from 16 points down to retake leads of 101-100 and 103-102 with Jokic on fire as he scored Denver’s last 11 points in the game’s last four minutes.

But then, how can Malone say that it was unfortunate for Davis to bang home the clinching three when, before that, AD hit four triples en route to a game-high 31 points after scoring 37 points in Game One? Said James, who had 26 points and 11 rebounds, of Davis’ shot: “It’s not about making a winning shot. It’s about the belief in making it.”

So, how can the Nuggets hope to win Game Three with their hearts still bleeding, their egos still misshapen, their focus still shaken?

The bitter truth is while the Lakers leap closer to their Finals goal, the Nuggets could be in Neverland—if not nowhere land—in today’s Game Three. A doubting Thomas out there?

THAT’S IT In the East, Boston could have regained a bit of its poise and looked ready to beat Miami in tomorrow’s (Thursday) Game Four to level their series to 2-2?

Losing by slim margins of 117-114 in Game One

TOUR de France champion Tadej Pogačar rakes in a total of €602,400 in prizes. AP

and 106101 in Game Two, the Celtics finally unleashed their championship potential with their 117-106 victory in Game Three.

Abangan!